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Smaller ISPA vows it will 'weather this storm'

By David Perry -- Furniture Today, February 6, 2005

Alexandria, Va. — The International Sleep Products Assn., which has lost three of its biggest members, vows that it will "weather this storm."

In a Jan. 28 letter to members, the trade group's four officers wrote:

"The issues facing our industry are not going to go away and neither is ISPA. As the officers of this fine institution, we want to assure you that ISPA will not only weather this storm, we will continue to enhance the effectiveness of the association on behalf of our 643 members."

The letter was signed by Tom LeDuc, ISPA chairman; David Orders, ISPA vice chairman; Richard Diamonstein, ISPA past chairman; and Dick Doyle, ISPA president and CEO.

The departure of Sealy, Serta and Leggett & Platt "amounts to 17% of ISPA's budget and will require budgetary adjustments that are being addressed by ISPA management and the Executive Committee," the letter said. "These adjustments will be challenging, but attainable. Fortunately, we have a healthy reserve in place for situations of this type and do not plan on using it unless absolutely necessary."

Furniture/Today estimates the financial loss to ISPA with the departures of Sealy, Serta and L&P is at least $1 million, and could be significantly more.

The letter said that with the loss of those majors, "we feel like we have lost close associates and industry friends, but we will work diligently to address their concerns and bring added value to the association. We hope they can reconsider their decisions and rejoin the ISPA community in the near future. Their return will be most welcomed!"

The officers also offered assurances that "ISPA's core programs and services will remain very strong." Among other points, the letter said ISPA "will continue to offer timely industry statistics, and broaden our efforts to capture the growing importance of specialty bedding, as well as the impact of imports and exports."

Over the next few months, "we intend to take a number of steps to ensure that our association remains strong and focused on the priorities set by you, our valued member," the letter said. "We will reach out to you to discuss the association's programs and activities, and hope to receive your direct input on the course for the association."

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ISPA responds to departures

Jan 31, 2005

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