ST. LOUIS, Mo. - After 90 years in business, Rothman Furniture and Mattress is closing all six stores in Missouri and Illinois.
“Every business has a life span and it may not be the one you want.," said Jay Steinback, CEO-President of Rothman Furniture.
Jay's grandfather, Milton, started the business in 1927. Jay's father took over in the 1980s before handing the reigns over to him in 2010.
“While we're profitable today, as we started looking three, five, seven years down the road, it became a lot scarier to do,” Steinback said.
Rothman is a healthy $50 million a year company, but Steinback said the writing was on the wall in furniture business. The rise of multi-national chain stores was the primary reason for the business' decline.
“I'm no longer competing against people that are my size," he said. "They are double, triple my size. My competitors are billion to multi-billion dollar national conglomerates.”
Steinback wouldn't comment on what next for the business, only saying something great would be coming to st. Louis.
Word is Rothman will team up with Michigan-based Art Van Furniture, the largest furniture and mattress retailer in the Midwest, with 120 stores in five states.
“There was a lot of egos that had to be set aside to do what was best for us as a company and for the employees overall,” Steinback said.
Taking the Rothman name off the building was tough, but Steinback said it's best for their St. Louis customers in the long run.
Rothman will start its major liquidation sales in early October; they have warehouses packed to the brim, full of inventory that needs to go. Once it's gone, they will close their doors.