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Furniture|Today -- 09/23/2002
Bedding Today
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This bedding market showcased fresh faces
Are there any bedding producers besides the big "S" brands? The answer, as it played out at Larry Karel's Furniture & Accessory Market in Edison, N.J., last month, is an emphatic yes. Bedding's Big Boys were not to be found at the New Jersey Convention Center, where thousands of retailers from metro New York spent a busy couple of days buying furniture and bedding.
Business Today
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Net income up 60% at Pier 1
Fort Worth, Texas— Pier 1 Imports posted a 59.9% increase in net income in its second quarter as the home furnishings specialty chain continued to beat the sluggish economy hampering much of the industry. Net income for the period ended Aug. 31 grew to $22.1 million from $13.8 million in the corresponding quarter a year ago.
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Pier 1 expects major growth at Cargokids
Fort Worth, Texas— Pier 1 Imports plans to triple the number of Cargokids youth furniture stores over the next year and a half and open some 300 in the next several years, the retailer said last week. Pier 1, which acquired Cargo from Tandycrafts in February 2001, said it will open a dozen new stores this fiscal year, including several in the Charlotte, N.
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Select Comfort boosts sales forecast
Minneapolis— Airbed manufacturer and retailer Select Comfort said it expects to exceed the high end of its previously announced third-quarter guidance of $72 million to $78 million in sales. Bill McLaughlin, president and chief executive officer, credited advertising, sales and product development programs for propelling momentum in the quarter ending Sept.
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Masco stock skids after court ruling
Taylor, Mich.— Masco's stock took a hit last week after a Washington State Superior Court ruled in favor of some class action plaintiffs against the company's Behr Process unit. The court awarded $263,000 to eight homeowners who said they had used a Behr wood coating product on surfaces that later developed excessive mildew.
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Financial results
Earnings per share are fully diluted, and all figures in parentheses are losses or declines
Insider's View
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Retail floors see major changes in past 2 years
My company does a regular survey of about 200 retailers nationwide chosen by size, product mix, region and, to be blunt, by who will help us by answering the survey. We are designing the 2002 survey to inquire about traffic, the types of promotions that are succeeding, what add-on sales are profitable, quality issues, the impact of imports and any changes in product mix on the retail floor.
News
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Karastan sees chances to extend brand's reach
Atlanta— Karastan, one of the best-known brands in rugs, is entering a new era as Karastan Rug & Home. But the company's premium image will never change. That's the word from Phil Haney, president of the new division of Mohawk Home. "We will capitalize on Karastan's strengths and at the same time we will utilize all the resources that will be available to us as part of Mohawk Home," h...
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FFDM expanding market showroom
High Point— Fine Furniture Design & Marketing will have a new and much larger showroom at the October market as it moves to a 14,000-square-foot space in the Union Square building at 410 English Road. "The growth of our company is tracking ahead of projections and this new space more than triples our opportunities to display new collections," said Dan Grow, chief executive officer of ...
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Mexico major tries U.S.
Atlanta— Major Mexican bedding producer Grupo Selther is entering the American retail market through a new division headed by veteran U.S. bedding executive Ron Passaglia. Passaglia, chief executive officer of Selther USA, said the company is already shipping contract bedding to about 20 states and is ready to begin selling retailers serving U.
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Finally, Vegas market wins tax rebate
Las Vegas— The fifth time was a charm for the proposed World Market Center, which last week won a final vote of approval for tax rebates from the City Council here. After delaying the vote four times for various reasons, the council unanimously approved a final agreement on tax rebates to offset infrastructure costs for the $1 billion home furnishings market complex.
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Ikea ads challenge consumers
Plymouth Meeting, Pa.— Top 100 retailer Ikea is launching an unorthodox advertising campaign that tweaks consumers' noses by challenging them to get rid of their old furniture. The yearlong campaign, which includes television and print ads, outdoor billboards and direct mail, is designed to position Ikea as a hip retailer that offers stylish home furnishings at affordable prices.
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La-Z-Boy brand lifts Lea Inds. youth line
Greensboro, N.C.— Lea Inds. is marketing its kids furniture as the La-Z-Boy Youth Collection, drawing on the power of its parent's brand. The former Ladd division has developed hangtags, posters and print ads using the name, with the Lea logo underneath. President Lamont Hope said the marketing program includes television, radio, shelter magazine and trade publication advertising.
