FBI to separate Drexel, Henredon headquarters
By Heath E. Combs -- Furniture Today, March 24, 2008
High Point — Furniture Brands International said last week it plans to move the Henredon and Drexel Heritage headquarters, now in a single building, into two separate locations before the October High Point Market.
Management of Henredon, including sales, marketing, finance and merchandising functions, will relocate to the Plant 37 manufacturing facility at 741 West Ward Ave. in High Point.
Drexel Heritage, meanwhile, will move to Thomasville Furniture's facility in nearby Thomasville, N.C. Thomasville and Drexel are both under the direction of Ed Teplitz, president of Thomasville.
FBI said it plans to sell the current office building and showroom on Eastchester drive. Both companies will show there for the final time at the spring High Point Market.
FBI has not yet set a price for the facility. Proceeds from the sale will be used to implement FBI's strategic plan and reduce debt, the company said.
Furniture Brands said the move will allow it to streamline operations and sell surplus assets.
Company CEO Ralph Scozzafava said Henredon will benefit from the move. He said that by locating designers, management and merchants in the same facility as manufacturing, the company will "dramatically increase creativity and product quality to deliver more and better Henredon products to the market."
Last year, the company closed its 100,000-square-foot showroom on Ward Street here and moved to the Drexel Heritage building on Eastchester Drive, occupying the first floor of the building.
Drexel will show product in Thomasville this fall, a company spokesman said. The showroom location for Henredon is still being determined.
Also last week, FBI said it entered into a definitive agreement to sell its Hickory Business Furniture contract unit to HNI Corp. for $75 million. Furniture Brands had announced last year that it was looking for a buyer for HBF.
The all-cash transaction is expected to be completed in the first quarter.
