LoveSac
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The Lovesac Company 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.[1] In 2005, Nelson won Fox's Rebel Billionaire reality show.[2] 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.[3]
In January 2006, the company filed for Chapter 11 bankruptcy protection.[4] They left Chapter 11 protection in August 2006.[2]
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.[5]
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.[6]
References
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External links
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