iFloor back in business, New owner returning to original strategy
SHANGHAI, CHINA—It didn’t take long for the defunct iFloor to rise from the ashes. The company that pioneered the e-tailer concept for flooring in 1998 was purchased out of bankruptcy by the Anhui Longhua Group, one of the largest manufacturers of bamboo products in China.
Sold in the U.S. under the Guoya Bamboo USA brand, Anhui’s chairman, Ye Long Fang, told FCNews during an exclusive interview here, the company plans to take iFloor back to its roots and run it as an Internet-only dealer.
“We plan to follow the business model that made iFloor the success it was,” he explained, “and that is to be strictly over the Internet.” Anhui was actually a supplier to iFloor, Fang said, so the company knows something of how it operated.
Prior its Dec. 4 bankruptcy filing by then parent company Smooth Corp., iFloor hit a peak in 2006 with annual sales estimated at $60 million. This came through a combination of online sales and 38 brick-and-mortar locations in 19 states. According to the company, its installation service program extended to 22 states.
Anhui purchased all iFloor assets, including the inventory, Fang noted. “We’re in the process of selling that. In terms of new suppliers, we are working on the details of exactly who we will work with.”
The retailer’s Seattle warehouse will act as the main point of distribution for the new iFloor, he said. In fact, “we rehired the people for the warehouse—we believe in their ability and talent to run the business professionally. In addition we will add distribution centers in other parts of the country depending on market conditions.”
While Fang is quick to admit that iFloors’ abrupt Chapter 11 filing hurt some consumers, he feels the vast majority of the retailer’s 800,000 clients still have a positive image of the company. “That consumers got hurt is not a good thing, but we feel we can offer more products and better service.”
He points to the fact Anhui has already been recognized in its home region as a Top 100 private enterprise. “Our pledge is to provide the best value and quality in hardwood flooring on the market. We produce and sell only Grade A/Select products.”
Fang added the 11-year-old company owns 200,000 acres of bamboo forest in the Anhui region and operates 27 factories, with 18 of them dedicated to flooring.
For more, contact Anhui’s U.S. division, Guoya, at 630.820.7050.
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