Easter leaves Showplace
By Larry Thomas -- Furniture Today, November 16, 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 team in August.
“She has helped us tremendously during this transition,” Faulkenberry said of Easter.
Easter was one of the original developers and owners of Showplace, which opened in 2000. However, she 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 — Showplace West (the former First Factors building at 101 S. Main St.) and buildings at 200 N. Hamilton, 320 N. Hamilton and 330 N. Hamilton.
“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 who teamed with Walton Street Capital — High Pointers Maurice Hull and Coy Williard Jr., and Charlotte resident Paul Bell — have a tentative agreement to buy Walton Street's stake, but the transaction is awaiting approval by the note-holder.
Showplace owner Capstone Showplace Management is the third-largest showroom operator here, after the International Home Furnishings Center and Merchandise Mart Properties.
The Capstone Showplace properties have more than 700,000 square feet of showroom space, including about 470,000 square feet in Showplace.
