The founder of Swedish furniture store IKEA, Ingvar Kamprad, has died on January 28, 2018, at the age of 91.
Ikea with 412 stores across 49 countries, made Kamprad a billionaire who has been dubbed one of the world's greatest entrepreneurs.
And while we've all been in at least one of those locations, who doesn't love looking through its catalog? (We were big fans of the Sears (SHLD) catalog back in the '90's too!)
- For more on Sears and it's plummeting stock, click here.
And all that got us thinking about how the company got its name and what all the different the names of the furniture pieces really mean.
Watch our video to find out, but in short, Kamprad was dyslexic, so numbered product codes confused him. Names were easier. So he developed a naming system, after people, places and occupations.
And if you've been to a store recently, you know it's not just furniture. The daycare is huge and you won't believe how many Swedish meatballs they sell in their restaurants.
Hey, don't knock it. The furniture business is not easy, so you need a hook. Basset Furniture Industries Inc. (BSET) - Get Bassett Furniture Industries, Inc. Report is down 4.8% year-to-date and La-Z-Boy Inc. (LZB) - Get LaZBoy Incorporated Report is up a mere 3% over the same period while the S&P 500 is up almost 7%.
Check out this story to see how business may get even tougher when the price of your furniture goes up if President Trump scraps NAFTA.
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