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Furniture|Today -- 03/11/2002
Bedding Today
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Lowball bedding ads devalue great product
Here's the problem: We make a great product that plays a critical role in the health and happiness of consumers. But rather than talk about those benefits, we advertise low prices, big discounts and freebies. As an industry, we are missing a huge opportunity. This is not a new tune. But as I begin to tackle some of the key issues facing our industry, I come to the price issue with a fresh sense...
Business Today
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IHFC revenues up 8.1%, net income off 28.5%
HIGH POINT — Revenues rose 8.1% for the International Home Furnishings Center in fiscal 2001, but higher interest costs and a debt refinancing led to a decline in net earnings. The High Point market showroom complex, whose financial results for the year ended Oct. 31 are included in Bassett Furniture's just-released annual report, also said it paid a $60.
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BMTC revenues rise 9.4%, net income up 2.7%
MONTREAL— Retailer BMTC Group's revenues rose 9.4% last year to C$643.8 million, while net income climbed 2.7% to C$21.7 million. Quebec's largest full-line furniture retailer, BMTC operates 23 stores under the Brault & Martineau and Ameublesment Tanguay banners. Historically, about 45% of sales come from furniture, bedding and accessories.
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Sealy sales up 8.6% but year ends with loss
ARCHDALE, N.C — Buoyed by several recent overseas acquisitions, bedding major Sealy said sales rose 8.6% in the fiscal year ended Dec. 2. But various writeoffs and one-time charges led to a net loss of $37.7 million for the year, compared with net income of $15.3 million the previous year. Sealy's earnings before interest, taxes, depreciation and amortization fell nearly 50% to $100.
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Natuzzi reports flat 4Q sales
SANTERAMO IN COLLE, Italy— Upholstery manufacturer Natuzzi said fourth-quarter sales of $176.7 million were essentially unchanged from the same quarter in 2000. Net income was down 13.2% to $16.7 million. Natuzzi said the flat sales were the result of severe weather in Italy in December — which forced the temporary closure of several factories — as well as a strengthening of ...
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Feb. sales rise for Pier 1, Havertys, fall at Bombay
FORT WORTH, Texas— Specialty retailers Pier 1 Imports and The Bombay Company, both based here, reported February sales of $112.8 million and $25.5 million, respectively. Same-store sales were up 17.2% for Pier 1 and down 15% for Bombay. For the four-week period ended March 2, Pier 1's sales were up 25% from the comparable 2001 period and Bombay's were off 7%.
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Simmons Canada revenues slip 1.9% in '01
MISSISSAUGA, Ontario— SCI Income Trust, parent of bedding producer Simmons Canada, said 2001 revenues slipped 1.9% while net income dropped 33.5% from the previous year. Revenues were C$120.1 million, compared to C$122.5 million in 2000, while net income came to C$6.6 million, versus the prior year's C$9.
News
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Web site cheap, effective for rep
GRAESVILLE, Md.— E-business doesn't necessarily mean integrating SAP or Oracle, nor does it require hiring a fleet of expensive software companies. David L. Park, an independent sales representative here, spent no more than $200 to launch himself into cyberspace — though he did have a great deal of help from his wife, Helen Park, a self-made Web developer.
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Serta opens larger, modern Toronto plant
TORONTO— Serta Toronto has begun full production at its new plant in Concord, just north of Toronto, which at 106,000 square feet is twice as large as the old facility two miles away. The plant includes the latest conveyor technology, additional space for storage and processing of raw materials, and an expanded shipping department.
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Avanti opens larger store
FRANKFORT, Ill. — Avanti Fine Furniture has opened a 20,000-square-foot showroom here, replacing a much smaller unit as it moves to broaden its assortment of midpriced to high-end goods. Business has been "incredible" since the store on West Lincoln Highway soft-opened late last year, said RoseAnn Gizzi, who co-owns the Chicagoland store with her husband, Bill Gizzi.
