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Furniture|Today -- 02/04/2008
Bedding Today
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A tale of two forecasts: Will '08 be up or down?
This much is certain: Bedding will be up, down or sideways. Bedding producers and retailers face some conflicting forecasts as they make their business plans for 2008. How will the industry perform? It depends on whom you ask. The consensus bedding forecast recently issued by Furniture/Today calls for a 0.
Editor's Desk
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Industry down, but not out
Call me the perpetual optimist, but as I write this column in the press room at the World Market Center in Las Vegas, I find myself incredibly energized. Here's why. The realist in me knows full well that the business has been in a state of suspended animation and may well stay that way for quite some time.
Industry Numbers
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Bassett 4Q sales down 1%
Bassett, Va.— Bassett Furniture Inds. said its fourth-quarter sales declined 1% from a year earlier to $76 million and the company recorded a net loss of $4 million. The loss, which was attributed to soft retail business conditions, would have been wider had it not been for $2.1 million the company received from antidumping duties collected from Chinese bedroom furniture producers.
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FBI sales fall 11.9%
St. Louis— Sales fell 11.9% in the fourth quarter and 11.8% in 2007 for Furniture Brands International, the manufacturer and importer reported last week. Weighted down with restructuring charges — $38 million pretax in the fourth quarter and $85 million in the full year — the company had net losses of $40.
News
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Maricich to lead WMC
Las Vegas— Industry veteran Bob Maricich, a longtime executive at high-end manufacturer Century, has been named president and CEO of the World Market Center. The stunning development, which was announced on the opening day of last week's furniture market, fills a post that had been vacant since Harvey Dondero resigned last year.
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Vegas buying proves upbeat
Las Vegas— Fears that the industry-wide sales slump would dampen enthusiasm and curtail market attendance never materialized here last week as buyers streamed into showrooms looking for ways to jump-start business. Exhibitors said buyers were upbeat and eager to review new ideas and new products, and that most were ready to write orders.
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Domain auction may occur this week
Norwood, Mass.— Domain Home's assets may be auctioned this week in U.S. Bankruptcy Court. The 27-store Top 100 company, which filed for Chapter 11 protection Jan. 18, had asked for the court's approval of a schedule that noted Feb. 1 as the deadline for submitting bids, followed by a Feb. 5 auction and then approval of a sale Feb.
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Construction of Building D set for this fall, says WMC
At The Market— Construction of the fourth World Market Center showroom building, a 1.1 million-square-foot structure known as Building D, is scheduled to begin this fall, WMC officials announced Monday. Market officials said six floors of the 17-story structure will be devoted to gifts and home textiles, while the first two floors will be set aside for temporary exhibit space.
- Obituaries
Obituaries
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Ashley dealer settles complaints in Ariz.
Phoenix— The Ashley Furniture HomeStores licensee here has agreed to pay the state of Arizona $400,000 to settle consumer complaints about delivery problems and allegations of deceptive advertising. Attorney General Terry Goddard said his office received numerous complaints in 2004 and 2005 about late deliveries and defective furniture.
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Henredon Furniture settles racial harassment lawsuit
High Point— Henredon Furniture has agreed to pay $465,000 and take remedial action to settle a racial harassment lawsuit brought by the U.S. Equal Employment Opportunity Commission, the agency reported Thursday. The EEOC said it brought the suit on behalf of African-American employees who were subjected to a persistent racially hostile work environment at the High Point plant of Henredon,...
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Lane promotes 2 executives
Tupelo, Miss.— Lane Home Furnishings has promoted longtime executives Jerry Worthman and Dan Molitoris. Worthman, who joined Lane more than 10 years ago, has been named director of dedicated distribution, galleries, comfort showcases and Lane stores. He will be responsible for growing the channel, the company said.
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Four Hands names new managers
Austin, Texas— Case goods and leather upholstery importer Four Hands has promoted Rene Crosby to sales manager. Crosby was interim sales manager since October, when Emma Roubtsov left the company to pursue other opportunities. Crosby previously was senior account representative responsible for the Midwest and East territories.
