The Lovesac Company
Company typePublic
Nasdaq: LOVE
Russell 2000 Index component
IndustryHome Furnishings
Founded1995
FounderShawn David Nelson
Headquarters
Stamford, Connecticut, US
Key people
Shawn David Nelson (CEO & Director)
ProductsSactionals, Sacs, Accessories
RevenueIncreaseUS$ 165.88 million (FY2019)[1]
DecreaseUS$ −7.04 million (FY2019)[1]
DecreaseUS$ −6.7 million (FY2019)[1]
Total assetsIncreaseUS$ 105 million (FY2019)[1]
Total equityIncreaseUS$ 78.97 million (FY2019)[1]
Number of employees
257[2] (2019)
Websitewww.lovesac.com

Lovesac is an American furniture retailer, specializing in a patented modular furniture system called Sactionals. Sactionals consist of two combinable pieces, “Seats” and “Sides,” as well as custom-fit covers and associated accessories. Lovesac also sells Sacs, a bag seat filled with a proprietary foam mixture.

History

Lovesac was created in 1995 by Shawn D. Nelson, who formerly hand-made the chairs and delivered them to other students at the University of Utah.[3] In 2005, Nelson won Fox's Rebel Billionaire reality show.[4] The company relocated from Salt Lake City to Stamford, Connecticut in 2006, as it raised private-equity capital in the area. Lovesac joined the Nasdaq stock exchange on Wednesday, June 27, 2018, trading under the symbol LOVE.[5]

In January 2006, the company filed for Chapter 11 bankruptcy protection.[6] They left Chapter 11 protection in August 2006.[4]

In 2012, Lovesac was named the fastest growing furniture company in the U.S. by Furniture Today magazine as well as recognized for being one of the top 100 furniture companies.[7]

According to founder Shawn David Nelson, Lovesac planned to move 75% of its production out of China by 2020, due to trade war tariffs. As of late 2019, 40% of Lovesac's manufacturing was done in Vietnam and Malaysia, which were free of the tariff levels.[8]

References

  1. ^ a b c d e "The Lovesac Company (LOVE) Income Statement - Yahoo Finance". Archived from the original on 2021-04-10. Retrieved 2019-08-13.
  2. ^ "The Lovesac Company (LOVE) Company Profile & Facts - Yahoo Finance". Archived from the original on 2021-04-22. Retrieved 2019-08-13.
  3. ^ "The Lovesac Revolution: How U Students Created A Thriving Business". Daily Utah Chronicle. March 10, 2002. Archived from the original on 2009-10-03. Retrieved 2019-10-20.
  4. ^ a b Overbeck, Steve (August 19, 2006). "LoveSac ready for business after Chapter 11". Salt Lake Tribune. Retrieved 2014-02-02.
  5. ^ Schott, Paul (2018-06-27). "Stamford furniture maker Lovesac becomes public company". StamfordAdvocate. Retrieved 2019-10-10.
  6. ^ "LoveSac in Bankruptcy". Deseret News. February 3, 2006. Retrieved 2014-02-02.
  7. ^ Clint Engel (22 May 2013). "Top 100 stores' sales jumped 9.9% in 2012". Furniture Today. Retrieved 24 April 2015.
  8. ^ "Stamford-based Lovesac to move most production out of China over trade war tariffs". connecticut.news12.com. Retrieved 2019-10-15.

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