Abstract: A panel assembly, system, and method include upper and lower panels attached respectively to upper and lower back support, which are connectable to each other using linking beams. The upper back support is configured to be hung from a horizontal beam. The panels have through holes and the back supports have front blind holes that are aligned with the through holes in the panels. In another embodiment, rear blind holes are also provided in the back supports. A peg is securable to each of the blind holes. Multiple pegs can be secured to provide furniture options that can be used for storing, displaying, organizing, and merchandizing. Rear blind holes provides additional storage that can be hidden away from view.