ROANOKE TIMES

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, May 8, 1990                   TAG: 9005080219
SECTION: BUSINESS                    PAGE: A5   EDITION: METRO 
SOURCE: Staff Report
DATELINE:                                 LENGTH: Short


N.C. INVESTORS LEASE FURNITURE BUILDING

The Stephenson & Aldridge building on Apperson Drive has been leased to a group of North Carolina investors, one of whom is a partner in the High Point Furniture Outlet store across the road.

Stephenson & Aldridge, one of Roanoke's oldest furniture stores, began a going-out-of-business sale last week.

Charles P. Stephenson III confirmed that the building has been leased, but he would not disclose the identity of the investors.

C.A. Roberson of Dunn, N.C., acknowledged that he is one of the investors.

He is an owner of the Apperson Drive High Point Furniture Outlet store and one in Greensboro, N.C. Roberson also is involved with Group Furniture Buyers and Distributors of Dunn.

Roberson would not say what type of business will go in the Stephenson & Aldridge location, but he said that it had nothing to do with the High Point Furniture Outlet store. He said the outlet store has a lease through 1994 at its current location.

The Better Business Bureau raised concerns in a letter mailed to news media on Friday that Stephenson & Aldridge had not obtained a license for the going-out-of-business sale.

Salem Commissioner of Revenue Max Brown issued a license Monday. Brown said he had been unaware of the state law requiring the license.

Stephenson said the store tried "a couple of weeks ago" to get a license for the sale but was told Salem did not issue such a license.

A business that is running a going-out-of-business sale is required to have a state license that is good for 60 days and renewable after that. A condition of the license is that the company provide an inventory of its merchandise.



 by CNB