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FIT breakfast benefits home products program
NEW YORK — The Fashion Institute of Technology is planning its sixth annual Scholarship Awards Breakfast to support the college's Home Products Development program. The breakfast will be held April 15 from 7 to 8:30 a.m. at the Waldorf-Astoria. Honorees will be Mario Buatta, of Mario Buatta Interior Design, who will receive the Pioneer in Home Design Award; David Chu, president and chief...
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DK City, Home Creations merging
TUCKER, Ga.— Imported furniture specialists DK City and Home Creations USA are merging their expertise and operations to focus on direct distribution of Malaysian-made furniture in the United States. DK City, which was a factory warehouse for Chinese-produced furniture, will handle marketing for the merged companies, called DK City/Home Creations, and also will share its warehouse here, a...
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Crate & Barrel plans 3 CB2 units for 2002
NORTHBROOK, Ill.— Crate & Barrel will open three more units this year of its CB2, the retailer's concept store for younger consumers. Gordon Segal, founder and chief executive officer of Crate & Barrel, said CB2 also is carving out a more distinct identity as it moves beyond the test mode.
- Obituaries
Theresa Castro, Castro Convertibles
MANHASSET, N.Y.— Theresa Castro, widow of the founder of manufacturer-retailer Castro Convertibles, has died. She was 85. She was the wife of Bernard Castro, who created his sofa-sleeper and founded Castro Convertible Corp. here. Mrs. Castro is credited with taking retail advertising to a new level with the use of her then-4-year-old daughter, Bernadette, in TV advertising in the New York...
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Majestic finding its niche in rugs
CLOSTER, N.J.— As the rug business matures into an industry of large suppliers selling to even larger retailers, new vendors are finding it increasingly difficult to get a toehold. But Steve Couri, president of Majestic Rug & Carpet here, is undaunted. "There are small niches that represent great opportunities.
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Is recovery under way?
HIGH POINT— Buoyant reports from regional markets and some positive retail sales numbers in the past two months could be the first signs of a long-awaited industry recovery. But the gains are still spotty, with uneven month-to-month sales and persistent weakness in certain products and price points.
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TV show's discount shopping tips rile industry
HIGH POINT— Can consumers shop North Carolina discounters and outlet stores to get 40% to 75% off the prices they'd pay at their hometown furniture stores? An NBC "Today" show segment last week said they could, and that has raised the ire of some manufacturers and retailers. Retailer associations, two manufacturers named in the story, and industry analyst Jerry Epperson say the segment wa...
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Portugal shows its craftsmanship, character
PORTO, Portugal— By American standards, Portugal is a small country with thousands of very small furniture manufacturers. But it's also a huge hotbed of furniture craftsmanship that should not be overlooked as the country works to become a player in the global market. The Portugese furniture industry's efforts include an annual trade fair called Export Home, which showcases everything fro...
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Joal hopes to pave way for Portugal in U.S.
GRIJO, Portugal— Joal really wants a slice of the American pie. The company, probably the largest producer of English classic furniture in Portugal, has successfully penetrated the U.S. market and hopes to blaze a trail for its Portuguese peers as it continues to build its American business. Thanks to its American distribution, Joal has a sweet contract with the U.
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Thomasville sponsors play to raise funds for charity
THOMASVILLE, N.C.— Thomasville Furniture took center stage in a star-studded New York production of the play "The World of Nick Adams" to raise money for the Assn. of Hole in the Wall Gangs children's charity. The furniture maker was the production's primary sponsor. The play is based on short stories by Ernest Hemingway and features music by Aaron Copland.
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Dick Idol sculpts for N.C. State
RALEIGH, N.C.— Wildlife artist Dick Idol has been commissioned to create a 30-foot-tall bronze sculpture at his alma mater, North Carolina State University. "Wolfpack Turf" is scheduled for installation in December at Carter-Finley Stadium, where the N.C. State Wolfpack plays its home football games.
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FurnishNet, MGM team up to provide online order tracking
SAN DIEGO— FurnishNet and MGM Transport are collaborating to enable manufacturers using the two companies to send a tracking number along with order acknowledgements for all orders shipped via MGM. Retailers can then track orders online and in real time, according to FurnishNet, a GERS company.