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SHFA honors Kennett
High Point— Phil Kennett, owner of four home furnishings stores in North Carolina and Virginia, is this year's recipient of the Southern Home Furnishings Assn.'s Willis Award of Merit. The award was presented during SHFA's annual meeting in Myrtle Beach, S.C. Kennett owns Wood-Armfield and Utility Craft Furniture, both in High Point, W.
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CEO buys Johnson Trucking
Thomasville, N.C.— Joseph H. Wade has assumed 100% ownership of specialized furniture carrier Shelba D. Johnson Trucking Co. here. Wade, president of the company since 2001, purchased it from the estate of Red Johnson, who died in April of this year. He and his wife, Shelba Johnson, founded the company in 1979.
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Council salutes Moosehead
Monson, Maine— Moosehead Mfg. Co. has been named Outstanding Manufacturer of the Year by the Maine Forest Products Council. This is the second award Moosehead has received this year. The first, Maine's Cornerstone Award for Business, was presented in February. "We are humbled, yet very proud to have been selected for this award from among so many deserving and much larger companies," said...
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Market gala to help breast cancer patients
High Point— Common Thread for the Cure, an industry foundation dedicated to maintaining quality of life for breast cancer patients, is holding its first annual industrywide gala at 7 p.m., Sunday, Oct. 20, at Showplace. Nobles Restaurant and Outback Steakhouse will provide dinner and drinks for the event and a raffle will be held for a 2003 Thunderbird convertible.
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DWR's flagship store to open in Kappe-designed former bank
Oakland, Calif.— Contemporary specialty retailer Design Within Reach's new flagship store in Beverly Hills will be in a former bank designed in the 1970s by renowned architect Ray Kappe. Rob Forbes, DWR's founder, said this heritage intersects with DWR's dual mission: to educate the public about great design and to inhabit buildings that reflect the architectural integrity of the neighbor...
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Policicchio named chief of production at Richter
Los Angeles— Upholstery and case goods manufacturer Richter Furniture Mfg. has hired longtime Bauhaus executive Bruno Policicchio as chief of production, a new post at Richter. "Bruno is truly an industry legend and we are thrilled to welcome him to the team," said Richter founder Braden Richter.
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Two real estate firms merge
High Point— Two commercial real estate firms active in the furniture industry, Easter & Eisenman and Triad Commercial Properties, have merged. The firm retains the name Triad Commercial Properties, offering retail, office and industrial brokerage and advisory services. Its principals are Lowell Easter and Steve Shavitz from Easter & Eisenman, and Tom Townes and Hap Royster from Tr...
- Obituaries
Obituaries
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Brown Jordan renames unit, appoints mgr.
Pompano Beach, Fla.— Casual furniture producer Brown Jordan International's mass market division, newly realigned under Bill Echols, president of its retail market division, has been renamed national accounts. Chris Carmicle, who has been promoted from director of business development to vice president of national accounts, will manage the division.
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Hooker launching quick-ship for home office
Martinsville, Va.— Seeking to enhance its competitiveness against offshore sources, manufacturer Hooker is launching a quick-ship program offering immediate shipment of its entire modular workstation line to all dealers. Called SmartWorks Home Office Express, the program will be fully in place just after the October market.
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Purcell to market lower-priced fabric
Hickory, N.C.— Textile sales company Purcell Letchinger has launched a new division, Global Textile Group, to represent mills selling at lower to medium price points. Andrew Purcell, president of Purcell Letchinger, said Global will be a North American representative for producers of fabrics in the $6 to $15 per yard price range.
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Gennet denies rumors that SFM is up for sale
San Francisco— San Francisco Mart President Michael Gennet last week labeled as false an industry rumor that the SFM is for sale. "We are very committed to the Mart and our ownership, in fact, is putting more money into the building and plans to be here for a long time," he said. SFM has been owned for more than 30 years by a New York-based investment group, Western Mart Corp.
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Jordan's said eyeing downtown Boston store
Boston— Jordan's Furniture is negotiating to open its first downtown store here in a 103,000-square-foot building, according to a story in The Boston Globe. If a deal is worked out, the Top 100 company, part of Berkshire Hathaway's furniture division, would replace upscale department store Lord & Taylor at 760 Boylston St.
