Pair plan to buy out Sunset partners
By Thomas Russell -- Kids Today, 5/1/2005
High Point— Gary Chase and Harry Leighton plan to buy out business partners Kenneth J. Smith and Gary Stanieich to assume full ownership of dining and youth importer Sunset Trading.
The deal should be completed in about 30 days, Chase said.
Chase, now vice president of sales, will become CEO, and Leighton, now vice president of merchandising and marketing, will be president. Chase will handle national sales and special projects, including a proposed expansion of the company's High Point showroom. Leighton will focus on merchandising and product development.
Stanieich, who has been president, is leaving to pursue other interests. Smith serves on the board and may continue to do so. Neither Stanieich nor Smith was available for comment.
Chase and Leighton said the purchase is an opportunity to continue the success the company achieved under Stanieich, who started GPS Furniture with Chase in 1988. At first, GPS was a distributor of waterbeds, futons and master bedroom. It acquired Sunset Trading in 1997.
Today, about 70% of Sunset's business is in casual dining. The remainder is youth and juvenile furniture.
Sunset Trading looks to continue fostering its youth products. It is warehousing 14 youth collections and introduced two more at April's High Point market as well as new finishes for existing products.
"We're enthusiastic about the youth business and are optimistic about the direction we are going," Leighton said.
He said the company also will focus on its in-stock program, quick delivery and quality.
Chase left Sunset in 1999 to run FurnitureFan, an Internet marketing company Sunset acquired in 1999. He returned to Sunset last September after Sunset sold most of its interest in that company.
