Furniture News
August 22nd, 2010 at 07:00am
Under Furniture News
Furniture maker Flexsteel reported a record income increase for the fiscal year of 2010. From a loss of $1.5 million last year, Flexsteel’s net income rose to a staggering $10.8 million. The Dubuque based furniture manufacturer reports these earnings after several quarters of losses. The report, released this past week detailed the fourth quarter to the end of the fiscal year that ended on June 30.
Flexsteel also reports that their net sales increased for the quarter and the fiscal year, operating income increased and general and administrative expenses decreased. “Overall, we’re pleased with the progress we’ve made,” said Ron Klosterman, president and CEO of Flexsteel, in a conference call with investors Thursday.
By MCC
August 21st, 2010 at 07:00am
Under Furniture News
In addition to the 25 companies that sponsor the High Point Premarket, 33 exhibitors have said that they will be opening their doors for the High Point Premarket that is scheduled for September 13 to 14. Furniture/Today will be running updates on new companies that plan to exhibit periodically before the event.
Premarket is held around a month before the spring and fall markets held in April and October. This allows manufacturers and suppliers to have a chance to show their new product prototypes before the market. This years fall market opens on October 16. Building sponsers will include the 220 Elm, International Home Furnishings Center and the Merchandise Mart Properties Inc.
Some of the exhibiting sponsers include American Drew/Lea/Hammary, Broyhill, Hooker, Natuzzi, Vaughan Bassett and Stanley. For a full list of exhibitors you can visit Furniture Today’s website. If you’d like to be included on the updated lists you should email Staff Writer Heath E. at hcombs@furnituretoday.com
By MCC
August 20th, 2010 at 07:00am
Under Furniture News
Kindel Furniture, a manufacturer of high end case goods and one of the last furniture producer in Grand Rapids, Michigan, has merged with the Taylor Co., a wood component and furniture supplier. The merger will combine the craftsmanship and designs of Kindel with the automated manufacturing processes of Taylor. According to officials, the merger is anticipated to help strengthen the brand.
“This is textbook example of how two companies with complementary business structures can merge to create a much stronger corporation,” said James Fisher, the current CEO of Kindel, who will be the company’s chairman once the merger is finalized. “Kindel is providing the reputation earned over the past 109 years, experience and techniques of old-world craftsmanship, designs and licenses, and customer relationships,” he added. “The Taylor Co. is contributing advanced techniques in woodworking and modern business methods that will make Kindel much more ‘custom capable,’ which is the inescapable trend in fine furniture buying today.”
Over the next several months, Kindel will be moving its operations from the current 170,000 square foot facility to the 92,000 square foot Taylor facility in Grand Rapids. Taylor Co. also owns Superior Furniture, a producer of high end bedroom and occasional furniture. And, they own Taylor Millwork, a producer of exterior and interior doors and cabinets.
By MCC
August 19th, 2010 at 07:00am
Under Furniture News
For the first fiscal quarter of the year La-Z-Boy reported a net loss of $195,000. The upholstery and case good manufacturer cited the rising costs of raw materials and shipping delays from Asia and Mexico. The disruptions in supply resulted in the largest impact hitting the upholstery segment which saw a margin slip to % percent.
“Our results for the quarter were impacted by a confluence of factors,” said Kurt Darrow, president and CEO. “These issues, including higher raw material costs, supply chain disruptions, storms which delayed shipping from our Mexico cut-and-sew operation and inefficiencies in Mexico as we transition all custom cut-and-sewn product from our U.S. operations, have abated somewhat and are not anticipated to impact our results throughout the remainder of the year to the extent they did this quarter.”
Darrow said that delays in shipping cut and sew kits to their U.S. factories from Mexico were caused by flooding from Hurrican Alex. To make matters worse, Asian suppliers were delayed in shipping fabrics. “Although there were many factors in the first quarter affecting our ability to run our operations with normal efficiencies, most of them are behind us,” Darrow said. “We are seeing an easing in raw material pricing and are in a better in-stock position with cover as the supply chain disruptions are being minimized.”
By MCC
August 18th, 2010 at 10:30pm
Under Furniture News
Jane Seymour, actress, designer, artist and author will be hosting the 22nd annual American Furniture Hall of Fame Induction Banquet in High Point. The banquet will be held during the High Point Market on October 17. Industry Fellows that will be recognized for their contributions, accomplishments and leadership in the industry include Gerald Birnbach, Manuel Capo and Darrell and Stella Harris.
