Grupo Famsa is a Mexican retail company that owns Famsa department stores, the company was one of the most important retail stores in Mexico. In 2023, the company has operations in

Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...

with 21 stores and 21 personal loan branches. Until 2022 the company had 379 stores in 78 Mexican cities and 22 stores in

and

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...

, where 23% of the Hispanic population of the USA resides. The company has its headquarters in

Monterrey Monterrey (, , abbreviated as MtY) is the capital and largest city of the northeastern Mexican state of Nuevo León. It is the ninth-largest city and the second largest metropolitan area, after Greater Mexico City. Located at the foothills of th ...

, Mexico. 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. 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.
''

Houston Chronicle The ''Houston Chronicle'' is the largest daily newspaper in Houston, 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''. ...

''. 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

. 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. In 2023 the chain only remains in Texas with 21 Famsa Furniture stores and 21 personal loan branches by Famsa Loans and Famsa Financial.

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, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

in late 2000. Famsa intended to target the growing

Hispanic American Hispanic and Latino Americans are Americans who have a Spanish or Latin American background, culture, or family origin. This demographic group includes all Americans who identify as Hispanic or Latino, regardless of race. According to the ...

population. In 2005 the company made $1 billion

United States dollar The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

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 (), 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 in Latin America, only after S ...

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, w ...

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. Finally on March 31, 2023, Famsa closed its final and first location in Monterrey, Ending the 53 year old chain, as of December 16, 2023, Famsa had stores in the US.

References

External links

Grupo Famsa

Grupo Famsa

Famsa Mexico

Famsa USA

Famsa USA
{{in lang, es Companies listed on the Mexican Stock Exchange Companies that have filed for Chapter 15 bankruptcy Retail companies of Mexico Mexican brands Companies based in Monterrey

History

See also

References

External links