Things Remembered

Things Remembered
Private
Industry Retail
Founded 1967 (1967)
Founder Joseph Edmund Cole
Headquarters Highland Heights, Ohio, U.S.
Number of locations
 450[1]
Key people
 Nelson Tejada, CEO & President
Parent TRM Holding Corporation
Website www.thingremembered.com

Things Remembered is an American mall retailer with over 450 stores across North America. Their stores specialize in personalized gifts and engraving, [2]

History

Things Remembered was founded as "Can Do" in 1967 as a subsidiary of Cole National Corporation by Joseph Edmund Cole. At the time Cole National consisted of Cole Vision, DBA Sears Optical, Montgomery Ward Vision, Cole Key Company, and several other subsidiaries. Cole National was taken private in 1984 by Kohlberg Kravis Roberts. The Cole family reclaimed the company in 1987 through a leveraged buyout. The company prospered through much of the 80s. [3]

Sales began to slump and in 1990, under the direction of CEO Jeffery Cole, Cole National unloaded unprofitable business units leaving Cole Key, Cole Vision and Things Remembered. The company went public in 1994 to reduce the persistent LBO dept. In 1998 the key business was shuttered while Things Remembered and its 800+ stores failed to meet sales goals. Restructuring and an image change were necessary. Cole National brought in a CRM agency which reveled the store was seen as a "brass and glass" gift shop that offered some engraving. In reaction the company focused on this removing all non-personalized gifts and the motto was changed from Great Unexpected Gifts" to "The Place for Personalized Gifts." Research also showed their typical patrons were women who viewed themselves as unique gift givers. This moved the company to make stores warm and less masculine. Store associates took the title "Gift Advisers" with the premise that interactions with customers were conversations between two friends coming up with a gift idea. Things Remembered also released its first catalog during this time. There were three version, General Gift, Wedding and Business focused. [4] The combined strategies paid off almost instantly allowing the company to meet sales projections in 1999 for the first time in years.

CNC which now owned Pearl vision had become the target of Luxottica, parent company of LensCrafters. [5] The sale went through in 2004 and Things Remembered was quickly spun off in 2006 to investment firms Bruckmann Rosser Sherrill & Co. and GB Merchant Partners for $200 Million. [6] The chain was sold again in 2012 to Chicago based private equity Firm Madison Dearborn Partners for $295 Million which also backs fellow mall retailer Yankee Candle. [7] In 2014 Michael Anthony who had been CEO since the Luxottica spin off stepped down with former Talbots and Express executive Lisa Gavales taking the Helm. [8] In June 2017, Lisa Gavales resigned and Things Remembered appointed Nelson Tejada to President[9]. Nelson Tejada was then promoted to President and CEO[10] in June 2018 which continues to be his current role.

References

  1. ↑ "Madison Dearborn buys Things Remembered". Chicago Tribune. Retrieved June 3, 2018.
  2. ↑ "About Us". Things Remembered. Retrieved 3 June 2018.
  3. ↑ "Company History". Funding Universe. Retrieved 3 June 2018.
  4. ↑ "Where are they now?". MultiChannelMerchant. Retrieved June 3, 2018.
  5. ↑ "Italy's Luxottica Agrees to Pay $441 Million for Cole National". Wall Street Journal. Retrieved 3 June 2018.
  6. ↑ "Gordon Brothers Group Acquires Things Remembered". Berkshire Partners. Retrieved June 3, 2018.
  7. ↑ "Madison Dearborn buys Things Remembered". Chicago Tribune. Retrieved June 3, 2018.
  8. ↑ "Anthony, Things Remembered chairman, steps down". The PE Hub Network. Retrieved 3 June 2018.
  9. ↑ "Things Remembered Promotes Nelson Tejada And David Helkey". www.prnewswire.com. Retrieved 2018-07-11.
  10. ↑ "Things Remembered promotes Nelson Tejada to CEO". Crain's Cleveland Business. 2018-06-08. Retrieved 2018-07-11.
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