Franklin Covey Store Closings
Well, from its heyday of having about 180 stores, Franklin Covey is now down to 21 stores in 14 states.
4 of those stores are in their headquarters state of Utah.
This leaves an average of just over 1 store per state, in each of the remaining 13 states.
This low number does not bode well for the remaining stores.
My guess is that more closings are to come.
I can't see them maintaining a logistics and shipping operation to support such a samll number of stores.
I know there are other reasons for their decline.
Like the ground moving under them in this internet-smartphone-cloud-electronic market we're in.
But I also think they are an unfortunate example of how a company can decline after going public.
Nothing like the stock market, and its short-term profits and lack of long-term vision, to ruin a company.
Hyrum Smith should have kept them private.
As the manager of one of the Illinois stores said in one of his last tweets on Twitter:
If anyone wants to voice their concerns of the store closings you may by emailing Sara.Mertz@franklincoveyproducts.com.
Sara Merz is the president of the company.
Gordon Wilson is the vice-president in charge of the retail stores.