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 The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

. Today the company has 379 stores in 78 Mexican cities and 22 stores in

Texas Texas (, ; Spanish: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...

and

Illinois Illinois ( ) is a state in the Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolitan areas include, Peoria and Rockf ...

, where 23 % of the Hispanic population of the USA resides. The company has its headquarters in Monterrey, Mexico. It also manufactures furniture and provides banking and credit services, including personal car financing through its Banco Ahorro Famsa. The bank has 359 banking branches within its stores in Mexico. In Famsa locations in the United States, customers can order deliveries of goods to locations in the United States and Mexico.Moreno, Jenalia.
Shopping / Retailer pushes north / Famsa chain from Mexico finds growth in the U.S.
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Houston Chronicle The ''Houston Chronicle'' is the largest daily newspaper in Houston, Texas, United States. , it is the third-largest newspaper by Sunday circulation in the United States, behind only ''The New York Times'' and the ''Los Angeles Times''. With i ...

''. Sunday August 20, 2006. Business 1. Retrieved on March 4, 2010. 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. In 2023, Grupo Famsa closed many stores, the 3 Famsa stores remains opened with the possible ceasing operations.

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 Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...

in late 2000. Famsa intended to target the growing

Hispanic American Hispanic and Latino Americans ( es, Estadounidenses hispanos y latinos; pt, Estadunidenses hispânicos e latinos) are Americans of Spanish and/or Latin American ancestry. More broadly, these demographics include all Americans who identify as ...

population. In 2005 the company made $1 billion

United States dollar The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...

s 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. On 26 June 2020 Grupo Famsa reported in a statement to the

Mexican Stock Exchange The Mexican Stock Exchange ( es, Bolsa Mexicana de Valores), commonly known as Mexican Bolsa, Mexbol, or BMV, is one of two stock exchanges in Mexico, the other being BIVA - Bolsa Institucional de Valores. It is the second largest stock exchange ...

that it filed a voluntary application under

Chapter 11 Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wheth ...

of the Bankruptcy Code of the United States 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. In 2023, Famsa closed their stores in Mexico only 3 stores open.https://www.bloomberglinea.com/2023/02/26/famsa-cierra-casi-todas-sus-tiendas-en-mexico-mantiene-3-en-operacion/?outputType=amp

References

External links

Grupo Famsa

Grupo Famsa

Famsa Mexico

Famsa USA

Famsa USA
{{in lang, es Companies listed on the Mexican Stock Exchange Retail companies of Mexico Mexican brands Companies based in Monterrey

History

See also

References

External links