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
How a struggling furniture store became a multimillion-dollar business in 1975 The childhood experiences that shaped Jabs’ giving How Jabs turned business success into community
How a struggling furniture store became a multimillion-dollar business in 1975 The childhood experiences that shaped Jabs’ giving How Jabs turned business success into community support How education became a major part of Jabs’ legacy The 95-year-old CEO who continues to work with purpose 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.Jabs’ 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, focusing on low prices, efficient operations, and reaching customers who wanted affordable furniture.
Over the following decades, the company expanded throughout the western United States. American Furniture Warehouse eventually grew into a privately owned business with 18 locations across Colorado, Arizona, and Texas.The company reported around $858 million in revenue in 2025, placing it among the largest privately held businesses in Colorado. Despite its size, it has remained family-operated rather than becoming part of a larger corporate chain.For Jabs, philanthropy is closely connected to his early life. He grew up as one of nine children on a farm near Lodge Grass, Montana, in a household that lacked basic modern conveniences such as electricity and running water. Those experiences stayed with him as he built his career.He has spoken about seeing poverty both at home and during his travels around the world. Those memories influenced the organisations he chose to support, particularly those working to improve opportunities for people facing financial challenges.In a recent interview with CBS News, Jake Jabs said, "Growing up poor, I saw a lot of poverty," he recalls. "I've traveled to 50 countries, and I see a lot of poverty, so I like to give to charity and things that help people and live them out of poverty."Reportedly, in the past year alone, Jabs donated more than $1 million to charities across Colorado.
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