A 95-year-old CEO bought a bankrupt furniture store for $80,000 in 1975, then quietly built an $858 million business and gave millions away

In 1975, Jake Jabs took the bold decision to make an $80,000 investment, which later led to the emergence of a multimillion-dollar company from a weak furniture business. The 95-year-old founder and chief executive officer of the American Furniture Warehouse took over the struggling company when it was just on the brink of going bankrupt and invested decades building up the company with the help of affordability, efficiency, and a customer-oriented approach. Fortune reports that by the year 2025, the struggle that started as a business challenge ended up as an $858 million firm operating in several states of the western USA.Apart from being a successful retailer, Jabs has also made a reputation for himself through his philanthropic contributions towards charities, universities, and community programmes.How a struggling furniture store became a multimillion-dollar business in 1975Jabs’ journey with American Furniture Warehouse began in 1975, when he purchased a failing furniture business for $80,000. The company came with about $1.5 million worth of assets, but it was also facing bankruptcy and needed someone willing to rebuild it.Jabs took on the challenge of reshaping the business...