Archive for May, 2010
May 20th, 2010 at 07:00am
Under Furniture News
Last week, the U.S. Department of Labor announced that the employees of
Stanleytown are eligible to apply for Trade Adjustment Assistance. This announcement came just one day after Stanley announced that the company would cease manufacturing at the Stanleytown facility in Henry County and would be eliminating around 530 jobs.
These workers are among around 8,500 employees from 13 states that are eligible to apply for TAA assistance. Employees that are covered by the newest certifications will be contacted by their state and given instructions about how to apply for the benefits and services.
Employees that apply will receive assistance on re-employment services, training for new skills and trade adjustment allowances that will provide income support for any employee enrolled in training. Some displaced employees may also be eligible to receive relocation and job search allowances and the Health Coverage Tax Credit.
“Trade Adjustment Assistance will allow these workers to access the employment and training services they need to prepare for good jobs in promising industries,” said Secretary of Labor Hilda L. Solis. “Helping workers who are impacted by trade secure permanent jobs is one way that we can ensure our nation’s economic recovery becomes steady economic growth.”
By MCC
May 19th, 2010 at 07:00am
Under Furniture News
The parent company of Merchandise Mart Properties Inc. has defaulted on a $217 million mortgage against the company’s High Point showroom. In a newspaper report, an executive from MMPI said that the situation has not had any affect on the tenants, vendors or employees and the showroom continues to operate as usual.
In it’s first quarter statement provided to the Securities and Exchange Commission, MMPI parent company, Vornado Realty Trust, reported, “In March 2010, we requested that the High Point Complex mortgage loan be placed with the special servicer. We have not made debt service payments since March and are in default. We are in negotiations with the special servicer; there can be no assurance as to the timing and ultimate resolution of these negotiations.”
The loan has an interest rate of 10.35 percent which is higher than the interest incurred on other MMPI properties. MMPI manages around 2.1 million feet of showroom space in High Point.
By MCC
May 18th, 2010 at 07:00am
Under Furniture News
According to the reports from the High Point Market Authority, buyer registrations for this Aprils market surpassed last years total by over 4 percent. The report states that there were 77,705 home furnishings professionals that registered this year and only 44,237 last year. Of that total, 59 percent or 46,087 were buyers.
The April 2009 High Point Market had 75,537 total registrations which included the 44,237 buyer registrations. The total number of registrations this year increased by 2.8 percent, but the buyer registrations increased 4.2 percent.
High Point Market Authority CEO and President, Brian Casey said that almost 3,500 buyers registered to return to the market that hadn’t attended in the last 3 years. The report also listed that there were 15,306 designers registered which included 2,503 that had attended for the first time. And, 7,605 of the registered buyers had never attended before.
By MCC
May 17th, 2010 at 07:00am
Under Furniture News
Stanley Furniture, a case goods manufacturer will cease production at the Stanleytown plant by the end of this year. The 1.7 million square foot production facility will be converted into a warehouse and distribution operation to aide in reversing ongoing losses and try to return to profitability.
Production is set to cease between October and December and will result in the elimination of around 530 jobs. The plant dates back to 1924 and produced dining room, adult bedroom, home entertainment and home office products. Production of those goods will be transferred to overseas vendors that the company has already worked with for almost a decade.
The company already sources around one third to one half of their adult case goods line to these vendors. The closure of the Stanleytown facility will mean that the companies entire line of adult furniture will be sourced overseas.
By MCC
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