The Floor Covering Consumer Credit Association (FLEX), which facilitates credit for floor covering purchases, ceased operations at the end of June and donated its remaining assets of $770,700 to the Floor Covering Industry Foundation (FCIF). In announcing its decision, FLEX stipulated that about $330,000 would be earmarked to establish a permanent endowment at the FCIF, which is administered by the World Floor Covering Association (WFCA) to assist people in the floor covering industry who are in need.
The executive director of FLEX, Roger Hunt, said the association was being dissolved because its role in "pioneering the use of credit to our industry is now complete." The availability of consumer credit has growth significantly in the years since FLEX was established, he explained. "The competitive landscape is far different today than it was 19 years ago. The concept of credit as a marketing tool is well understood among floor covering retailers and there are multiple programs for providing that tool," Hunt said.
The association, which was formed in 1987 by the WFCA and other trade organizations in the floor covering business, generated $16.5 billion in sales and worked with more than 21,000 retailers since its inception.