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Lack’s Furniture is Going Out of Business

VICTORIA, Texas – November 19, 2010 – After more than 72 years in business, Lack’s Stores, Inc., one of the largest independently-owned retail furniture chains in the United States, announced the closing of all 36 stores in the chain. A U.S. Bankruptcy Court approved an order authorizing a joint venture that includes SB Capital Group, LLC, to conduct store closing sales in each location. The stores operate as Lacks and Lacks Home Furnishings, and are located across central, southern and western Texas. The company sells a complete line of furnishings for the home including furniture, bedding, major appliances and home electronics. More than $40 Million of inventory will be liquidated.

Lack’s was founded in 1938 by Dave and Rebecca Lack when they purchased an auto supply store in Beeville, TX. Because of the chronic shortage of cars and new auto parts during World War II, the company diversified into furniture in an attempt to maintain sales volume.

In 1952, Lack’s had grown to five stores, and was committed to become a furniture and appliance chain. Lack’s continued to carry auto supplies, tires and other hardware items at all locations, but the emphasis switched to home furnishings. The original automotive and hardware merchandise was eventually phased out in the 1970’s.

Before the current recession, Lack’s had sales in excess of $200 Million and more than 1,200 associates working for the company. After the recession started, in 2008, the company experienced a 20% drop in sales and was forced to make dramatic cuts in expenses. The efforts were largely successful, but could not sustain the company during the continuing credit squeeze of 2010.

Store Closing Sales In Progress at all Lacks locations:

6381 Buffalo Gap Road, Abilene, TX
1818 East Main, Alice, TX
13530 Highway 183 North, Austin, TX
4001 South Lamar, Austin, TX
2020 West Anderson Lane, Austin, TX
3333 Avenue F, Bay City, TX
314 North Washington, Beeville, TX
60 Lack Lane, Clute, TX
2501 Texas Avenue, College Station, TX
3901 S. Padre Island Drive, Corpus Christi, TX
9510 Leopard, Corpus Christi, TX
2400 Veterans Boulevard, Del Rio, TX
1817 North Mechanic, El Campo, TX
1001 South Fort Hood Road, Killeen, TX
6838 Bandera Road, Leon Valley, TX
3110 H. G. Mosley Parkway, Longview, TX
5741 50th St. @ Loop 289, Lubbock, TX
4602 Avenue Q, Lubbock TX
2934 S. John Redditt Drive, Lufkin, TX
3111 Cuthbert, Midland, TX
971 West San Antonio, New Braunfels, TX
2004 E. 42nd Street, Odessa, TX
1019 South Highway 35, Port Lavaca, TX
1550 Wildcat Drive, Portland, TX
4002 Sunset Drive, San Angelo, TX
11791 Bandera Road, San Antonio, TX
18603 Blanco Road, San Antonio, TX
8611 Perrin Beitel Road, San Antonio, TX
2600 SW Military Drive, San Antonio, TX
113 West Borden, Sinton, TX
2100 S. 61st @ Loop 363, Temple TX
1817 Troup Highway, Tyler, TX
2330 East Main, Uvalde, TX
3607 North Navarro, Victoria, TX
5802 North Navarro, Victoria, TX
4800 Franklin Avenue, Waco, TX