LOVELAND HERALD
Your Community Press newspaper serving Loveland, Miami Township and other Northeast Cincinnati neighborhoods
WEDNESDAY, JANUARY 15, 2020 ❚ BECAUSE COMMUNITY MATTERS ❚ PART OF THE USA TODAY NETWORK
‘I’d have to go out of business.’ Trump wine tariff s threaten local restaurants Polly Campbell Cincinnati Enquirer USA TODAY NETWORK
From antiques to art, Everything But The House sells just a wide variety of goods, pictured, Friday, May 24, 2019, in Blue Ash. KAREEM ELGAZZAR/THE ENQUIRER
How Everything But The House bounced back from the brink Alexander Coolidge Cincinnati Enquirer USA TODAY NETWORK
Everything But The House has dealt in secondhand goods for years, allowing alert shoppers to nab rare treasures for as little as $1. But in 2019, it was the company’s founders who may have scored a steal of a deal. Jacquie Denny and Brian Graves founded the Blue Ash company in 2007 and a decade of soaring growth later it was worth $215 million – labeled Ohio’s most-valued start-up by venture tracker PitchBook. But after longtime investors pulled the plug and put the company up for sale in summer, Denny and Graves swooped in with new investors and bought it back for $3.5 million in August. The deal put the duo back in charge of their own company for the fi rst time in seven years. They believe the company will turn a profi t for the fi rst time in 2020 after resuming control. While EBTH never fi led bankruptcy, it faced potential liquidation over the summer in a similar court proceeding fi led in Delaware. The founders looked on helplessly as their baby looked to be cut to pieces. “At one point, we were beginning to wonder what we would do next if there was no EBTH,” said Graves, who is now the CEO. “My wife saw me losing sleep over it and said: ‘This may be God shutting a door.’ “ As the anxiety reached its height, Denny and Graves decided to bid for the company themselves – and discovered they had an unforeseen advantage. “It was extremely scary... but we’re pretty scrappy personalities. We weren’t going to just walk away,” Denny said. Denny and Graves sat down with The Enquirer in December to describe how they got their company
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Everything But The House founders Jacquie Denny and Brian Graves. PROVIDED
back. This is their story:
The business was better – then it wasn’t EBTH was bouncing back in 2019 after a tumulSee BUSINESS, Page 2A
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A proposed 100% tariff on wine and other products from the European Union has local hospitality businesses worried for the future. “It’s mind-blowing, really,” said Kevin Hart of Hart and Cru, a Cincinnati-based wine consultant. “It’s potentially catastrophic across the whole spectrum of restaurants,” said Keegan Corcoran, Beverage Director of Jeff Ruby Restaurants Jean-Robert de Cavel, owner of several French restaurants, doesn’t quite know how he’ll cope. The tariff s would essentially double the price that American importers pay for wine from European Union countries. The cost would be passed along to consumers. And it’s not just wine. Olive oil, cheese including Parmesan, pate, cognac and Scotch, along with cosmetics and clothing are listed in the proposed products subject to a tariff . Sales will go down, and the companies and jobs in the massive wine, food and hospitality economic sector will be negatively aff ected. “I worry about the drivers, the warehouse workers, the salesmen,” said Corcoran. These new tariff s suggested by the Trump administration are not prompted by anything that has happened in the wine or food world. They are punitive measures linked to other industries. A 25% tariff imposed in October was in retaliation for Europe’s subsidy of the Airbus airplane. The proposed 100% tariff on Champagne is in retaliation for a French digital services tax on companies like Google. The proposed, more sweeping 100% tariff , is also linked to Airbus. The tariff s are meant to create pressure by hurting producers of European countries’ traditional products. The tariff makes the products more expensive, the winegrowers and cheesemakers of Europe struggle, so eventually, the theory goes, their government gives in on the other issues. But American companies who import, warehouse, sell and pour those wines will also be hurt by the expense. And most of those companies are much, much smaller than Boeing, Google, Facebook or Amazon, on whose behalf the tariff s are being set. “This is going to aff ect the small and medium-size companies here in the U.S. Big distributors that sell American See TARIFFS, Page 3A
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