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CASE STUDY
HURLEY'S OWNER RETIRES
Dick Anthony, owner of Hurley’s and its landmark building at Church and Main, had built a spotless reputation during his 51-year career in Willimantic, Connecticut, once the “thread capital of the world.” By the end of the century, his store was still an institution in town but sales had peaked. He was known for sponsorship of teams for kids, for his leadership in community redevelopment and for his years of courteous and professional service.
He knew it was time to retire. He wanted to recoup his substantial investment in inventory and fixtures, clear his building for sale and leave with his reputation unblemished. Although he realized he was in uncharted waters when it came to liquidating, he dreaded the prospect of turning over control of his business to an outside promoter for a rough and tumble going-out-of-business sale.
Mendy Levinsohn was one of the trade salesmen who called on Hurley’s. Dick knew him as a“straight guy…we go way back…I bought Plymouth Raincoats from him then.” He talked things over with Mendy, who mentioned Natelsons, Inc. as the consultant best able to understand the “button-down mentality” of Hurley’s customers.
Because of the importance of his decision, Dick monitored a nearby Natelson sale in Regal Menswear, owned by another old friend, Bernie Apter, during the year 2000. At some point (he doesn’t recall exactly when) he spoke with Rick or David Natelson. As the dialogue progressed, Dick was provided with a cash flow projection for his own 10-week “Retirement Going Out of Business Sale” during the fall of 2001. The printout forecast three scenarios – minimum acceptable result, average result and maximum anticipated result. Although he still had misgivings, Dick felt confident enough to contract for Natelsons, Inc. services.
Although the events of September 11th intervened before the start of his sale, Dick was not disappointed. Alan Haines, his Natelsons, Inc. account executive, assisted him from set-up to final cleanup. The Natelsons, Inc. home office worked with him to produce and execute his plan. Purchases on order were reviewed and adjusted; a media analysis, advertising schedule and mailing to maximize the effectiveness of his store customer list were produced; window signs were designed, copy written, signs produced and hung.
The sale broke strongly. At every phase, plans were fine-tuned and revised to fit the current situation. As inventory was sold, for example, floor space was cleared to display fixtures for sale, adding to cash flow. The final two weeks finished with a blaze of sales.
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