Stickley acquires Madison Square assets
By Jeff Linville -- Furniture Today, February 28, 2004
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. The product is a natural fit for Stickley's new 187,000-square-foot Vietnam plant opening next month, she said, so all 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 resource for many Stickley dealers.
In February 2004, they acquired the assets of Cibola Leather, moved production to Stockley's Archdale, N.C., plant and renamed the line Craftsman Leather.
In June 2002, high-end case goods producer John Widdicomb closed after 105 years. That August, Stickley bought the line, hired some of its key personnel, and moved production from Michigan to its Manlius plant. 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 bought it. Furniture/Today estimates Madison Square is 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 more efficiently and price 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 this year with the addition of the Vietnam plant and the Madison Square line.
Talkback
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Will you be adding the 18th Century Childs High Chair back to this line?
- 2008-07-09 13:39:25
