LoveSac
{{Short description|American furniture retailer}}
{{Infobox company
| name = The Lovesac Company
| logo = File:Lovesac_Logo.png
| type = Public
| traded_as = {{NASDAQ|LOVE}}
Russell 2000 Index component
| industry = Home Furnishings
| fate =
| predecessor =
| successor =
| founded = {{start date and age|1995}}
| founder = Shawn David Nelson
| defunct =
| hq_location_city = Stamford, Connecticut, U.S.
| hq_location_country =
| area_served =
| key_people = Shawn David Nelson (CEO & director)
| products = Sactionals, Sacs, Accessories
| owner =
| revenue = {{increase}}US$ 165.88 million (FY2019){{Cite web |url=http://finance.yahoo.com/quote/LOVE/financials?p=LOVE |title=The Lovesac Company (LOVE) Income Statement - Yahoo Finance |access-date=2019-08-13 |archive-date=2021-04-10 |archive-url=https://web.archive.org/web/20210410132143/https://finance.yahoo.com/quote/LOVE/financials?p=LOVE |url-status=dead }}
| operating_income = {{decrease}}US$ {{color|red|−7.04}} million (FY2019)
| profit = {{decrease}}US$ {{color|red|−6.7}} million (FY2019)
| assets = {{increase}}US$ 105 million (FY2019)
| equity = {{increase}}US$ 78.97 million (FY2019)
| num_employees_year = 2019
| parent =
| website = {{URL|http://www.lovesac.com/}}
}}
The Lovesac Company is an American furniture retailer, specializing in a patented modular furniture system called Sactionals. Sactionals consist of two combinable pieces, “Seats” and “Sides,” as well as custom-fit covers and associated accessories. Lovesac also sells Sacs, a bag seat filled with a proprietary foam mixture.
History
Lovesac was created in 1995 by Shawn D. Nelson, who formerly hand-made the chairs and delivered them to other students at the University of Utah.
{{cite news
|url = http://www.dailyutahchronicle.com/2.4246/the-lovesac-revolution-how-u-students-created-a-thriving-business-1.367537
|archive-url=https://web.archive.org/web/20091003124235/https://dailyutahchronicle.com/2.4246/the-lovesac-revolution-how-u-students-created-a-thriving-business-1.367537
|title= The Lovesac Revolution: How U Students Created A Thriving Business
|work= Daily Utah Chronicle
|date= March 10, 2002
|archive-date=2009-10-03
|accessdate= 2019-10-20
|url-status=dead
}} In 2005, Nelson won Fox's Rebel Billionaire reality show. The company relocated from Salt Lake City to Stamford, Connecticut in 2006, as it raised private-equity capital in the area. Lovesac joined the Nasdaq stock exchange on Wednesday, June 27, 2018, trading under the symbol LOVE.{{Cite web|url=https://www.stamfordadvocate.com/business/article/Stamford-furniture-maker-Lovesac-becomes-public-13031542.php|title=Stamford furniture maker Lovesac becomes public company|last=Schott|first=Paul|date=2018-06-27|website=StamfordAdvocate|access-date=2019-10-10}}
In January 2006, the company filed for Chapter 11 bankruptcy protection.
{{cite news
|url= http://www.deseretnews.com/article/635181250/LoveSac-in-bankruptcy.html?pg=all
|archive-url= https://web.archive.org/web/20140222140737/http://www.deseretnews.com/article/635181250/LoveSac-in-bankruptcy.html?pg=all
|url-status= dead
|archive-date= February 22, 2014
|title= LoveSac in Bankruptcy
|work= Deseret News
|date= February 3, 2006
|accessdate= 2014-02-02
}} They left Chapter 11 protection in August 2006.
{{cite news
|url= http://archive.sltrib.com/article.php?id=4207152&itype=NGPSID
|title= LoveSac ready for business after Chapter 11
|work= Salt Lake Tribune
|first= Steve
|last= Overbeck
|date= August 19, 2006
|accessdate= 2014-02-02
}}
In 2012, Lovesac was named the fastest growing furniture company in the U.S. by Furniture Today magazine as well as recognized for being one of the top 100 furniture companies.{{cite news|url=http://www.furnituretoday.com/article/349707-top-100-stores-sales-jumped-99-in-2012|title=Top 100 stores' sales jumped 9.9% in 2012|work=Furniture Today|author=Clint Engel|date=22 May 2013|accessdate=24 April 2015}}
According to founder Shawn David Nelson, Lovesac planned to move 75% of its production out of China by 2020, due to trade war tariffs. As of late 2019, 40% of Lovesac's manufacturing was done in Vietnam and Malaysia, which were free of the tariff levels.{{Cite web|url=http://connecticut.news12.com/story/41138053/stamfordbased-lovesac-to-move-most-production-out-of-china-over-trade-war-tariffs|title=Stamford-based Lovesac to move most production out of China over trade war tariffs|website=connecticut.news12.com|language=en|access-date=2019-10-15}}
References
{{reflist}}
External links
- {{official website|http://www.lovesac.com/}}
Category:Furniture retailers of the United States
Category:Retail companies established in 1995
Category:1995 establishments in Utah
Category:Companies based in Stamford, Connecticut
Category:Companies that filed for Chapter 11 bankruptcy in 2006
Category:2018 initial public offerings
Category:Companies listed on the Nasdaq
{{US-retail-company-stub}}