ABC's Coles discussing buyout of other's interest
By Furniture Today Staff -- Furniture Today, August 18, 2003
New York — Paulette and Evan Cole, the principal owners of ABC Carpet & Home, are in discussions regarding one of them buying the interests of the other in the Top 100 store.
Paulette, who had been away from daily management since 2001, has returned as co-president and interim chief executive officer, and will have operational authority during the negotiations, according to an announcement sent to employees and vendors. Evan Cole will remain co-president and provide support on strategic matters, but will not be involved in day-to-day management.
Paulette Cole, the daughter of ABC founder Jerry Weinrib, and Evan Cole also are negotiating the dissolution of their marriage. The couple joined the business in 1981, and were the creative merchandising and business drivers who made ABC's flagship store in lower Manhattan a home fashions leader.
In addition to the Manhattan unit, ABC operates New York stores in the Bronx and Brooklyn, and in Riverhead on Long Island. Other units are in Delray, Fla., and Hackensack, N.J.
With 2002 furniture, bedding and accessory sales of $166.5 million and total revenue of $208 million, ABC Carpet & Home ranked 39th on Furniture/Today Top 100 furniture stores list.
