FBI's Lane, Broyhill to sublet space in IHFC to save money
By Furniture Today Staff -- Furniture Today, May 7, 2007
High Point — Lane and Broyhill will sublet portions of their massive International Home Furnishings Center showrooms here as part of a cost-cutting effort by parent company Furniture Brands International.
Furniture Brands Chairman Mickey Holliman said a part of the Broyhill space on the sixth floor of the IHFC's Commerce Wing will be sublet to Creative Interiors, a division of FBI's Thomasville Furniture Inds. unit.
In recent years, Creative Interiors has had a showroom in the IHFC's Wrenn Wing, but that space will be vacated, Holliman said.
He said Lane plans to sublet some of its space on the eighth floor of the Commerce Wing, but didn't name the tenant and didn't say how much space would be sublet.
The changes come on the heels of last month's announcement that Henredon will close its 100,000-square-foot showroom on Ward Avenue here and move to the Drexel Heritage building on Eastchester Drive.
Henredon will occupy the first floor of the Eastchester building, and Drexel will use the second floor.
Both companies are part of the HDM division of Furniture Brands.
| Furniture Brands International | |||
|---|---|---|---|
| Owns Broyhill, Drexel Heritage, Henredon, Lane, Maitland-Smith and Thomasville | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 3/31 | 2007 | 2006 | Change |
| (a) Based on average shares outstanding of 48.3 million in the 2007 quarter and 49.6 million in the 2006 quarter. | |||
| Sales | $573,749,000 | $661,445,000 | (13.3%) |
| Operating income | 9,405,000 | 37,375,000 | (74.8%) |
| Net income | 2,877,000 | 30,222,000 | (90.5%) |
| Earnings per share (a) | 0.06 | 0.61 | (90.2%) |