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Tatum offering La-Z-Boy luxury spas
Monroe, Mich.— You'll soon be able to take a soothing soak in your La-Z-Boy — spa, that is. The furniture manufacturer and retailer has signed a licensing agreement with Florida-based Tatum Mfg. to produce and market a line of luxury portable spas. The four-product lineup, known as the La-Z-Boy Spas Premier Collection, includes the first spas sold under the La-Z-Boy brand name.
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Tiger forms fabric arm
Greensboro, N.C.— Leather hide supplier Tiger Imports is now also offering fabrics through a sister company called Appian Textiles. Appian Textiles, headed by Tommy Lee, president, debuted at the Showtime fabric show in High Point last month. It specializes in high-end woven jacquards manufactured in the United States and Europe.
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Jeff Davis launching Klaussner retail stores
Asheboro, N.C.— Jeff Davis left Klaussner Home Furnishings last week to launch the company's first wave of retail stores called Klaussnerhome, the manufacturer and importer said. Davis, who was senior vice president of marketing and business development for Klaussner, plans to launch as many as eight franchised Klaussnerhome stores in North Carolina.
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November orders drop 8%
High Point— November turned gloomy for U.S. residential furniture manufacturers, with orders down 8% from the same month a year earlier, reversing the slight uptick in October, according to Smith Leonard. About 61% of the factories surveyed by the accounting and consulting firm reported year-to-year order declines, with many reporting double-digit decreases.
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Hodges joins FBI as CMO
St. Louis— Furniture Brands International has named consumer products veteran Alexander Hodges to the newly created post of chief marketing officer. Hodges, most recently vice president of marketing for the Russell Athletic division of Russell Corp., will work with marketing executives of all FBI companies to enhance brand equity.
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Spring Air receives financing
Boston— Bedding major Spring Air has received $22 million in new financing from H.I.G. Capital and American Capital Strategies, providing additional liquidity and growth capital for the launch of its 2008 product line. "This new capital will enable us to propel Spring Air forward, completing our integration and creating the appropriate level of capital to complete our new product launch,"...
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Vaughan-Bassett sets Julian line for April
Las Vegas— Designer Alexander Julian and Vaughan-Bassett Furniture announced plans last week for a case goods line to debut at the April High Point Market. The name: Authentically American. "The inspiration is drawn from the very best in the history of 'authentically American' taste and style and gives me the opportunity to share my take on a variety of classic American designs," Julian s...
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Olson, Revco teaming up for April launch of occasional
Las Vegas— Designer Candice Olson and importer Revco International announced plans last week for a case goods line, beginning with an occasional offering in High Point in April. "Revco International is very proud to partner with Candice Olson, one of today's most respected interior designers," said Glen Revivo, president and CEO.
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El Dorado to open 11th store
Coconut Creek, Fla.— El Dorado Furniture will break ground here on El Dorado Home Furnishings Center, a development that will house the Top 100 company's 11th store as well as other businesses. At 92,000 square feet, the store will be one of the retailer's largest and will feature its signature Boulevard streetscape format.
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Turf to succeed Segal at Crate
Northbrook, Ill.— Crate and Barrel President Barbara Turf will succeed co-founder and CEO Gordon Segal when he retires from day-to-day operations May 1, the retailer announced. Segal will become chairman of the 160-store, Top 100 company and continue as a key adviser. Before becoming president, Turf was the retailer's executive vice president of merchandising and marketing for many years.
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Hooker adds West Coast warehouse
Martinsville, Va.— Hooker Furniture plans to open its first West Coast warehouse and distribution center in Carson, Calif. The 80,000-square-foot leased facility, which will open in February, will stock 550 of the company's best-selling items. It will serve retailers in California, Arizona, New Mexico, Nevada, Oregon and Washington.
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Idaho retailer wins $250K
Las Vegas— Tim Koerner of Koerner Furniture said he was already having a good market, but it got excellent in a hurry last Wednesday. The Coeur d'Alene, Idaho, retailer won the $250,000 grand prize in the Las Vegas Market's Fashion 500 Runway Rewards. Fifty finalists and a crowd of onlookers gathered in the Building B Atrium for the big announcement.
