LORTON, Va., May 16 /PRNewswire/ -- Healthy Back, the 14-year old company
whose focus on home and workplace back wellness created an ergonomic
revolution, has acquired all substantial assets of its rival, JoAnne's Bed &
Back. Healthy Back's 18 stores and ecommerce division claimed 2007 revenues
of $40million. JoAnne's 16 mid-Atlantic stores claimed annual 2007 revenues
of approximately $10million. JoAnne's declared Chapter 11 in April 2008.
"We have always had friendly competition and tremendous respect for
JoAnne's," said Tony Mazlish, Healthy Back CEO. "It's exciting to be able to
blend pieces from a competitor that has terrific people and has long
experience in the industry."
Healthy Back will keep 8 current JoAnne's store locations open and as many
employees on as possible. The acquisition fits with the company's
long-term strategy of expanding its footprint in its current markets
(Maryland, Virginia, New Jersey, North Carolina, Kentucky, Colorado and
Southern California) while exploring new market possibilities. "By growing
the number of stores in our key strategic markets, we increase our overall
efficiency leading to smart growth and better service for our customers," said
Mazlish.
Healthy Back has long focused its growth by diversifying its back wellness
product offerings in key markets. Even in tight economic climates, Healthy
Back continued to invest in subsidiary ecommerce channels, a diverse media
mix, and catalog marketing, launched in late 2006 to drive growth in a
weakening retail market.
Mazlish reflected, "It's a tough time to be a retailer, particularly in
the furniture industry. We are fortunate to be in a position to acquire these
valuable assets while pursuing growth in the back store industry which finds
product solutions for people with back pain."
Started just a few years apart, the two chains were close rivals, While
JoAnne's stayed focused on its core business, high-end mattresses, Healthy
Back focused on a diversified product offering including ergonomically-correct
chairs (office, recliners and massage), lumbar supports, travel accessories,
exercise equipment and adjustable beds.
"We are thrilled to now be the nation's largest purveyor of back-focused
products. Our goal is to make every one of our customers feel better than
ever before, and now we have the resources to impact a dramatically larger
group of customers," says Mazlish.
Contact: Barbara Martin
301.512.5078
barbara@thepattongroupinc.com
SOURCE Healthy Back