Grupo Famsa

Grupo Famsa was a retail company engaged in the purchase and sale of household appliances, electronic products, furniture, clothing and other consumer products in Mexico and United States. Until 2022 the company had 379 stores in 78 Mexican cities and 22 stores in Texas and Illinois, where 23 % of the Hispanic population of the USA resides.[3] The company has its headquarters in Monterrey, Mexico.[4]

Grupo Famsa S.A.B. de C.V.
TypePublic
BMV: GFAMSA A
IndustryRetail
Founded1970 (1970)
DefunctMarch 31 2023 (March 31 2023)[1]
FateBankruptcy[2]
HeadquartersMonterrey, Mexico
Key people
Humberto Garza González, (Chairman)
Humberto Garza Valdéz, (CEO)
ProductsFinancial services
RevenueIncrease US$ 1.1 Billion (2009)
Decrease US$ 7.8 Million (2009)
Number of employees
18,000
Websitewww.grupofamsa.com
www.famsa.com
Famsa location #38 Bellaire, in the Gulfton area in Houston

It also manufactured furniture and provides banking and credit services, including personal car financing through its Banco Ahorro Famsa. The bank had 359 banking branches within its stores in Mexico until 2020 when the service was liquidated.[5] In Famsa locations in the United States, customers can order deliveries of goods to locations in the United States and Mexico.[6]

In addition, Famsa is in the footwear catalog business. The company serves wholesale and retail customers through retail branches and wholesale warehouses. The company was founded in 1970 in Monterrey.[7][8]

In 2023, Grupo Famsa closed 69 stores, the 3 remaining Famsa stores remained opened with the last one in Colón avenue closing on March 31 2023.[9][10]

History

Don Humberto Garza opened the Fabricantes Muebleros, his first store. The store became Famsa, which spread throughout Mexico beginning in 1975. Famsa opened its first United States location in Los Angeles in late 2000. Famsa intended to target the growing Hispanic American population. In 2005 the company made $1 billion United States dollars in sales; its United States sales made up 11.9 percent of its figure. In 2006 Famsa had 25 U.S. stores; during that year the company planned to open 25 additional United States locations by 2010. In early 2006 Famsa opened operations in Guatemala and planned to begin deliveries to El Salvador.[6]

On 26 June 2020 Grupo Famsa reported in a statement to the Mexican Stock Exchange that it filed a voluntary application under Chapter 11 of the Bankruptcy Code of the United States[11]

In an August 6 2020 a shareholder meeting authorized a request to file for Chapter 15 Bankruptcy in the United States and bankruptcy in Mexico.[12]

In 2023, Famsa closed their stores in Mexico only 3 stores open.[13]

Finally on March 31 2023, Famsa closed it's final and first location in Monterrey, Ending the 53 year old chain.[10]

See also

References
  1. "Famsa, a punto de desaparecer: ¿Debo seguir pagando mi crédito?".
  2. "Famsa cierra casi todas sus tiendas en México, mantiene 3 en operación". 26 February 2023.
  3. "Famsa | FAMSA USA".
  4. "Contact Archived 2012-04-26 at the Wayback Machine." Grupo Famsa. Retrieved on January 2, 2011. "Corporate Offices: Ave. Pino Suárez No. 1202 nte. Zona Centro C.P. 64000 Monterrey, N.L., México"
  5. "Famsa | FAMSA MEXICO".
  6. Moreno, Jenalia. "Shopping / Retailer pushes north / Famsa chain from Mexico finds growth in the U.S." Houston Chronicle. Sunday August 20, 2006. Business 1. Retrieved on March 4, 2010.
  7. "Famsa | FAMSA USA".
  8. "Quienes-somos - FAMSA".
  9. "Famsa cierra casi todas sus tiendas en México, mantiene 3 en operación". 26 February 2023.
  10. "Famsa cierra tienda en Monterrey, la última tras operar por mas de 50 años". Milenio. 31 March 2023. Retrieved 1 April 2023.
  11. "Famsa files for bankruptcy to seek restructuring". 2020-06-27. Retrieved 2020-06-27.
  12. "Mexico's Grupo Famsa files for bankruptcy in United States and Mexico (Reuters)". 2020-08-06. Retrieved 2020-08-06.
  13. "Famsa cierra casi todas sus tiendas en México, mantiene 3 en operación". 26 February 2023.
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