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Famsa acquires Edelstein's
Brownsville, Texas— The U.S. subsidiary of Monterrey, Mexico-based Top 100 company Grupo Famsa has acquired 12-store Edelstein's Better Furniture here as it continues to expand its U.S. presence. Famsa took over the stores Feb. 1 from the Edelstein family, which had operated the Rio Grande Valley business since 1902, according to the Brownsville Herald.
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Trade show veteran Hershberg joins IHFC
High Point— The International Home Furnishings Center here has hired Lee Hershberg as vice president of accessory leasing. Hershberg, who has more than 13 years of trade show experience, reports to Walt Goldsby, vice president of leasing. He succeeds Martha Stewart, who has retired after a 28-year career at the IHFC.
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Matteson replacing Evans
New London, N.C.— Christine Evans, longtime executive director of the American Society of Furniture Designers, is retiring. Evans had headed the organization since 1997. Under her leadership, ASFD has added members and increased participation in the annual ASFD Pinnacle Awards, honoring outstanding design in the home furnishings industry.
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NHFA, HGTV team up
Las Vegas— Television network HGTV and the National Home Furnishings Assn. have announced they will launch a $20 million campaign in late summer to educate and motivate consumers to make informed decisions in furniture purchases. The Preferred Retailer Program will deliver expert information on furniture types, quality and value considerations, design styles and color tips.
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Nationwide to liquidate?
Norcross, Ga.— Nationwide Mattress and Furniture Warehouse, one of Sun Capital Partners' earliest industry acquisitions, is set to be liquidated, according to industry sources. The highly promotional chain, with an estimated 39 stores in 14 states east of the Mississippi River, was cut off by Sun Capital, a private equity fund that acquired Nationwide out
Opinion Today
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NHFA program seeks to educate consumers
Two numbers stand out in the description of the National Home Furnishings Assn.'s newly announced Preferred Retailer Program with HGTV, an effort that aims to take the mystery and the jitters out of furniture shopping for consumers. One number is 20 million, as in dollars. That's how much the groups expect to spend on the effort.
People Today
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People Today
Executives Kingsdown Mebane, N.C. — Bedding producer Kingsdown has promoted Lee Hinshaw to president of international sales, a newly created position. He had been vice president of international sales since 1996. Hinshaw, who has been based in Asia since 2003, will oversee all retail channel sales outside of the Americas.
Special Report
- Dollars and Sense
Consumer confidence falls again
The Conference Board's Consumer Confidence Index, which has been seesawing down from 99.5 since September, fell again in January. The Index now stands at 87.9 (1985=100), down from 90.6 in December. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households, conducted for The Conference Board by TNS.
- Dollars and Sense
Fed makes second rate cut in eight days
For the second time in eight days, the Federal Reserve made a cut in the federal funds rate last week, this time by 50 basis points — double what had been predicted. The new rate is now 3%. "Financial markets remain under considerable stress, and credit has tightened further for some businesses and households.
- Dollars and Sense
New home sales weak again in December
December's new single-family home sales were down 4.7% from November and 40.7% below the December 2006 mark, according to Department of Commerce figures released Jan. 28. The seasonally adjusted rate was 604,000 units. The seasonally adjusted estimate of new houses for sale at the end of December was 495,000.
- Retail Profile
O.P. Jenkins changes with times
Knoxville— O.P. Jenkins Furniture has survived wars, depressions, changing tastes, an all-but-abandoned downtown, a shift from domestic manufacturing to overseas and the advent of well-heeled, big-box furniture stores. This is an impressive list of challenges for any independent, family-owned furniture store to overcome.
- Retail Profile
A family affair
Knoxville, Tenn.— In 1907, Oliver Perry Jenkins opened his furniture store in downtown Knoxville, Tenn. Today, O.P. Jenkins Furniture is less than 200 feet away from the original location. Meg and Terry Troutman are the fourth generation of the Jenkins' family to run the store. Meg Troutman said that O.