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It may be ugly but it's a winner
New York— Tim Finn's crown-shaped sofa, built for a bordello owner with wing-like side mirrors, won Sure Fit's eighth annual Ugly Couch Contest last week. A studio audience at the "Live with Regis and Kelly" TV show voted on the winner from among three finalists. "I'm sorry to say that no slipcover will fit this unique couch," said Bert Shlensky, president of slipcover maker Sure Fit.
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Ready-made fabrics show to launch in 2003
Brussels, Belgium— Trade Link, which organizes three interior textiles exhibitions — Textiles d'interieur premiere here, Scoperta in Switzerland and Living Space in South Africa — will launch a show here in 2003 called Prêt Pour La Maison, dedicated to ready-made interior textiles.
Opinion Today
- Letters to the Editor
Letters to the editor
Industry needs more 'outsider' young blood As a founding member of the Young Home Furnishings Executives, I am very proud of what we've been able to accomplish ... in our first three years. Our mission: To assist the furniture industry in its ability to attract and retain young leaders in an extremely competitive and global arena.
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Real estate know-how can boost any business
Sometimes, I think that rough times are good for business. Michael! you exclaim, are you nuts? Businesses need tough times like we need holes in the head! Well, the Ol' Swami answers: Perhaps we do need holes in the head because, with so much marketing stagnation, perhaps some fresh approaches could be poured in.
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Beat 'em with a soft stick and pretty soon they'll...
I think I've discovered the secret of Rooms To Go's success: Speak continuously and carry a soft stick. Seriously, I think I read that in the mission statement. Now that we have a Rooms To Go in Greensboro, N.C., I get to experience first hand the steady, yet soft pummeling of this marketing giant. Countless TV commercials, newspaper inserts, billboards, more commercials.
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Playing it safe with designer names?
In the past several weeks, yours truly has attended a number of European home furnishings shows, and read a report on consumer buying trends, on apparel in particular. One thing is sure: Times are sure achangin'. From preview conversations with home furnishings suppliers in the United States, and then seeing their offerings at markets in England, France and Belgium, it certainly seems that play...
People Today
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Sealy appoints Rusing VP of Western region
Trinity, N.C.— Steve Rusing has been named vice president of the Western region for bedding major Sealy. He has been with Sealy for 10 years, serving as district manager for the Northeast, where he was involved in the expansion of independent and regional accounts throughout New York, Connecticut, Maine, New Hampshire and Massachusetts.
- People on the Move
People on the Move
Directors Leather Inds. of America Washington — Jerry Sumpter was named chairman of Leather Inds. of America during the annual meeting of the trade association of tanners and suppliers. Sumpter, who will serve as chairman for two years, is president and chief executive officer of Eagle Ottawa, a specialist in upholstery leather for the automotive industry.
Special Report
- Market Report
Fashion cuts a rug at latest Paris show
Paris— Rugs, especially those in a contemporary or ethnic mood, were fashion favorites at the Maison & Objet show here earlier this month. Furniture also contributed significantly to key design trends, with offerings ranging from classic reproductions to creative and innovative contemporary pieces using man-made materials.
- Consumer Chase
Metro areas gain ground
High Point— Census data confirms that the United States is increasingly an urban nation. From 1990 to 2000, population within metropolitan areas grew by 14%, while the non-metropolitan population grew by 10%. That means four-fifths of Americans lived in metropolitan areas. Almost one-third of Americans lived in metropolitan areas of at least 5 million people, while another 14% lived in me...
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Chair's the thing at Promosedia
Udine, Italy— They're proud of their chairs in the Friulian region of northeast Italy, and it showed at the annual Promosedia fair here this month. Organizers had expanded the exhibition space by 5% since last year to about 215,000 square feet. Attendance was running about even with 2001 despite a weak economy in the region's key export market, Germany.
Store Openings
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HOM unveils largest store
Plymouth, Minn.— Top 100 store HOM Furniture has opened its largest store here. The 170,000-square-foot showroom, in the chain's new format, features a new high-end area called Passages, a Rug and Accent Bazaar, a Backyard Living section with spas, patio and outdoor grills and barbecues, and a Palliser EQ3 gallery.
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Berkline gallery installed in Vt.
