Article Excerpt:
TWST: What is Leon's Furniture Limited?Mr. Leon: Leon's Furniture Limited is a retailer of home furniture, electronics and appliances with locations across Canada in every province except British Columbia. We have 59 stores, 23 of which are franchises and the balance of which are corporate stores. The company got started in 1909 in a small town called Welland in Ontario, which is near Niagara Falls. It started as a dry goods business, which evolved into a furniture business, and eventually included appliances and electronics. It was a private company until 1969 and in 1969, it went public on the Toronto Stock Exchange. It has been there ever since. The combined company of franchises and corporate stores did about $720 million in sales last year. We have been on an expansion program over the last several years that is funded totally from internal funds. Basically, we have no debt in the company.
TWST: What does the marketplace look like?
Mr. Leon: The marketplace is evolving into one where there are fewer
small independent dealers, and the majority of business is starting to
be done by large chains. In Canada, there are several major competitors,
one of which is Sears. In Quebec, it would be BMTC, which is Brault et
Martineau in Montreal and Tanguay in Quebec City. In Ontario and the
West, it would be The Brick, and there are a number of large
independents. On the appliance side, Best Buy and Future Shop are some
of our major competitors.
Tickers included in this excerpt: LNF:TSX
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