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Furniture|Today -- 07/22/2002
Bedding Today
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2001 sales figures raise some questions
This may seem like a strange time to be bringing this up, but there is an interesting discussion going on about just how bad last year really was. Officially, according to the annual sales census of the International Sleep Products Assn., the bedding industry lost a slight bit of ground last year. Dollars were down 0.
Business Today
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Stanley sales increase 4.6% in quarter
STANLEYTOWN, Va.— Case goods manufacturer Stanley Furniture said sales rose 4.6% in the second quarter to $55.3 million, and net earnings more than tripled to $2.6 million. Excluding restructuring and other charges, earnings were up about 21%, the company said. Stanley took a charge in the latest quarter for closing its West End, N.
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Leggett & Platt 2Q earnings surge 38.1%
CARTHAGE, Mo.— Industry supplier Leggett & Platt said sales in its second quarter came to $1.1 billion, up 7.7% from the same period last year. Earnings rose 38.1% to $70.3 million, the company said. "We are very pleased with our second-quarter results," said Felix Wright, chairman and chief executive officer.
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Mattress Discounters misses interest payment
UPPER MARLBORO, Md.— Financially troubled retailer Mattress Discounters missed a July 15 interest payment to bondholders, but staved off default because terms of the notes allow for a 30-day grace period. The company said it is negotiating with bondholders, equity holders and major suppliers to rework its capital structure, and said it is conducting business as usual while the discussion...
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Sealy sales rise 13.6%; net loss reported
TRINITY, N.C.— Sealy said sales in its second quarter rose 13.6% to $299.8 million, but the bedding sales leader reported a net loss of $8.4 million. Earnings were affected by a $5.8 million noncash charge related to the shutdown of Sealy-controlled American Mattress Centers, which sold bedding in Wal-Mart stores.
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Bush sales up, earnings down in 2Q
JAMESTOWN, N.Y.— Sales rose 4.4% to $78.9 million in the second quarter for ready-to-assemble major Bush Inds., with strong performance in the North American furniture segment, but earnings were down 61.9% from a year earlier to $541,000. Weakness in Europe hurt results, as did a customer's delay of a product rollout in the Bush Technologies division and an unscheduled inventory reduction...
News
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Tax rebate vote delayed
LAS VEGAS— The Las Vegas City Council has postponed for three weeks a vote on the wording of a tax rebate agreement between the city and the developers of the proposed World Market Center here. One reason for the delay was that Mayor Oscar Goodman missed work last week while recovering from a car accident.
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Kraemer looking to boost Bestway sales
DALLAS— David Kraemer promises he'll bring a "sales attitude" to Bestway, the smallest of the five publicly held U.S. rent-to-own operators. He took charge of the 69-unit chain two weeks ago as president and chief executive officer after spending the past few years as executive vice president of Rent-A-Center, which at 2,635 stores and 2001 revenues of $1.
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Mitchell up for La-Z-Boy board seat
MONROE, Mich.— Don Mitchell, who left La-Z-Boy in April, is likely to rejoin the company as a member of its board of directors. Mitchell first joined La-Z-Boy when the company acquired Ladd Furniture in January 2000. He retired this year as president of La-Z-Boy's case goods group. His nomination to the board was disclosed in La-Z-Boy's new proxy statement.
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Gorr and Carter get top posts at Brown Jordan International
POMPANO BEACH, Fla.— Mark Gorr and Raymond Carter have joined casual and contract furniture producer Brown Jordan International in top positions. Gorr has been named vice president special projects, retail division, a newly created position. He was most recently vice president of sales and marketing at Tropitone Furniture, and previously held management positions at Veneman, Modus and GMS...
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Natco's U.S.-made rugs target new channels
ATLANTA— The rug industry is watching Natco Products Corp. with keen interest as it begins making rugs in the United States, targeting specialty stores, department stores and catalogs. The Rhode Island-based company bought Rainbow, a small Maine-based woven rug manufacturer, earlier this year. Natco, parent of Central Oriental, imports home textiles and rugs, marketing aggressively to dis...
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Hand-made rugs hit under-$1,000 price points
ATLANTA— Hand-made rugs traditionally have been priced well above machine-made products, but that is changing, as was evident at last week's market here. Many hand-tufted and hand-knotted Tibetan weaves were priced well below the $1,000 retail price point for a 6 by 9. Even companies which long have been associated with high-end, hand-knotted rugs added less pricey goods.
