Archive for June, 2009
June 30th, 2009 at 07:00am
Under Furniture News
With sales still continuing to decline, Grand Rapids employees of Steelcase Inc. are bracing themselves for the next round of job cuts. Earlier this week, Steelcase Inc. announced that the company would not be contributing to the retirement plan this year and will be cutting another 200 jobs around the globe.
The companies future will also include the consolidation of some of it’s smaller manufacturing facilities with restructuring costs that will total around $25 million for the fiscal year that began in March. Steelcase the world’s largest office furniture company has reported that sales have declined 33 percent.
Steelcase sales had decreased from over $815 million last year to just over $545 million at the end of the quarter for May of this year. While sales were off through all regions of the company Steelcase said that it broke even with profits and had zero earnings per share.
Although Steelcase isn’t providing any forecasts for their yearly sales, they do expect to break even during the second quarter. Even with the slumping economy, the demand for office furniture has remained higher than the demand for other types of furnishings.
By slone
June 29th, 2009 at 07:18am
Under Furniture News
Even though most of the employees of Herman Miller are still working only four days a week, Brian Walker, company CEO says that the future is looking better. The companies order rates have began to improve in both the government and health care sector which has prompted the company to purchase a Wisconsin manufacturer of furniture for the health industry.
Herman Miller recently reported the 2009 annual and fourth quarter results with a fall in profits of 82 percent down to $7.2 million or 14 cents for each share. While this has definitely been a challenging year for Herman Miller, Walker says that things are starting to improve and there is a greater level of confidence in customers.
By slone
June 28th, 2009 at 07:49am
Under Furniture News
Ehtan Allen has just announced that it will be consolidating the operations of two of it’s case goods facilities which will result in the loss of 320 jobs. The sawmill and dimension mill in Andover, Maine, will be consolidated in with the Beecher Falls, Vermont operations.
The consolidation will result in the loss of 60 jobs at the Andover location and 260 at the Beecher Falls facility. The consolidation is expected to help allow the remaining operations to continue at a more normal schedule.
Treasurer and vice president, David Callen said that the decision is very difficult on the associates and was delayed for as long as possible. It was also stated that the company regretted the effect the decision would have on the workers in the Andover and Beecher Falls area.
By slone
June 27th, 2009 at 11:15pm
Under Furniture News
The sale of 1800mattress.com to Sleepy’s was recently approved by a U.S. Bankruptcy Court. In the ruling a bid from Sleepy’s was declared the best offer and highest bid at $25 million. The court also allowed Sleepy’s to reject two franchise agreements that 1800mattress.com had.
An independent review confirmed that the allowed rejection of the franchise agreements served to benefit the estate. The bid from Sleepy was substantial enough to allow the unsecured creditors to receive payment for 85 percent of what they were owed when 1800mattress.com filed for bankruptcy protection in March.
Sleepy’s was ranked at number eleven on the Furniture/Today’s recent Top 100 U.S. furniture stores. The company has indicated plans to close all of the remaining 1800mattress stores and keep the headquarters and warehouse in Long Island city.
By slone
June 25th, 2009 at 07:00am
Under Furniture News
The recipents of this year’s Jerry Gans Memorial Award will be the executives for Raymour and Flanigan. The Goldberg family, Neil, Steven and Michael will be honored with the award for their distinguished service in the furniture industry.
Raymour and Flanigan ranks at #7 on the Furniture/Today’s top 100 list and is the largest furniture retailer located in the Northeast. The Liverpool, New York based company owns and operates 90 stores which includes eight clearance centers throughout Connecticut, Massachusetts, Pennsylvania, Delaware, New York, New Jersey and Rhode Island.
President and CEO, Neil Goldberg said that his family was very honored to accept the award on behalf of the companies 4,000 employees. He said, that the honor was earned from the collective contributions of the companies valued associates that serve their customers with professionalism, focus and passion.
By slone
June 24th, 2009 at 06:42pm
Under Furniture News
Ehtan Allen is one of the many manufactures that will have a showroom at the World Market Center’s Las Vegas Design Center. The Top 100 retailer’s design center will officially open on the first day of the next scheduled Las Vegas Market that will begin on September 14 and will be open year round.
The Ethan Allen showroom will be located in Building C and will be inside a 10,000 square foot showroom. According to World Market Center officials, will attract many prospective worldwide licensees during both the market and throughout the rest of the year as well.
Ethan Allen headquarters are based in Danbury, Connecticut and they produce and sell upscale home furnishings. the company has called their stores Design Centers to reflect not only their design orientation, but to also reflect their sales approach.
The establishment of a presence in Las Vegas will help to position Ethan Allen to be a active part of the design community and help the company to maintain a global presence. It will also give the company an edge in expanding it’s retail license base.
By slone
June 23rd, 2009 at 11:32pm
Under Furniture News
England Inc. a custom upholstery manufacturer will be one of the 22 manufacturers that are sponsoring the pre-market late this summer at High Point. The yearly event occurs about a month before the High Point Market and is scheduled for September 14 and 15.
In the past, pre-market has generally been centered around wood furniture. But, Dennis Valkanoff who handles marketing, merchandising and sales at England Inc. says that the pre-market can those buyers interested in upholstered furniture can benefit from their involvement.
The High Point premarket gives dealers the chance to preview the October introductions and select their combinations of fabrics and frames and have delivery by the time the market begins in October. The event had suffered a decline in both attendance and new products since the fall of 2007 at which time several manufacturers began to sponsor the event.
By slone
June 20th, 2009 at 07:00am
Under Furniture News
In spite of almost a 23 percent decrease in sales, La-Z-Boy still reported a profit of over $5 million for the quarter that ended in April. The case goods and upholstery giant hadn’t seen a quarterly profit in over a year with the decline in the economy.
President and CEO, Kurt Darrow attributes the increase in sales to the significant changes and actions taken in the companies cost structure over the last year. He also says that an ongoing execution of some strategic initiatives will result in the companies sales continuing to increase.
The last quarter that the company showed a profit was the quarter ending in January of last year. But, the numbers aren’t as good as they sound, despite the profit margin the company still reported a net loss of over $121 million for the fiscal year.
By slone
June 19th, 2009 at 08:58pm
Under Furniture News
KNoxville Wholesale Furniture has added another store to their portfolio with the takeover of a 41,000 square foot Ashley Furniture HomeStore in west Knoxville. The Ashley store went out of business earlier in the year, but was reopened last week with a grand opening promotion.
The terms of the deal weren’t disclosed, but it is reported that around $1 million was invested to temporarily lease the store location. And, the company has plans on buying the store if the sales prove to be as expected.
Tim Harris, president and owner of Knoxville Wholesale Furniture has projected that the store will bring in between $8 to $10 million annually and increase the companies market share to almost 50 percent by the end of the year. The companies estimated sales last year were around $27 million.
By slone
June 18th, 2009 at 10:56pm
Under Furniture News
David Francis Furniture will be opening a permanent showroom In the Las Vegas Market’s design center. The high end furniture company has shown their line at the semiannual market over the past years. Chief designer David Francis said they believe they can make a strong daily presence at the showroom.
The company specializes in eclectic style home furnishings such as bamboo, rattan, abaca, mahogany and other traditional hardwoods. The company sells their line through designers, trade showrooms and a few furniture retailers. The permanent showroom in Las Vegas will be the first company showroom besides their headquarters in Vero Beach, Florida.
By slone
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