Profile: Amazing Savings Inc (ODDJ.PK)
13 Dec 2012
Amazing Savings Inc, founded in 1975, operates a regional closeout retail business. The Company sells value-oriented consumer products at a broad range of price points offered at a substantial discount to the original retail price. The Company's stores offer substantial savings on housewares, domestics, cards and stationary, books, candles, party supplies, health and beauty aids, food, toys, hardware, giftware, electronics and garden supplies. As of December 31, 2002, the Company operated a chain of 77 closeout retail stores in New York, New Jersey, Pennsylvania, Connecticut, Delaware, Ohio, Michigan and Kentucky under the names Odd Job, Odd Job Trading and Mazel's. The Company's merchandise primarily consists of new, frequently brand name products that are available to its stores for a variety of reasons, including overstock positions of a manufacturer, wholesaler or retailer; the discontinuance of merchandise due to a change in style, color, shape or repackaging; a decrease in demand for a product through traditional channels, or the termination of business by a manufacturer, wholesaler or retailer.
On February 11, 2002, the Company affected the sale of its Wholesale Division. As a result of the divestiture, the Company has repositioned itself solely as a closeout retailer. On February 2, 2002, the Company and Value City Department Stores (VCDS) reached an agreement on the terms of the previously announced termination of their VCM, Ltd. joint venture that operated various departments in VCDS stores. VCDS now operates such departments directly. In November 2003, the Company acquired the retail closeout business and operations of Amazing Savings Holding LLC, which operated an upscale closeout retail business in 14 locations.
The Company offers certain general categories of merchandise on a continual basis, although specific lines, products and manufacturers change continuously. Inventories depend primarily on the types of merchandise that the Company is able to acquire at any given time. Brands carried by the Company's stores may include, at any given time, Kodak, American Greetings, Sunbeam, Keebler, M&M Mars, Mattel, Mikasa, Newell/Rubbermaid and Sony. In addition, the Company has increased the breadth of its seasonal merchandise and has sought to promote these items through in-store displays designed around specific holidays.
The Company's 69 suburban stores, as of December 31, 2002, were located in strip shopping centers. The eight Manhattan stores were located in high-traffic urban corridors (near Grand Central Station, Rockefeller Center, Port Authority, Penn Station, Empire State Building, City Hall Park, Union Square and across from Bloomingdale's).
Odd Jobs Stores' suburban stores are generally located near a major highway or thoroughfare, making them easily accessible to customers. Its stores range in size from 6,500 to 30,000 square feet. On average, approximately 80% of the area of each store represents selling space. All of the stores are located in leased facilities.
Amazing Savings Inc
31000 AURORA ROAD
SOLON OH 44139