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If you’re a blues nut, like I am, you’ll know this iconic song, originally written by Elmore James, played by Eric Clapton, but made famous by Stevie Ray Vaughn. The recording was released, by his brother, Jimmie Vaughn, after Stevie Ray’s tragic death in a small plane crash
So why am I referencing this song? Simple, on Monday, September 9th at 2:30PM I got an email update that Furniture Brands International (FBI) filed for Chapter 11 bankruptcy. A few hours later I received another update that FBI planned to sell or liquidate their once prized jewel: Lane Furniture. And another one that Lane will lay off 1,450 employees:
“The sky is crying
Can't you see the tears roll down the street
I've got a real real real real bad feelin”
It was a very very sad day in the furniture world. No one wants to witness the demise of any American Brand, especially iconic brands that are, or were, in the FBI stable.
I have seen and experienced the demise of many iconic brands in my lifetime: Levitz, Oldsmobile, Montgomery Wards, Circuit City, Borders and so many more. We all know what happened here, it’s always the same, nothing new here to report. They failed because of three reasons:
Poor Planning: By failing to plan, you are planning to fail, and when you get comfortable you WILL get ambushed, it’s just a matter of when, not how!