With the additions to our team and our strong financial backing, we look forward to continuing our expansion in the second half of this year.
Tukwila, Washington (PRWEB) August 10, 2007
iFLOOR, the leading online and retail flooring company, today announced that it has reached the 500,000 customer mark and has just opened its 32nd retail store in Rocklin, CA, following recent store openings in Brooklyn, NY; Concord, CA; and Bellevue and Everett, WA. iFLOOR, which offers over 70,000 products online, is set for continued strong growth in the second half of 2007 and has secured an additional $7.5 million in funding commitments to enable the company to open another ten stores before the end of the year. Overall, iFLOOR is anticipating 50% growth in its core business in 2007.
iFLOOR also announced today that Brenda Morris, former CFO of specialty teen retailer Zumiez Inc. (NASDAQ: ZUMZ), has joined iFLOOR as its new CFO. During her four-year tenure at Zumiez, the company grew from 99 stores to approximately 250, while also completing an IPO, two secondary offerings and the acquisition of a twenty-store chain. Morris joins industry veterans Jeff Butler, EVP Stores; Steve Simonson, CEO; and Rick Altenhofen, EVP of business strategy.
Other key milestones in the first half of 2007 include:
- Secured $7.5M line of credit: Earlier this year, iFLOOR secured a $7.5M line of credit from Comerica Bank to support the company's continued business expansion. This line of credit brings iFLOOR's total financing commitments to $17.5 million, which includes a 2006 Series B financing round led by top consumer venture capital firm Maveron LLC.
- Completed over 3,000 projects: As part of the company's commitment to superior customer service, iFLOOR.com began a pilot program to offer flooring installation to its customers. Overwhelmingly positive reception has brought the total number of completed projects in this pilot program to 3,000 as of the end of Q2 2007.
- Increased registered web site users by 40%: As the number one online retailer of flooring products, iFLOOR.com continues to grow its online business at a rapid rate, showing a 40% increase in registered users over the previous year, while at the same time expanding its retail outlets to better serve consumers.
"iFLOOR's success reflects the appeal of our approach: combining superior customer service with competitive pricing," said Steve Simonson, chief executive officer and founder of iFLOOR. "With the additions to our team and our strong financial backing, we look forward to continuing our expansion in the second half of this year."
Since 1998, iFLOOR.com has been the leading online and retail flooring company, with 30 local retail stores nationwide offering more than 70,000 products, including hardwood, laminate, bamboo and cork. iFLOOR.com is the largest online flooring retailer according to Internet Retailer Magazine, and was named by Inc. Magazine as one of the fastest growing private companies in the United States for the past two years. Committed to quality customer service, superior selection and friendly expert advice, iFLOOR.com enables customers to buy flooring both online and in its retail stores at a substantial savings over traditional retailers. For more information about iFLOOR.com, please visit http://www.ifloor.com.
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