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FurnishNet adds 16 mfrs. to e-commerce platform
SAN DIEGO— FurnishNet has added 16 manufacturers to its platform for computer-based transactions with retailers, giving the GERS company some 180 electronic trading partners. The furniture makers will use FurnishNet to electronically receive purchase orders and to transmit purchase order acknowledgements, advance ship notices, and invoices.
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Ambiente eyes 10 franchised stores this year
RALEIGH, N.C.— The Ambiente Collection, a retailer here, has launched an effort to franchise its upscale European contemporary furniture, with plans to open 10 stores by the end of the year. Peter Posch, partner and co-owner with Andre Haugaard, said the first franchise was sold to Kang Lee, who will open a 6,400-square-foot store on M Street in Washington in May.
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One import lesson from hosiery: Midsized companies won't survive
GREENSBORO, N.C.— Furniture isn't the first U.S. industry to face an onslaught from imports. Sid Smith, former president and chief executive officer of The Hosiery Assn. and now a consultant, said foreign production has decimated the domestic hosiery manufacturing base. U.S. hosiery production first moved to Mexico, then farther south and to Asia.
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Bauer expands H.P. showroom
WANDO, S.C.— Bauer International, a producer of rattan, leather, mahogany and seagrass products, has expanded its showroom in the Suites at Market Square in High Point. Located on the ground floor in Suite 504-G, the new 5,500-square-foot space will feature Bauer's spring introduction of about 200 pieces.
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Author stands by her story of deep discounts
HIGH POINT— Kimberly Causey is sticking to her story about the huge discounts available at furniture factory outlets and North Carolina discounters. "I haven't misrepresented anything to anyone," she said last week in response to industry complaints about a "Today" show segment in which she told consumers how to shop for better deals than they can usually get from their local furniture st...
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Guilford Mills to file Ch. 11, exit home fabrics
GREENSBORO, N.C.— Guilford Mills no longer will make upholstery and other home furnishings fabrics as it seeks to restructure under Chapter 11 bankruptcy protections. The company's upholstery offerings have dwindled in recent years, and it has not been a significant supplier to the industry. Guilford said it would file a "prepackaged" Chapter 11 plan, approved by its lenders, that would ...
Opinion Today
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On slogans and unity: Keep the dialogue going
Writing a regular column for Furniture/Today is much like stepping up to the plate. There's no conceivable way you can hit a home run every time. I'm happy to get even a little wood on the old apple now and again. At the risk of sounding egotistical, I suspect I made contact with my last column … the one that opened two cans of industry worms.
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Why they bought Chinese fabrics
In the past few weeks I've been talking with fabric retailers across the country about business, what's selling and what they see happening. These are folks who typically have personal relationships with their customers; few are big-time, multi-unit entrepreneurs. And the interesting thing is that in these conversations a five-letter word was heard over and over.
- Guest Column
Electronic hearthside = opportunity for industry
"It was a day that changed everything forever in America." How many times have we heard that statement in reference to Sept. 11? After the initial shock, most of us did some serious thinking about our priorities, about what is really important in life. As a result, something profoundly important to our industry has taken place in a relatively short period of time: The American home is being red...
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What I learned about furniture and Portugal
When the boss realized he couldn't attend the Export Home market, I was the lucky winner of three days in Porto, Portugal, a country I'd never visited before. I knew puh-lenty about Portugal, of course. I knew it was that little country just left of Spain on the map and that most speakers of the language live in Brazil.
People Today
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Furman named marketing VP at Pa. House
GREENSBORO, N.C.—Ron Furman
has been promoted to the new position of vice president of marketing at manufacturer Pennsylvania House. He had been director of advertising and marketing since joining the company, a La-Z-Boy unit, in 1999. "In the nearly three years Ron has been with Pennsylvania House, he has made a major contribution to our company's growth," said President Tom Tilley.
- People on the Move
People on the Move
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Executive team appointed as WinsLoew reorganizes
BIRMINGHAM, Ala.— WinsLoew Furniture's newly appointed president and chief executive officer, Bruce Albertson, and new vice chairman, Bobby Tesney, have made a number of executive appointments as they reorganize the casual and commercial furniture maker. The appointments are Jerry Camp, president, Retail Market division; Dale Boles, president; Mass Market division; Darryl Rosser
, presid...
