Archive for October, 2009
October 25th, 2009 at 07:00am
Under Furniture News
Cost cutting efforts initiated by Leggett & Platt Inc. have created a boost in profits for the third quarter despite the company’s realization of a drop in sales. And, recently the company raised the full year profit that had been estimated.
The company makes parts for mattresses and furniture and had been experiencing a drop in the sales of household goods since the recession and the slumping houing market. Leggett announced a rise in earnings from $32.7 million a year ago to $54.3 million in their third quarter this year.
By slone
October 24th, 2009 at 07:00am
Under Furniture News
The founder of Hudson’s, a top 100 company has filed for Chapter 11 bankruptcy through ownership of the companies that are related to four of their stores located in Florida. However, President Fred Hudson has stated that the proceedings were related to real estate and had nothing to do with 15 Hudson’s Furniture Showrooms.
Fred Hudson owns four entities in Brandon, Tampa, Altamonte Springs and Ocoee. These are limited liability companies that are landlords for the four stores and due to the economy, Hudson’s has been unable to pay the landlords for over six months.
The result led the landlord companies to default on mortgages owed to the Park National Bank which in turn began foreclosure actions on August 1. According to court documents, the company owes the bank over $12 million. An attornry stated that the bankruptcies were file to enable restructuring while still keeping the stores open.
By slone
October 23rd, 2009 at 07:00am
Under Furniture News
After listening to a variety of wrap-up reports on the recent High Point Market, directors have concluded that the show was a solid market and had a reasonably good attendance. One bright spot in this years market was marked by the attendance of more Canadian retailer that generally shopped at the Las Vega Market.
However, Market Authority board members were told that some of the exhibitors did still have trouble attracting buyers that were from small and medium sized stores into their showrooms. But, board members have pledged they will continue to work on developing marketing efforts that will attract these types of retailers to future markets.
By slone
October 22nd, 2009 at 10:15pm
Under Medical Furniture
Chromcraft, a manufacturer of commercial and residential furniture has taken yet another step in a goal to promote sustainability. Their latest addition incorporates renewable raw materials into a polyurethane foam. Chromcraft is already GREENGUARD certified and has displayed their dedication to environmental efforts.
MCPU Polymer Engineering was enlisted to make a greener seating solution with Honey Bee polypol. According to Chromcraft, the new environmentally friendly foam cushions have complied to rigorous test standards that are demanded for both commercial and residential seating.
The technology used by MCPU takes soybean oil and turns it into polypol in just one step that is both clean and efficient. The process saves energy while at the same time reducing the greenhouse effect. The new eco friendly seating will be available to customers in the fourth quarter of this year.
By slone
October 21st, 2009 at 07:10am
Under Furniture News
This year’s Northwest licensee Therapedic International Distinguished Award went to Han’s Furniture. Therapedic-Northwest President, Laurie Simpson presented the award to the company’s owner, Don Gerrior in the Mount Vernon store.
Hansen’s has been serving customers in Washington since 1941 and is an independent furniture store. The store has carried the Therapedic brand for more than four decades. Gerrior began his career at Hansen’s as a truck driver, but he and his wife purchased the business in 1995.
Gerrior attributes the success they’ve had with the brand to the flexibility and reliability of the products. And, the company’s willingness to produce specialized products. He added that Therapedic is a local manufacturer that always delivers complete orders on time.
By slone
October 11th, 2009 at 07:00am
Under Furniture News
Bedding manufacturer Sealy, reported that it’s thrid quarter sales declined 13.7 percent while their net income rose 10.2 percent. The company says that the results show the effectiveness of several cost reduction measures and the companies ability to grow a profitable market share.
President and CEO, Larry Rogers said, “Efforts like this are enabling us to begin to realize improvements in our operations and positioning us to benefit more when the economy improves.” Sealy’s world wide sales totaled $349.6 million for the quarter that ended on August 30, with $405 million for the same quarter last year.
By slone
October 9th, 2009 at 07:00am
Under Furniture News
The very first cribs in the Young America line from Stanley Furniture were produced last week. On September 14, Stanley announced that it would be moving some of the production for the Young America line to Stanleytown as a part of a commitment to produce the entire line of furniture in the United States.
Previously, 70 percent of the line had been produced in Robbinsville, North Carolina and the other 30 percent had been imported or bought from other vendors in the United States. An area of the Staleytown plant was reopened to produce the crib and youth bed line and the company plans on adding an additional 99 employees.
The company also invested over $1 million in new equipment for the new line. About 75 of the new employees have already been hired and by November all the equipment should be installed and the plant will be certified by the Green Guard Environmental Institute.
By slone
October 7th, 2009 at 07:00am
Under Furniture News
Meadowcraft Inc. recently announced they will be closing the last of it’s Birmingham facilities ending operations for what was once the nation’s largest wrought iron furniture producer. The bankrupt company plans to vacate the 324,000 square foot Pinson warehouse by the end of the week.
The remaining facility was the smallest of three distribution and manufacturing buildings that where once in the Pinson Valley. The company had employeed around 1,300 workers in Birmingham, Selma and Wadley who made and shipped furniture under the brand Plantation Patterns.
By slone
October 5th, 2009 at 07:00am
Under Furniture News
Designtex, a subsidiary of Steelcase will offer rugs that were made in Afghan to designers here in the United States. A total of 43 women from nine different villages used new weaving looms to create rugs for the world’s largest office furniture company.
The 43 hand woven rugs are to be included in the new Common Threads collection that will go on sale sometime this fall. The deal between Steelcase and Arzu Rugs, Inc. will provide much more than just beautiful rugs that designers will use in their creations.
It will also help to enrich the lives of the Afghan women and girls through a fair wage and education. In the impoverished, war torn country, the women and their children struggle to survive. Arzu is a non-profit endeavor that was launched five years ago in the U.S. and employs women in the regions of Bamyan, Andkhoi and Kabul.
To work for Arzu, the women must sign an agreement that they will send all of their children to school until they turn 15 and they must take literacy classes. And, a woman that is pregnant or has a newborn, must be willing to accept transportation to medical care.
By slone
October 2nd, 2009 at 07:00am
Under Furniture News
Wickline Bedding, an independent mattress producer that has been in business for half a century has ceased it’s operations and filed for Chapter 7 bankruptcy liquidation. The Escondido, California based company listed assets of just over $3 million and liabilities that totaled almost $50 million in the court documents.
However, a spokesman for the ailing company stated that at least one of the liabilities listed in the documents totaling $45.5 million was incorrect. The claim is from Crystal Bedding, a raw materials supplier. The spokesman said that the company is owed around $45,000 which would significantly reduce the total liabilities.
Wickline was founded in 1949 and was purchased in 1979 by Ray Malkiewicz a former Simmons executive. His son, Mike, now serves as the president and his other sons and son-in-law are also executives. Mike Malkiewicz said that him and his family hope to remain in the bedding business.
By slone