- Las Vegas Market
Bedding sources put spotlight on better sleep
Las Vegas— Facing the prospect of a challenging year for mattress sales, bedding producers are ramping up their marketing messages and putting the spotlight on the benefits of better sleep. They said their new lines offer the promise of reduced tossing and turning and cooler, more comfortable sleep, benefits that they hope will resonate with consumers and spark sales.
- Las Vegas Market
Rug vendors happy with buying activity in Vegas
Las Vegas— There wasn't much whining in Las Vegas rug showrooms last week. Vendors said they were pleased with buying activity at showrooms here and also at the previous week's Atlanta International Rug Market. "Everyone is cautious, but they are placing orders. After all, they're buyers and that's their job," said Cyrus Yaraghi, a principal of Safavieh, who added that the market has beco...
- Las Vegas Market
Disney Home, Rug Market team up
Las Vegas— The Rug Market has signed a multi-year agreement with Disney Home to create a collection of sophisticated, non-character adult rugs inspired by the vision of Walt Disney. The company unveiled the Walt Disney Signature collection in its World Market Center showroom here last week and plans to ship the line to retailers nationwide in May.
- Vegas Highlights
Casual looks draw attention in dining room
Las Vegas— Las Vegas is known for its glitz and glamour, but dining room furniture drew attention with rustic styles at market here. Broyhill introduced a new collection to its Attic Heirlooms line launched five years ago. Fireside Cherry has 35 pieces in classic Shaker design with solid cherry and cherry veneers.
- Vegas Highlights
Bedroom sources enthusiastic about market action
Las Vegas— The dicey retail climate brought out the best in bedroom sources as they played a game of one-upmanship. Lexington Home Brands won accolades for the look of its first Las Vegas showroom, in a temporary home in the World Market Center Building B. Lexington will be a key tenant of the new Building C when it opens this summer.
- Vegas Highlights
Upholstery activity proves better than expected
Las Vegas— Stationary upholstery manufacturers closed out the market here last week with attendance and order-writing that was better than expected. The world within the World Market Center seemed to defy what has been going on outside, where business has been tepid. Some execs saw the atmosphere here as possibly an early sign of stabilization or upswing.
- Vegas Highlights
Cost pressures lead leather sources to hike prices
Las Vegas— Most leather upholstery producers showing at the Las Vegas market last week said they're no longer in a position to absorb cost increases they've seen, and are now implementing price hikes. "We are seeing price increases on everything," said David Beckmann, president of Emerald Home Furnishings.
- Vegas Highlights
Occasional buyers like wide assortment of styles
Las Vegas— Buyers seeking out new occasional styles found a wide assortment here thanks to some aggressive product launches this market. These ranged from pieces in large collections to stand-alone occasional groups and individual accent items. Among the best performers among Standard Furniture's 20 new occasional groups was the traditional-style London Town, which featured cocktails in a...
- Vegas Highlights
Office sources pleased with traffic, sales
Las Vegas— Home office vendors were pleased with market traffic and sales here last week. Vendors offered focused introductions in the category, and some were either easing payment terms or considering taking that step to help drive business. Modular groups got a lot of attention, especially at companies like Kathy Ireland Home by Martin.
Store Openings
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La-Z-Boy opens 2 U.S. stores
Monroe, Mich.— La-Z-Boy Furniture Galleries stores have opened in Oregon and Indiana. The new 19,500-square-foot store in Phoenix, Ore., is located on North Phoenix Road and offers a full selection of La-Z-Boy upholstery, occasional furniture and home accents. A 2,500-square-foot Mattress Gallery by La-Z-Boy is connected to the store and features mattresses by Serta, including the Perfect...
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PerLora debuts Met Home line
Pittsburgh, Pa.— Contemporary furniture specialist PerLora has launched a new 2,500-square-foot Metropolitan Home collection within its 12,000-square-foot flagship store. Grand opening events for the line raised money for Susan G. Komen for the Cure. The Metropolitan Home collection, produced by Shermag and designed by Benjamin Noriega-Ortiz, includes bedroom, dining room, living room and...
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