Shelburne, Vt.— Furniture Discounters has installed a 1,938-square-foot Berkline Comfort Gallery in its store here, offering a full line of Berkline upholstery groups, sectionals, leather and recliners.
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Norwalk opens in Virginia
Dulles, Va.— Owners Brenda and Sonny Wolfe along with sons Joe and Larry have opened a new Norwalk — The Furniture Idea store here. The 5,000-square-foot store offers hundreds of styles and over a thousand selections of fabrics and leathers, including the award-winning Joe Ruggiero Collection.
Up Front
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Canadians launch their own Better Sleep Council
Toronto— A coalition of bedding retailers, manufacturers and suppliers is launching the Better Sleep Council Canada this week and will aim to convince consumers of the importance of bedding in getting a good night's sleep. The BSCC was formed with 26 charter members after the U.S.-based International Sleep Products Assn.
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Thomasville plans to close N.C. plant in December
Thomasville, N.C.— Full-line manufacturer and importer Thomasville Furniture Inds. will close its 240,000-square-foot Plant B factory here in December, shifting production to other plants or offshore sources. The facility produces bedroom furniture at Thomasville's middle to high-end price points, and wall units.
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Keller to shutter Va. factory
Corydon, Ind.— Case goods manufacturer Keller will close its 174,000-square-foot plant in Culpeper, Va., in late November, consolidating production at its factories here and in nearby New Salisbury. The Culpeper plant had been producing Keller's American Restoration bedroom and dining room collection and dining for Culpeper County and Colonial Heirloom.
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Dockworkers stage slowdown
Los Angeles— West Coast dockworkers have staged a work slowdown at two terminals here, a move the International Furniture Product Shippers Assn. said could impede furniture containers destined for West Coast distribution — and especially containers moving inland for the October High Point market.
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Philpott joins Kemp as sales VP
New Bern, N.C.— Ted Philpott has joined case goods importer Kemp Enterprises as vice president of sales. Philpott, a 30-year industry veteran, most recently was senior vice president of sales at Lexington. President William Kemp III said Philpott will join Randol Smith, vice president of marketing, to give the company a solid base of industry marketing experience in serving both large and...
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Hooker readies push in domestic bedrooms
Martinsville, Va.— Hooker will make a major push in domestically produced bedroom furniture at the October market with four groups aimed at second bedrooms, condominiums and second or vacation homes. "Bedroom has not been a meaningful part of our total business recently," said Paul Toms Jr., chairman and chief executive officer.
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Aaron Rents takes small stake in RTO rival
Atlanta— Aaron Rents has acquired a small stake in rent-to-own competitor Rainbow Rentals, saying it recognized clear value in Rainbow's battered stock. Aaron purchased 150,000 shares of Rainbow stock for $4.75 a share, said Charlie Loudermilk, chairman and chief executive officer of Aaron, which operates more than 650 stores.
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City of Hope to get $1.3 million
Los Angeles— Donors from the home furnishings industry are on track to contribute more than $1.3 million this year for cancer research at the City of Hope Cancer Center here, another record. "City of Hope continues to be overwhelmed by the generosity demonstrated by every segment of this industry," said Sharon White-Kuo, senior director of development at City of Hope.
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Doug Wolf wins first YHFE/Peterson Award
High Point— Doug Wolf, president of retailer Wolf Furniture, will receive the first Young Home Furnishings Executives/Bill Peterson Leadership Award at a breakfast during the October market. "Doug Wolf is eminently qualified for this special honor," said David Preuss, YHFE president and executive vice president of marketing and sales at manufacturer Good Cos.
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Memphis retailer Fleming sets sale to pay debt; likely to close
Memphis, Tenn.— Fleming Fine Furniture here closed last week to take inventory and will reopen this week for a special sale, with proceeds earmarked for paying down debt. Owner Jim Fleming said the store likely will close for good after the sale. The family-owned retailer, in business since 1946, filed for Chapter 11 bankruptcy protection for the second time in January 2001 after closing ...
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Magowitz buys 4 Mattress Firm stores
Virginia Beach, Va.— Bedding retailer Roger Magowitz has added to his East Coast holdings with the acquisition of four former Mattress Firm stores in the Hampton Roads market here. He will convert those stores to his Mattress Discounters format. Magowitz, who said he bought four of the five Mattress Firm locations in the area (the fifth has closed), now owns 23 Mattress Discounters stores...
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