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healthy back store’s owner ready for his second chance

by:Qihao      2019-09-05
Bankruptcy is not necessarily bad news.
In the American capitalist system, this is a way to accept mistakes, recognize mistakes and protect the interests of enterprises.
And a second attempt.
Anthony mazzlish is trying for the second time. The 50-year-
The old founder of Rockville health store-
The chain store, which is headquartered in mattress and chair shops, faces people with sick back and is leading a reorganized 10-location chain.
Broke down a week ago.
He took a lot of money.
He lost his store, his stock holders were wiped out, bad leases were refreshed, he retuned his sales strategy and lined up for new investors and credit lines. Batter up.
While I write mostly about successful entrepreneurs and the businesses they create, it doesn\'t mean that there will never be failures and bumps along the way.
Most entrepreneurs will tell you that they have failed several times.
They make enemies sometimes.
They let investors down.
But in my opinion, life is persistence.
A healthy return is a cautionary tale of what happens to a business that started above the garage in Cleveland Park in 1993 and is doing it very correctly.
Still, there are some issues with Mazlish, which turns out to be enough to overwhelm a $40 million business with 23 stores in seven states.
If it\'s not a dream self, Mazlish is nothing. starter.
History of Art at Duke University (
Basketball fans)
Launched a casual pants business called \"sweat-free. Other start-
Ups included a smooth student catalog that failed but left him dozens of Ray Ban sunglasses in stock.
The leftovers are the seeds of Ray Ban Man, a seasonal business he has run in Washington for several years.
After obtaining a master\'s degree in business administration from Georgetown University in 1992, Mazlish found a job in an investment fund, which was later in HungaryCommunist party 1990
He learned how to evaluate investments, and even in his 20 s he served on the board of directors at a large grocery store in Hungary.
But Ray Ban wanted to run his own business, so he came up with some ideas, including the pizza franchise and the sale of life-saving products.
Yes, lifeguard.
I think someone must sell them.
He had a bad back so he chose the back shop.
Mazlish took out $24,000 from his retirement savings and raised another $160,000 from friends and family.
The first store opened in Rockville in March 1994.
He wants to have more space in an alley, but a smart real estate agent told him that the space is smaller and better at Rockville Pike Street. It was.
The store sold $750,000 in the first 12 months.
\"He made a compelling argument that visibility is the key,\" mazrish said . \".
There are two stores next: one in downtown Washington and the other in Tysons point.
Tysons succeeded, but Mazlish said that the shops in the city center failed because there were very few residents nearby at the time.
He tried it at the mall but failed.
\"A healthy back is a destination business,\" he said . \".
\"Good road visibility is our best advertisement.
\"The road is bumpy, but the business is still active and has reached its climax from 2000 to 2007.
The gross profit margin of these stores is 5%, and the income is considerable, but it is not luxurious, it is 50%.
The price of the mattress ranges from $1,500 to $6,000.
Mazlish has a very high salary for himself. The business is also very busy and the business is very hot.
Security Online Office
Chair website called Sitforless.
It represents $15 million of $40 million.
\"It\'s profitable and it\'s growing,\" mazrish said . \".
Retailers have known about some good products very early.
This is one of the first companies to sell Tempur.
Pedic is a radical \"memory foam\" mattress that can help people with back pain get a good night\'s sleep.
It became one of the first retailers to hold Aeron chairman by Herman Miller, which New York magazine once called \"Dot-
Because it\'s everywhere in Internet startups --ups.
\"The whole drawback we have is that you will feel better than ever,\" says Mazlish \'. \".
\"All we have to do is make people feel better.
At that time, the sales of beds were 55%.
The chairs in the office are 20%, the seats in the House are about 15, and the rest are pillows and accessories.
Mazlish\'s goal is to go to 200 stores, which will give his company the scale it needs to negotiate better exchanges with suppliers.
Then, it happened on October 2008.
The day after a week of Lehman Brothers\'s collapse, the Wall Street company\'s troubles marked the beginning of the financial crisis, when healthy back-office store sales suddenly stopped.
\"On average every day, we do $80,000 to $100,000 in all stores,\" says mazriish . \".
Good Friday.
\"We earned $10,000 that Friday.
The tap is off.
We have been shrinking and reshaping ourselves since then.
Filing for bankruptcy is inevitable.
Mazrish said there were several reasons for the restructuring, including competition from Sleepy\'s, which slashed mattress sales and reduced mattress sales revenue from 55% to around £ 40.
Customers also began to buy small things like pillows and waist support online, which are very high
Profit items that usually lead to greater sales.
But the biggest reason is that he has stores throughout the continent, including Richmond and North Carolina, Florida, Kentucky, Colorado and California.
\"We are in too many markets and there are too few stores,\" Mazlish said . \".
\"We think we can open stores in various markets in good places and do a good job.
But logistics that make sure we have stock becomes very expensive.
A Florida store, which opened in last August, was bombed and lost $200,000 in six months, leaving the company in trouble.
The annual rental fee is $1 million.
Healthy lish, who lost $800,000 last year, knew that by February 2015 he might have to file for bankruptcy to help get rid of the unfavorable lease.
With bankruptcy, shareholders of the company usually lose money.
Mazlish said he had taken out about $1 million in total.
Several other investors also lost their shares.
Some people are with him.
A bankruptcy judge recently approved the sale of Healthy Back Store assets to healthy back brand holding.
The new business keeps the 10 most profitable stores alive, six of them in the Washington area.
There\'s one in Kentucky, three in California, all in San Diego.
The company still has more than $1 million in debt.
The business plan for the future is to make bedding more professional with a focus on office seating and home furniture.
The company has also launched its own Svago brand recliner, which can be sold online directly to consumers through the store.
\"The best future for us is to be a back store.
There is no bedding business.
But in the background.
Did I hear \"back to the company ? \"?
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