“Jane is passionate about design and home furnishings,” said Jeff Cook, president of the Hall of Fame Foundation. “Her elegance will make the evening more memorable as we honor our new Industry Fellows and celebrate the accomplishments of the visionary leaders of our industry.”
Seymour, who has teamed with AICO CEO Michael Amini to create a licensed furniture line for that company, added, “It will be an honor to be in the company of such creative people who have inspired me to work in an industry that I love, which has made such an impact on our daily lives.”
The deadline to make reservations for the banquet is October 1. The tickets are $125 and can be purchased online Furniture Hall of Fame. You can also purchase tickets by email or by contacting the Hall of Fame Foundation directly.
Email: banquet@furniturehalloffame.com
Phone: 336-882-5900
By MCC
July 31st, 2010 at 07:00am
Under Furniture News
Great American Furniture Services made the only bid to conduct the liquidation sales for almost 40 stores that Jennifer Convertibles plans to close. On July 18, the Top 100 company filed Chapter 11 citing the company’s lack of liquidity. The company has indicated that it has plans to close the stores in an effort to return to a profitable state.
Jennifer Convertibles is also asking for court approval for a deal that they had reached prior to the filing. Under the deal, the company’s largest creditor Haining Mengnu, a Chinese upholstery producer, agreed that it would convert a big portion of the debt to 95 percent common equity stake in the company. Jennifer’s other creditors would hold the remaining 5 percent.
Jeff Yellen, Great American CEO, has confirmed that they will conduct sales at 32 of the 137 stores for a maximum of 60 days. The sales which were set to begin on July 26 have been delayed due to court procedures.
By MCC
July 30th, 2010 at 07:00am
Under Furniture News
Furniture factory orders in the United States rose 10 percent in May from last years totals. This represents the seventh month in a row that the industry has experienced positive sales. However, the first five months of 2009, orders declined 21 percent from 2008 which indicates that the industry still hasn’t fully overcome the recession.
“Admittedly, the results were compared with very weak numbers in 2009, but these results seem to indicate that 2009 appeared to be the bottom of the recession for our participants,” said Ken Smith, managing partner of the accounting and consulting firm, which surveys residential furniture factories each month.
The firm reported that 71 percent of those that participated in the survey reported that year to date sales had been increasing.
By MCC
July 28th, 2010 at 07:00am
Under Furniture News
Becker Furniture Store will be opening a new store in October that will be replacing a store in Burnsville, Minn. that will be closing the end of August. The Becker Furniture Liquidation Superstore will be closed on the 29th and will be replaced by a new 40,000 square foot location.
The Becker, Minnesota based retailer is reportedly spending around $2 million to open a satellite store located in the Burnsville Crossing shopping center. According to the Burnsville city website, the city ranks as the seventh largest city in Minnesota for retail sales volume.
Contrary to what was first reported, a Becker official said that the new store will be in a newly renovated space, not in a former PetSmart space. The new project is slated to include a freestanding Becker Mattress store.
By MCC
July 27th, 2010 at 07:00am
Under Furniture News
Acme Furniture, a upholstery and case goods resource announced that they would be moving into a larger showroom at next months Las Vegas Market. The company will move to a location with around 23,000 square feet of space at C-1201 in the World Market Center.
Previously, Acme occupied a space in WMC A-826 that consisted of 18,000 square feet. They also announced that they would be leasing around 8,000 square feet in a separate location in Building C on the 11th floor. However, no space number has been set for that location.
The space on the 12th floor will be devoted to the company’s best sellers and new products in their existing line. The space on the 11th floor will be featuring Acme’s other existing merchandise. During the show, Acme Furniture will be introducing a number of new bedroom sets and casual and formal dining room sets.
By MCC
July 25th, 2010 at 07:00am
Under Furniture News
If you are interested in viewing video coverage from the August 2010 Las Vegas Market, you can visit Furniture/Today’s website. Video reports will begin on opening day, August 2 and new ones will be posted each day. The videos will be posted courtesy of the World Market Center Las Vegas. You can watch all the updates at www.furnituretoday.com/video.
By MCC
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