Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, April 29, 1990 TAG: 9004290139
SECTION: VIRGINIA PAGE: B1 EDITION: METRO
SOURCE: MARK MORRISON STAFF WRITER
DATELINE: LENGTH: Medium
The family-operated store, located on Apperson Drive in Salem, is the victim of a sluggish furniture market and increasing competition, said Charles P. Stephenson III, grandson of one of the store's co-founders.
His father's poor health and co-founder W. Robert Aldridge's advanced age also were factors in the decision to close the store, Stephenson said.
"They felt it was a good time to bow out," he said.
Stephenson said that his father, Charles P. Stephenson Jr., who took over the family business and recently retired, and Aldridge both have wanted out for some time.
Charles P. Stephenson Sr., who founded the store with Aldridge in 1945, died about 10 years ago and his grandson had bittersweet feelings about the closing.
"Anytime you fold up a family business there's always sadness with it, but I feel like it's the best thing to do at this time," Stephenson said.
The closing will affect 34 full-time and four part-time store employees. Stephenson said the employees were notified of the closing three weeks ago.
A spokesman for Stephenson & Aldridge, Larry Bly of System Four Advertising Inc. in Roanoke, said that many smaller, family-owned furniture stores nationwide are experiencing hard times.
"They lack the marketing clout and don't have the money to throw around like some of the major chains," Bly said.
A slumping retail furniture industry over the past three years hasn't helped, he added. Increased competition from specialty furniture stores also has hurt.
"That cuts the pie that many more times," Bly said. "Competition is increasing, while the market is still soft."
And the future doesn't look any better, he said.
"So, rather than watch themselves get into trouble, they saw an opportunity to get out gracefully with their good names and reputation intact," he said.
The store was first located on Campbell Avenue in downtown Roanoke. A second branch was built in 1958 on the Apperson Drive site in Salem. In 1964, a fire destroyed the Campbell Avenue store. It was relocated onto Church Avenue in downtown Roanoke, but closed in 1972. Another store also opened in Lynchburg in 1987, but it closed last August.
Stephenson & Aldridge will now be looking to sell or lease the Apperson Road property, Stephenson said.
Meanwhile, the store is planning a liquidation sale May 3-6 for "preferred" or longtime customers, who will receive a special discount and first pick of the remaining merchandise.
"It's our loyal customers that have kept us in business. This is our sort of final thank you to them," Stephenson said.
A going out of business sale for the general public will begin after that and continue an estimated 60 to 90 days or until everything in the store and warehouse is sold.
Customers who have long-term payment agreements with the store will not be affected by the closing, Stephenson said. Their accounts will be taken over by Household Retail Services, which already handles a large proportion of Stephenson & Aldridge's financing, and payment plans and interest rates will stay the same.
by CNB