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FDC celebrates 10th year
HIGH POINT— The Furniture Discovery Center's first major fundraiser went back into the past to give guests some perspective on High Point's roots in the industry. The center's 10th anniversary celebration featured Civil War-era home furnishings, artifacts, dress and speakers. A silent auction brought in $11,220 for the museum, according to Janet Flynn, executive director.
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Talking cushion contest under way
ST. LOUIS— What would your sofa or chair cushions have to say? Some could make their owners blush, but most probably would just whine about limp stuffing or the dog's poor hygiene. The question is the premise for "If These Cushions Could Talk…," a consumer contest running this summer and sponsored by Solutia's Wear-Dated upholstery fabric division and manufacturer La-Z-Boy.
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La-Z-Boy Calif. plant gets ISO designation
REDLANDS, Calif.— The La-Z-Boy Residential furniture plant here has been granted certification from the International Organization for Standardization. The factory's ISO 90102 certification means the operation meets or exceeds all 20 of the ISO quality standards. "Our Redlands plant pursued certification by placing quality measurement systems at every stage of production," said Larry Woo...
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Magnussen expands High Point office again
HIGH POINT— Magnussen Presidential has opened a new office here, the second time in two years the Canadian-based case goods and occasional importer has expanded its corporate presence in High Point. Since 2000, Magnussen has expanded from a 1,500-square-foot office on Eastchester Drive to 9,900 square feet in the new space in Mendenhall Business Park.
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Latex Foam poised to develop new bedding products
Shelton, Conn.— Latex Foam International, ramping up production at its new plant here, plans to develop new latex products for bedding makers. Development is under way, said Kevin Stein, who holds the newly created position of director of marketing. No timetable for introductions has been set. Stein brings more than 12 years of marketing experience to his new post, part of which is focuse...
- Obituaries
T. Graham Morrison, retailer, rep
Georgetown, S.C.—Retired furniture sales representative and retailer T. Graham Morrison has died. He was 82. Morrison was the son of Greensboro, N.C., furniture retailer W.W. Morrison of Morrison Neese Furniture. He and his late wife, Margaret, founded Morrison Finer Furniture in Asheville, N.C.
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AFMA IT Division readies annual meeting
HIGH POINT— "The Changing Role of Information Technology in Effective Business Strategy" is the theme of the annual meeting of the American Furniture Manufacturers Assn.'s IT Division Aug. 1-3 in Asheville, N.C. Speakers will include Frank Hood, chief information officer of Krispy Kreme Doughnuts, who will talk about the evolution of IT in his company's phenomenal growth.
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CDS offering free service on Internet-based system
LANCASTER, Pa.— CDS Solutions Group, a supplier of store management systems for big-ticket furniture and other retailers, is offering customers who sign up for its Internet-based FACS5.asp system free service until October 2003. Retailers must sign up before Sept. 30, and the free service will be limited to the first 10 customers whose main businesses are in the Eastern time zone, CDS said.
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Cory training aims to bolster further growth
JERSEY CITY, N.J.— In an effort to fortify its rapid growth in the past four years, Cory Home Delivery Service is rolling out a management-level quality initiative training program. Conducted by quality management expert Roger Tunks of the Richard-Rogers Group in Portland, Ore., the program focuses on service, leadership, efficiency, communication and challenge.
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Krause's final chapter
BREA, Calif.— Krause's Custom Crafted Furniture is closing for good … again. The owner of the 11 remaining Krause's stores in Southern California closed the units July 19 in preparation for going-out-of-business sales that begin this week. The GOBs will draw the final curtain on the company's nearly 30-year history.
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SF Mart yanks Vegas badges
SAN FRANCISCO— After admitting them in January, The San Francisco Mart banned representatives of the planned Las Vegas World Market Center from freely walking the building at the summer furniture show here. Mart officials said the Las Vegas market is not a reality yet, so its representatives don't qualify for admission.
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Sealy spokeswoman joins President Bush's physical fitness panel
TRINITY, N.C.— Sealy spokeswoman Dot Richardson has accepted a high-profile position in President Bush's new crusade against obesity and overeating in America. Richardson, a top athlete and medical doctor, has been named vice chairman of the President's Council on Physical Fitness and Sports. Richardson, a two-time Olympic gold medalist in softball and Sealy's sleep wellness spokeswoman, ...
