Stickley acquires Madison Square assets
Jeff Linville -- Furniture Today, February 10, 2005
MANLIUS, N.Y. -- High-end case goods manufacturer L.& J.G. Stickley has acquired the assets of Madison Square Furniture.
A Pennsylvania case goods producer, Madison Square made news in recent years with its licensed Monticello line and has sold furniture to Stickley, Audi & Co., the retail division of Stickley.
"We believe this addition dovetails perfectly with what we already have in place and fills a void in our product line," said Stickley President Alfred Audi.
Founded in 1966, Madison Square was purchased in 2000 by Mike Peterson, formerly president of LaBarge. Aminy Audi, Stickley's executive vice president, said Stickley is evaluating the line, which consists of about 200 pieces, to see what it will keep and reintroduce for the April High Point market.
She said Madison Square is best known for charming and versatile occasional furniture in mahogany, of small to moderate scale. This type of product is a natural fit for Stickley's new 187,000-square-foot Vietnam plant opening next month, she said, so all of the Madison Square product will be made there.
The latest acquisition follows several purchases the Audis have made since they acquired Stickley in 1974. In 1995 they purchased Heirloom, a high-end upholstery line that has grown to become a major upholstery resource for many Stickley dealers. In February 2004, they acquired the assets of Cibola Leather, moved production to its Archdale, N.C., plant and renamed the line Craftsman Leather.
In June 2002, high-end case goods producer John Widdicomb closed its door after 105 years in business. That August, Stickley bought the line and hired some of the key personnel as it moved production from Michigan to its plant here. Stickley expanded its finishing room by 18,000 square feet to accommodate the new surface treatments needed.
John Widdicomb had sales of about $10 million a year when Stickley acquired it. Furniture/Today estimates Madison Square to be similar in size, although the company didn't give sales figures.
While Widdicomb had struggled, Alfred Audi said his plant and machinery were more modern and allowed the company to produce the goods more efficiently and price them more aggressively. Stickley plans a similar strategy with Madison Square.
After incorporating Widdicomb's designs in late 2002, Stickley saw its sales increase 8% in 2003. Sales grew another 12% in 2004, Aminy Audi said, and the company expects another increase with the combination of a Vietnam plant and the Madison Square line.
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Stickley acquires Madison Square assets
Feb 27, 2004
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