NEW YORK – Benrus LLC relocated its headquarters to New York Friday, ending the company’s three-year tenure in its Providence office. In a statement Chairman and CEO Giovanni Feroce said, “When we originally launched in 2014, we inherited a New York City showroom. However, it was not economically feasible to maintain that as we were focused on our design and product development efforts here in Providence. Now that we are in the selling stage, it is important to be positioned in a location that will maximize our selling efforts.”
According to the press release, by eliminating office expenses in Providence, the company can shift to a more virtual environment and believes it will achieve greater flexibility and stronger control on its expenses. Benrus will remain incorporated in Rhode Island, operating its e-commerce and wholesale fulfillment from the Ocean State. According to Feroce, no jobs are expected to move out of state, nor are any jobs supposed to be affected in the shift of focus.
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Following the relocation Friday, Benrus also settled its standing lawsuit and counter-suit against the former owner of Benrus in a Delaware court. In line with his statements on Benrus’ refocus, Feroce remained confident and future-focused.
In a conversation with PBN on Monday morning Feroce said, “The bottom line is that we are pleased to have resolved [the lawsuit] amicably,” he said.
“Benrus is in position for fast growth, eventually hyper-growth in years three to five. The key to retail success requires minimal general and administrative cost with a focus on digital strategy and ability to work with a third party. Ultimately the Amazons of the world will control half of all business so it is important to deconstruct a business and reconstruct with a 21st-century model. The lawsuit’s resolution allows for Benrus to move forward with confidence and allows for investors to get behind the brand.”
Feroce added, “Remember, I’m Benrus’ No. 1 investor,” citing his personal stake of $7.5 million in the company.
Chris Bergenheim is the PBN web editor.
