BRACING FOR TOUGHER ECONOMIC ROAD, FURNITURE ROW RACING PLANS LIMITED 2009 SCHEDULE DENVER, CO - Announced today, Furniture Row Racing is planning a limited 2009 schedule for their NASCAR Sprint Cup Series team and Car ...
BRACING FOR TOUGHER ECONOMIC ROAD, FURNITURE ROW RACING PLANS LIMITED 2009 SCHEDULE
DENVER, CO - Announced today, Furniture Row Racing is planning a limited 2009 schedule for their NASCAR Sprint Cup Series team and Car #78 driven by Joe Nemechek.
"This has nothing to do with our on-track performance," said Team President, Joe Garone. "This is simply a business decision by Furniture Row of balancing priorities in a tough economy and, from all appearances, looks to be getting even tougher."
In only its third year as a Sprint Cup Series team, Furniture Row Racing is coming off its best year, qualifying for 31 out of 35 races, earning a pole position at Talladega and having several strong finishes.
As a privately-held entity, Furniture Row Companies - the team owner, primary sponsor, and one the nation's largest furniture retailers - does not make its sales figures public. But the company is looking at retail sales trends and is tightening all expenses as a result.
"Running a limited schedule is simply a cautionary measure," said Tom Faulkner, President of Furniture Row Companies. "While we've been faring significantly better than most in our category, it's no secret that our business is tied to the health of the economy - in particular, housing starts and real estate sales."
The New York Times reported over the weekend that: "Sales at the nation's largest retailers fell off a cliff in October ... signaling that this will probably be the weakest Christmas shopping season in decades."
No additional announcements regarding team staffing or any other infrastructure or organizational changes are being made at this time.
Garone added: "We've got some tough decisions to make, but we all know it will take fewer people and resources to run a limited versus full schedule. But we're also optimistic that our best days are still ahead of us."