Special Report
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Upholstery shows some leg
HIGH POINT— Call it wood redeux, but the exposed decorative wood on upholstery products so prevalent in the 1970s is back. By comparison, it's a kicked-up upholstery amenity growing stronger with each passing market. Used as aprons, attached to arms and sculptured in feet, exposed wood on upholstery has become one huge design and sales opportunity for manufacturers and retailers.
- Retailer Profile
Knoxville Wholesale Furniture succeeds using a team concept
KNOXVILLE, Tenn.— Coaching, teaching and preaching. To Tim Harris, it's all pretty much the same. Done correctly, he says, you can help people win a game, do something better or follow the right path. Or you can create a commitment to success that drives a new furniture store to remarkable growth and success.
Up Front
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Import challenges examined
GREENSBORO, N.C.— Addressing the impact of imports, more than 200 furniture executives gathered here earlier this month for a day of seminars that proved equal parts wake-up call, pep rally and call to arms. The Purchasing and Materials Management Division of the American Furniture Manufacturers Assn.
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DeBonis, Jones set to get stake in Global
MOORESVILLE , N.C. — Former Kincaid executive Jack DeBonis and James W. Jones, former AIG Design president, have agreed to acquire a majority interest in solid-wood case goods importer Global Furniture. DeBonis has been named president and chief executive officer of Global, which plans to bring out a new line of midpriced furniture, broadening its offerings beyond the promotional bedroom,...
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Execs move to buy bankrupt Stoneville
STONEVILLE, N.C. — Senior officers of Stoneville Furniture are seeking to acquire the casual dining manufacturer, which has been operating under Chapter 11 bankruptcy protection since July 2001. The group includes President Robert Koenig; Dave Gleasman, chief financial officer; Kelly Smith, vice president of sales; and Cary Smithey, vice president of manufacturing.
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Home Co. files Ch. 11; to arrange financing
NEW YORK— The Home Co. — Fine Furniture Direct has filed for Chapter 11 bankruptcy protection, saying it intends to reorganize quickly with new financing in place. Mike McDonough, who joined the three-store, upscale retailer last year and was named president and chief executive officer early this year, said the Dallas-based company began the filing process last week in U.
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Coaster expanding showrooms
SANTA FE SPRINGS, Calif.— Furniture and accent importer Coaster says it is expanding its showrooms in Tupelo and High Point amid rising sales. Coaster said it had record sales at the San Francisco and Tupelo markets this year and expects good sales in April in High Point, where it is renovating its showroom.
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Man dies after chair fight
SINGAPORE— A Dutch furniture executive died following a fight over a chair exhibited at the annual International Furniture Fair here last week. Reports said that Leonardus Franciscus Maria Van der Storm, 48, died here two days after he allegedly was attacked by a fellow countryman at the show. Police have not released the name of the suspect, who is believed to have left Singapore on the ...
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Eller joins Cochrane as VP
LINCOLNTON, N.C. — Bob Eller has joined upholstery, bedroom and dining room producer Cochrane as vice president of sales and merchandising for upholstery. Eller was with upholstery manufacturer Alexvale for 10 years, most recently as vice president of sales and merchandising. Before joining Alexvale, he was president of Hickory Park Furniture Galleries, a Hickory, N.
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Powell promotes Nicholson
CULVER CITY, Calif.— Importer Powell Co. has promoted Reb Nicholson to senior vice president and national sales manager. Nicholson, previously vice president of sales for Powell's mass market line, replaces Bob Ireland, who has left the company. A replacement for Nicholson has not yet been named.
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Philpott leaves Lexington
LEXINGTON, N.C. — Ted Philpott has resigned as senior vice president of sales at Lexington Home Brands after 17 years with the company. No successor was named. "We hate to see him go, but he feels good about the state he left the business in, and we feel good about it," said Bob Stec, president and chief executive officer.
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