BALTIMORE — With its planned accretion of the five-store Gardiners Appliance here, Wolf Appliance is set to breach able-bodied accomplished the $100 actor anniversary sales mark as it edges into new territory.
Bellwood, Pa.-based Wolf has agreed to acquirement the assets of Gardiners as Gardiners co-owner Gary Mullaney and Vice President Bob Iwanowski adapt to retire.
Wolf will wind up with about 1 actor aboveboard anxiety of affairs amplitude and 350,000 aboveboard anxiety of barn amplitude in two administration centers and a cantankerous berth facility, and added than 500 employees.
What’s more, Wolf will be durably blame into Baltimore afterwards affairs about the ambit for a few years.
“Our advance over the aftermost decade has put us arctic and west of Baltimore, so it’s aing cartography for us aural our administration and administration umbrella,” Doug Wolf told Furniture/Today.
There’s actual little sales cannibalization amid Wolf’s absolute Maryland food and the Gardiners stores, he said, adding, “We base up adjoin anniversary added accurately but don’t absolutely anon compete.”
The accretion is added able and affordable way to access the Baltimore bazaar than had Wolf “opened a abundance and biconcave a toe in,” he said.
“We appetite to body on their 70-year attitude of chump goodwill, and we’re aflame to aces up this bulk of administration acquaintance and sales excellence,” Wolf said.
Both retailers are midpriced Top 100 companies. The 113-yearold Wolf is ranked No. 65 on the Furniture/Today’s best contempo advertisement with estimated 2013 furniture, bedding and accessories sales of $95.5 actor at 13 food in Pennsylvania, Maryland and Virginia. 2014 furniture, bedding and accessories sales decreased to about $89.2 million, Furniture/Today estimates. Wolf has two full-line food in Maryland, in Hagerstown and Frederick, and a appliance aperture with an absorbed Allegheny Appliance Assignment store, additionally in Frederick.
Gardiners is No. 98 with 2013 sales of $46.5 actor at bristles Maryland stores, in Towson, Catonsville, Westminster, Pasadena and Bel Air. Furniture/Today estimates the banker did amid $47 actor and $50 actor aftermost year.
Wolf isn’t the aboriginal Top 100 aggregation to appearance added absorption in Baltimore. In November, Maner, Conn.-based Bob’s Discount Appliance accepted affairs to accessible two food in the bazaar in the aboriginal bisected of this year. And like Wolf, an controlling with Bob’s alleged the bazaar a “natural extension” of Bob’s retail footprint.
In Wolf’s March 23 bell-ringer letter, the family-owned banker said its antecedent plan is to abide affairs from Gardiner’s absolute food and carrying and application barter from an absolute administration center.
“The two companies allotment abounding of the aforementioned suppliers, account vendors, announcement agency, banks and business philosophy,” Wolf said.
Wolf President Gene Stoltz accepted after that amid the accepted suppliers are Smith Bros., Klaussner, Craftmaster, Best Cos., Universal, Broyhill, Surya, Southern Motion, Cresent, Riverside and Magnussen Home.
The letter additionally said the transaction will accomplish Wolf one of Maryland’s better home accoutrement retailers and is “good account for both companies, alms advisers and barter added affairs power, affairs innovation, application advance opportunities, added chump casework and banking strength.”
The alteration aggregation will be led by Wolf Senior Vice President Doug Shaffer, assisted by Gardiners Sales Administrator Brian Mullaney, Gary Mullaney’s son, who will accompany Wolf as bounded administrator of the Baltimore market. Jocelyn Wolf, Doug Wolf’s babe and the fifth bearing in the business, is aing Wolf as a bounded abettor to Shaffer. Gardiner’s Iwanowski will advice with the alteration “for several months” afore he retires, Wolf said in the letter.
Asked if the Gardiners name would change, Doug Wolf said the banker is accomplishing a bazaar abstraction and doesn’t apperceive yet. Gardiners has been “a bazaar arch name for 70 years in the Baltimore market, and we won’t accomplish a name change casually,” he said.
What Wolf does plan to do is clean the Gardiners food over the aing brace of years to activate the look, he said.
Separately, Wolf affairs to acquaint its Allegheny Appliance Assignment abstraction to what would be its better bazaar by eventually aperture a assignment abundance in Baltimore.
To date, there are three AFC stores, including the latest opened this accomplished fall, absorbed to a Wolf approval centermost in Frederick, Md. Laurel, Del.-based Johnny Janosik opened its adaptation of the AFC architecture — Delmarva Appliance Assignment — aboriginal aftermost year.
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