Archive for November, 2008
November 27th, 2008 at 07:46am
Under Furniture News
The International Council of Shopping Centers has already lowered their low holiday spending forecast. They’d originally estimated a 1.7% increase in spending during the holidays, but have already decreased that estimate to a 1% increase during November and December.
An announcement last week from Challenger, Gray and Christmas of Chicago, an outplacement firm, stated that retailers added the fewest jobs for the holiday season since 1991. Only 65,900 extra jobs were filled for the upcoming season.
The number of new employees hired during October was 19% less than in October of last year. This is expected to be the weakest holiday season for temporary seasonal jobs in almost two decades.
By slone
November 26th, 2008 at 07:30am
Under Furniture News
Around 850 employees at La-Z-Boy Inc. will losing their jobs since the company recently announced that it would be closing between 15 and 20 stores. The layoff’s will include around 60 employees from the companies headquarters.
The Monroe based business will be closing galleries in Canton, Sterling Heights, Taylor, Novi, Auburn Hills among others. And, the company says the stores will be closed during the next 90 to 120 days.
The company has been unable to withstand the deterioration of the economy along with a decline in consumers confidence. Many consumers aren’t confident enough in their job standing to spend on items that aren’t necessities.
By slone
November 24th, 2008 at 07:22am
Under Furniture News
Earlier this month Circuit City announced that it had been forced to file for bankruptcy. Circuit City is the nation’s second largest electronics chain, filed for Chapter 11, but will remain open through the upcoming holidays.
The chain will be closing 155 stores resulting in thousands of employees losing their jobs. Michigan takes another hard hit with the news of Circuit City closing their doors. Seven of their stores are located throughout Michigan.
By slone
November 23rd, 2008 at 07:40am
Under Furniture News
While many cities are experiencing job losses in the furniture industry due to the decline in sales, Star Furniture is holding their own and opening new stores! Their newest addition, their 10th store, just opened in Houston, Texas.
The company places their success on their commitment to style and a level of taste in furniture and accessories that is above normal. The combination of value, quality and great service is what appeals to most of the companies customers.
Star Furniture CEO Bill Kimbrell, stressed that even though sales weren’t as robust as the company would like to see, they are holding their own in the industry. He said, that the company will get through the economic decline and are always looking for more opportunities.
By slone
November 22nd, 2008 at 07:13am
Under Furniture News
An election for employees of the new Norwalk Custom Order Furniture to join the United Steel Workers union is being met with rejection. The company announced that the biggest majority of their employees have already signed a petition rejecting the move.
Out of the companies 120 employees, around 90 employeed in the production department will be eligible to cast their vote and decide whether they want to be part of the union. Although, most of the employees have already voiced their opposition of the move, the company said it will still hold the election scheduled for December 19th.
Since new owners took over the failed company, they have been working on honoring back orders and receiving many new orders as well. In hopes of restoring the companies business meetings are being held with dealers from the Midwestern and Eastern parts of the country.
By slone
November 20th, 2008 at 09:48am
Under Furniture News
The excitement of receiving one of the top honors awarded by the American Society of Furniture Designer’s was short lived for Ethan Allen. Just over a week later, the companies debt ratings get downgraded by Standard and Poor’s Rating Services!
While the judge’s from the ASFD praised Ethan Allen’s New Horizon’s collection, the companies debt ratings were critized by the investor service. Ethan Allen went from a BBB+ rating down to a BBB- rating which sets the company almost at the bottom of the ratings list.
While the most recent earning quarter for the company listed a profit of over $7 million, that amount was a massive decrease of 58% from just a year earlier. Ethan Allen has had a negative outlook from the rating service sine the fourth quarter of last year.
By slone
November 19th, 2008 at 09:46am
Under Furniture News
The bad news is that around 570 employees at Whirlpool’s Ohio plant in Marion will be receiving layoff notices. The good news is that the layoffs are just temporary. But, it that really good news?
Just because the company has plans on making the cuts temporary, doesn’t necessarily mean that they will be. After all, the return of the Whirlpool employess to their jobs will rely on a upturn of the economy. And, that probably isn’t going to happen anytime soon.
The rest of the bad news is that Whirlpool had announced earlier that some employees at the manufacturing plants in Clyde and Findlay would also be getting laid off. The Whirlpool layoffs will affect some 950 employees in the state!
By slone
November 17th, 2008 at 08:45am
Under Furniture News
The same day that Herman Miller Inc. announced it’s plans to add even more to Michigan’s near 9% unemployment rate, Steelcase annouced that it’s considering making even more job cuts in the state.
The company is sending out letters to 300 employees warning them of possible layoffs that may take place within the next 60 days. Letters will be arriving in the mail boxes of employees from both the Kentwood and Gaines Township plants.
The layoff warnings are in anticipation of a slow market and the number of employees actually laid off will depend greatly on an increase in sales. Spokeswoman, Jeanine Holquist said, “We need to be prepared to align the size of our workforce to match incoming demand.”
By slone
November 16th, 2008 at 05:42am
Under Furniture News
For a long time now the furniture industry has been bombarded with job cuts almost weekly. The economic decline is hitting almost all of the industries hard, but the furniture industry is taking a big hit. With money so tight and budgets stretched, new furniture isn’t on the top of the list of most consumers.
Citing slow trends in orders and an overall decline in global demand, Herman Miller Inc. recently announced they were eliminating between 400 to 650 jobs! The company announced that the job eliminations would save them around $60 million per year.
The majority of the jobs that are being eliminated are at the companies facilities in Michigan. Herman Miller employees around 4,500 workers in the state. The job cuts will be implemented through layoffs and buyout offers and are expected to be final by January.
Around 250 white-collar jobs are at the top of the list of eliminations. The company says that the rest of the cuts will depend on several other factors such as the number of workers in the production department that opt for job buyouts and changes in product orders.
By slone
November 12th, 2008 at 02:54am
Under Furniture News
The Western Home Furnishings Association recently announced that they’re now taking nominations for their 2009 Western Retailer of the Year award. The award is the industries most prestigious honor rewarding business that are dedicated to industry excellence.
Each nominee must demonstrate a commitment to the local community, innovative marketing and advertising techniques, have an outstanding store design and operations. Any active member of the industry, manufacturer, supplier and even members of the industry press are eligible to nominate their choice for the award.
Nominations are being accepted until December 15 and can be submitted at the WHFA.org website. The Western Home Furnishings Association represent over 1,000 independent retailors from over 2,400 stores in the western United States. WHFA is the largest affiliate that the National Home Furnishings Association has.
By slone
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