Joanna Easter leaves High Point Showplace post
Was longtime chief operating officer
Larry Thomas -- Furniture Today, November 11, 2009
HIGH POINT — Joanna Easter, longtime chief operating officer of Showplace and four other downtown showroom buildings, has left the company.Her departure comes about three months after the properties were placed into receivership when majority owner Walton Street Capital defaulted on an $81 million note.
Richie Faulkenberry, senior vice president of Lincoln Harris LLC, the court-appointed receiver, said Easter's duties would be assumed by David Oddo, a Lincoln Harris senior vice president who joined the Showplace management team in August.
"She has helped us tremendously during this transition," Faulkenberry said of Easter.
Easter was one of the original owners of Showplace, but sold her stake in the fall of 2005 when Walton Street teamed with three North Carolina investors to buy the building and four other downtown properties.
"It has been very fulfilling to play an integral role in the building, development and operation of Showplace, Hamilton Properties and Showplace West, and now the new 100 High restaurant that opened at this past market," said Easter. "I'm also quite proud of the fact the entity that I helped to envision and create so many years ago has become an iconic landmark in the heart of the High Point Market, and an integral part of the High Point community itself."Easter said she plans to work as a consultant on several projects involving High Point and the home furnishings industry, but said it was premature to discuss details.
The North Carolina men, High Point residents Maurice Hull and Coy Williard Jr., and Charlotte resident Paul Bell, have a tentative agreement to buy Walton Street's stake, but the transaction has to be approved by the note-holder before it can be closed.Showplace owner Capstone Showplace Management is the third-largest showroom operator in High Point, following the International Home Furnishings Center and Merchandise Mart Properties holdings.
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Mark,
While much of what you have said is true, I have to disagee on some of your points. First, Las Vegas is not the threat to High Point. Period. Just wait about eighteen months and see what happens there. If you think the fact that one building in HP in Receivership is something just you wait.
Second, while China is a big issue, it is not the core reason for US funiture industires decline. The fact is, people don't buy furniture the way that we used to . You used to purchase furniture as heirlooms that are passed down generations. Quality was king. In todays everchanging society. A new familly can, or could, buy a home much larger that their needs and furnish it with a bunch of junk that is destined to be sitting on the curb in five years then replaced. So, this obviously impacts the demand for Chineese MFG goods. No one make crappy funiture faster and cheaper than they do! High Point is suffering a consolidation that has impacted the whole industry. As long as people are selling furniture in the US they will be buying in HP. What people need to be aware of is that there are some large buildings out there that have an agenda that on the surface seems like High Point friendly but in reality it is a strategy to take out the copetition. Just look at the stupid market showroom district proposal. Support those who support the industy not those that tell you that you will not survive unless you do it their way.
Big picture Gal - 2009-12-11 09:50:37 EST -
I have worked with Joanna Easter and found her to have what it takes and commands vast knowlwdge of exactly what H.P. is about. The fact that she sold our in 2005, says it all, she is one smart cookie. Lets face it, the industry is suffering. NC. is no longer the Furniture capitol of the World. Las Vegas has hurt HP and will continue to do so. The bottom line is there are less and less independent retailers selling Home Furnishings each year. as well as manufacturers who need to show at that venue, everyone knows if you are not buying in China directly from the factory you can't compete. Unless of course you are a small High End retailer. How many of those are out there to support that many showrooms! HP expanded rapidly from 96-01 and has been down hill since 911. Fact. I don't care what group runs it. I wouldn't put a dime of my money there. Take the money and Run!
Mark Sansonette - 2009-12-11 06:21:36 EST
Easter leaves Showplace
11/15/2009Developers bid for Showplace
08/30/2009High Point's Showplace in receivership
08/24/2009