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Valspar promotes 3 to VPs
MINNEAPOLIS— Finish supplier Valspar has promoted Hugh Cates, Al Dunlop and Brian Falline to corporate vice presidents. Cates, vice president, wood coatings, joined Valspar as part of the Lilly Inds. acquisition in December 2000. Since then, he has been responsible for integrating the Lilly and Valspar wood coatings business and for providing global support to wood customers.
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Swavelle/Mill Creek celebrates 20th anniversary
NEW YORK—Associated Textile Converters, parent of major upholstery fabric supplier Swavelle/Mill Creek Fabrics, is celebrating 20 years in business this year. Swavelle/Mill Creek, which ranks No. 13 on Furniture/ Today's list of the Top 20 fabric sources with estimated revenues in 2001 of $83 million, is the third-largest converter on the list.
Opinion Today
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Burning issue gives off quite a bit of smoke
Right now, there are at least two proposals for revised flammability standards for upholstered furniture, one from the federal Consumer Product Safety Commission, the other from the California Bureau of Home Furnishings. Manufacturers say that following the proposals is like running a maze blindfolded — and with both feet tied together.
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Maybe we auto redefine our consumer incentives
They say that confession is good for the soul. OK, here goes: I was never any good at math. I guess that's why I ended up using my pencil to write essays instead of trying to solve algebra problems. I guess that's also why I still often have a problem making sense from certain numbers. For example, according to the most recent statistics from the U.
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Taking a global view of fabric arena
With all the conversation about China and its impact on the American market at Showtime earlier this month, there was hardly a peep from folks about opportunities that exist for American fabric companies to sell offshore. But then, Larry Liebenow, chief executive of Quaker, discussed just those opportunities at a Showtime seminar.
- Letters to the Editor
Letters to the Editor
Add-on warranties should be offered without pressure
I read your May 20 Retail Ideas special section on furniture warranty plans, and the response from Jake Jabs (Letters to the editor, June 10). In many respects I agree with Jabs. In my many years as a salesperson for Levitz, the Scotchgard protection plan was always held as a threat to our employment, and I know of many times when a salespe...
People Today
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Therapedic Eastern Canada honors dealers
GRANBY, Quebec— Bedding licensee Therapedic Eastern Canada has recognized four dealers for outstanding sales achievements. They are: Robert Valverde, president of Literie Giddings, the Therapedic licensee for Quebec, said, "We have worked hard to develop the Therapedic brand in Quebec and are succeeding, thanks the loyalty and effort of the dealers we are honoring.
- People on the Move
People on the Move
Special Report
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Office seating steps up
HIGH POINT — Leather and the three "Ms" — microfiber, mesh and mixed media — are among the trends gaining steam in the home office chair arena. Consumers are responding to stepped-up styles and features as they spend more time in their home offices and grow more serious about the work they do at home.
- Executive Compensation
16 industry executives hit $1M mark in 2001
HIGH POINT— More of the industry's highly paid executives went without bonuses last year, but more of them exercised stock options on their way to six- or seven-figure incomes. Sixteen men each took in a million dollars or more, up one from the previous year, and the average for all 80 of the top earners rose about 1% to $776,746.
Store Openings
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Kids Factory installs La-Z-Boy Youth Collection gallery
SAN CLEMENTE, Calif.— Newport Bedrooms, doing business as Kids Factory, has added a La-Z-Boy Youth Collection gallery to its flagship store here. Todd Lewallen is the store manager. Kids Factory is poised to open another La-Z-Boy/Lea Inds. youth gallery in its original Orange, Calif., store in the near future.
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Berkline Comfort Gallery added to Pam's Furniture in Minnesota
HUTCHINSON, Minn.— A Berkline Comfort Gallery
has been added to Pam's Furniture
here.
The gallery is 2,965-square-feet and offers a full line of Berkline's upholstery groups, sectionals, leather and recliners.
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La-Z-Boy breaks ground on first new-look store in Michigan
Detroit, Mich.— La-Z-Boy has broken ground on Michigan's first new-look La-Z-Boy Furniture Galleries
store in Auburn Hills on Baldwin Road. The store is set to open this October. The 20,000-square-foot store will be part of the La-Z-Boy Furniture Galleries of Detroit company, based in Canton, Mich.
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Bassett Furniture Direct store opens in Chantilly, Va.
CHANTILLY, Va.— A new 12,000-square-foot Bassett Furniture Direct
store has opened here. Lena Barnes is the store's owner and Dan Vance is store manager. The first Bassett Furniture Direct store was opened in 1997 in Austin, Texas. There are now more than 70 BFD stores across the United States.
