BOARDMAN, Ohio — Burke Décor, an online source for home décor products for 17 years, is restructuring its business.
The company reported it has engaged restructuring advisers and investment bankers to implement a multi-step process designed to reduce debt, raise capital and improve profitability.
“This past year has been complicated for retailers nationwide, especially digital,” said founder and CEO Erin Burke in a prepared statement. “In our case, higher interest rates, a tighter economy, as well as systems changes and updates by our e-commerce partners and advertising platforms that were beyond our control have presented significant challenges.
“We are rapidly working to restructure our tech stack to better service our customers, partners and vendors,” said Burke. “We are aware how these issues have impacted our customers and suppliers, and we are totally dedicated to resolving each and every issue.”
Among the steps outlined by Burke for the company’s turnaround plan are:
- Cost savings initiatives to hold down prices for customers.
- Investing in employees to better communicate with customers in the digital space.
- Improving customer response and product shipping times.
- Restructuring marketing initiatives to save money on customer acquisition and retention services.
- Partnering with key suppliers and vendors to ensure optimal product assortment and further develop the company’s private label with a focus on higher-margin products.
- Evaluating options for outside investment as Burke Décor looks to launch new categories based on customer demand and serving trade clients.
Burke Décor was founded in 2007 and sells a variety of products, including furniture, home accents, tabletop, lighting, rugs and soft home products via its website. According to its website, it also operates physical stores in Boardman, Ohio, and Los Angeles, as well as The Outlet in Youngstown, Ohio.
Furniture Today has reached out to Burke for additional information.