Rebuilding from trouble Featured

8:00pm EDT June 25, 2010
Finalist

The Weekends Only Furniture Outlet that you see today isn’t the same one that CEO Thomas E. Phillips Jr. saw when he did a thorough assessment of the company in 2005.

In the six years leading up to 2004, the company had grown from three employees to 300 through several store openings, but in 2004, the business had an unprecedented loss. He found the company in financial turmoil and he was also at personal financial risk. So Phillips assessed the structural deficiencies that had been masked by the company’s earlier growth. He found troubling symptoms — unconscious leadership, lack of purpose, silos that prevented teaming, widespread lack of engagement, negativity and fear, and a pervasive lack of trust.

He knew he had to act. He knew before he could change the business that he had to change its culture, and to change the culture, you have to change its leadership. He brought in an outside consulting firm to conduct structured assessments on himself and his leadership team and a 360-degree evaluation to identify blind spots. As a result of their findings, he recast his leadership team and began developing himself and the vision for the company.

He created and rolled out the mission and values that weave through everything in the company today. This new culture has resulted in growth every year, totaling 47 percent since 2004. Under Phillips’ leadership, Weekends Only has become an agent for human growth, formation and happiness and a sustainable organization of value. Today, the company, which specializes in discount pricing and is only open on Fridays, Saturdays and Sundays, is recognized as the No. 1 home furnishings retailer in the market, and his goal is to become a top 50 home furnishings retailer in the nation.

How to reach: Weekends Only Furniture Outlet, (314) 447-1500 or www.weekendsonly.com