Up Front
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EasyChair Software names Hooverson as president
MINNEAPOLIS— Paul Hooverson, head programmer at EasyChair Software, has been named president of the company, which provides furniture retailers with inventory, accounting and management software. He succeeds John Bjorklund, who remains chief executive officer. Hooverson and Bjorklund founded the company in 1986, and in 1990 introduced what EasyChair describes as full-function software des...
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Sharp joins Marge Carson
ROSEMEAD, Calif.— In a reunion of former Masco executives, Will Sharp has joined Jim LaBarge at high-end manufacturer Marge Carson as vice president of sales and marketing. Sharp spent the past 24 years with Drexel Heritage, a former Masco and LifeStyle Furnishings International company recently acquired by Furniture Brands International.
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Atlanta renegade returns
ATLANTA— Peter Spirer, this city's renegade retailer, is back, and with a big show. His Horizon Home Marketplace is an amalgamation of individually owned retail stores under one large roof. The format contains elements of an ABC Outlet, a corner floor covering store and an upmarket crafts mall.
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Palliser Rooms revamped; Toronto store set for Sept.
WINNEPEG, Manitoba— The recent departure of Michael McMullen won't slow the rollout of the Palliser Rooms retail program, which is scheduled to open its first store in the key Toronto market in early September. McMullen joined manufacturer Palliser Furniture as vice president of retail operations last October after 16 years at Ikea North America.
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Rug Market partners with Shabby Chic
LOS ANGELES — The Rug Market is offering rugs to retailers under a licensing agreement with Shabby Chic by Rachel Ashwell. The initial rugs were introduced at this month's gift and area rug markets, said Rug Market President Michael Shabtai. The concept of shabby chic was introduced to the fashion world in the 1980s.
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Bogart's son impressed by Thomasville approach
THOMASVILLE, N.C.— Thomasville Furniture's latest licensed collection, Humphrey Bogart, landed in the company's lap thanks to its efforts with another line linked to an American legend. Stephen Bogart, son of the late actor, approached Thomasville about a furniture collection after being impressed with the company's handling of the Ernest Hemingway collection.
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Jim Adams leaves Thomasville
THOMASVILLE, N.C.— Jim Adams has left Thomasville Furniture Inds. after 29 years at the full-line manufacturer. Adams, a Thomasville senior vice president since 1998, also had served as chief marketing officer for the past two years. Chris Pfaff, Thomasville's president and chief executive officer, said Adams' departure was part of a move to streamline management at the company.
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Costco to test home store
ISSAQUAH, Wash.— Membership warehouse club Costco Wholesale has said it plans to open a test furniture and home furnishings store in Kirkland, Wash., this year, the first of what could become a chain of furniture stores. The publicly held discount retailer told The Seattle Times that Costco Home will offer its members discounted mattresses, furniture and appliances in a store that could o...
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Rug Market exhibitors feel economy's jitters
ATLANTA— Concerns about the stock market, the falling U.S. dollar and the fragile state of consumer confidence caused industry-wide jitters at last week's International Rug Market here, far more than the slow traffic that typically marks the summer event. Will the bears of Wall Street turn consumers into scaredy cats? "A few weeks ago, I would have been very optimistic about the fall sel...
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BDO: Double-digit gains likely in fall
HIGH POINT— Nearly all the signs point to double-digit sales gains in the second half for U.S. furniture manufacturers, according to a new forecast from BDO Seidman. That should pull the industry to about a 5% gain for the year, the accounting and consulting firm said. In its first forecast for 2003, BDO says shipments should rise another 9%.
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Minneapolis summer show starts July 31
MINNEAPOLIS— A number of manufacturers will show for the first time at the Minneapolis Summer Home Furnishings Market, July 31-Aug. 3. New companies include Powell Furniture, The Alco Company, Wild West Log Furniture, Spruce Hill Furniture, Total International, Chesapeake Furniture, Express Yourself Home, Prairie Hill Furniture and Nadeau Imports.
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Henredon revamps team in product, operations
MORGANTON, N.C.— High-end furniture maker Henredon has revamped management in a move to streamline operations and boost merchandising and creative efforts. "We must change in order to remain responsive to our customers," said Mike Dugan, president and chief executive officer. "Our revamped team gives us more power in merchandising and creative areas while streamlining our operations area.
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