Bailey Street Acquires Mirador Intangible Assets - Dan Wistehuff Joins Bailey Street

Furniture World Magazine

Bailey Street Holding Company, one of the leading marketers of exclusively designed accent furniture, has acquired the intangible assets and all the intellectual properties of Mirador International Group, LLC, and Mirador Group, Inc. The deal includes among other assets the rights to Mirador’s designs, manufacturing and process drawings, trade marks and the rights to manufacture and market their past and present product assortment. “The Mirador acquisition allows Bailey Street to rapidly increase its presence in the accent and occasional furniture business by bringing to market larger scale occasional and accent pieces, said Jim Berk, CEO. Bailey Street is known for its uncommon value in exclusively designed accent and occasional furniture ranging from tables, chests and chairs to uniquely styled desks and bookcases, in primarily traditional and transitional styling with an increasing contemporary assortment as well. The addition of Mirador’s somewhat larger scale accent and occasional pieces, representative of some of Dan Wistehuff’s finest designs, will allow us to sell more deeply into the top furniture retailers in the world.” Berk said; “Bailey Street plans on re-introducing a portion of the Mirador accent and occasional pieces at their High Point showroom this fall market, including some new Wistehuff designs. Key accounts expressed interest in continuing to purchase their assortments and we intend on making those available”. Bailey Street will market the Mirador collections separately from its existing Bailey Street assortment. In fact, Bailey Street has a full slate of new introductions for the Las Vegas Market in July. “As we all have read, it has been a tough year in general for many furniture retailers, said Greg Waylock president of Bailey Street. We have been fortunate to experience double digit sales growth primarily, we believe, because of our focus on great design quality at surprising value for our retailers who range from top 100 recognized furniture retailers to individually owned and operated gift and décor enterprises. We believe a large part of this year’s success (our fiscal year just ended in May) has been our ability to ship nearly every item in our catalog within 5 days of receiving an order. This not only helps our smaller buyers react quickly to their customers’ immediate needs but even our large accounts appreciate the rapid fill in to a successful ad response”. Bailey Street has also expanded its drop shipping capabilities. “We can drop ship most of our line directly to the end user. This of course helps our customers immensely with their on-line customer orders as well as inventory control”., explained Waylock, “Today, any of our retailers can carry our full line of merchandise on their website and we can ship it directly to their customers’ within five days or less”. Bailey Street intends on bringing the same level of customer service to the Mirador collections. “One of our goals with the Mirador acquisition”, noted Berk, “is to bring that same focus on customer satisfaction to a somewhat larger scale accent and occasional line that has been primarily sold through the larger format furniture retailers and design studios.” Berk also added the excitement the entire Bailey Street team has expressed at the opportunity to be working with Dan Wistehuff. “While I personally have only had the privilege of getting to know Dan during the due diligence process, his design reputation over the course of his career is well known in the industry. He has agreed to stay on as our designer on a non exclusive basis which allows him and his design firm the freedom to work in other areas of the business as well, Berk said. This represents a new phase of development and line expansion for Bailey Street which became a stand alone company two years ago after its was acquired from The Bombay Company in a venture financed management buyout. “This acquisition and additional new product concept introductions scheduled for Las Vegas in July continue to uniquely position Bailey Street as the retailer’s choice for profitable and immediate accent furniture sales.”