New furniture store Lexington Furniture & Gifts is offering a $3 million discount on furniture for the first time in nearly three decades.
The retailer announced Thursday that the new discount is available to anyone who purchases at least 10 items at its store.
It’s the largest discount the store has ever offered on furniture.
The new discount comes at a time when the company is battling a steep decline in sales.
The company said Thursday that it’s now selling about half of its inventory.
It lost $3.4 million in the third quarter, the most since 2001, as demand for office furniture and other home décor decreased.
Lexington Furnishings is offering the discount on a wide variety of items, from the most expensive items to the smallest ones, and includes the usual discounts for furniture.
The company said the offer is valid from the day of purchase.
“It’s the most significant discount the company has ever had, but we are committed to offering the best service to our customers and will continue to strive to bring great value to our members,” said Dan Zobrist, senior vice president of retail sales and marketing for Lexington.
The business was founded in 1967 by Fred Clark and Charles Clark, who sold furniture and appliances to people in the small community of Oakwood, Illinois.
In the late 1970s, the business moved into a larger, more modern location at a former Army barracks in Chicago.
The move led to a decline in the size of the business, and Clark closed the store in 2013.
Since then, the company’s stock has been on the decline.