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Furniture|Today -- 05/05/2003
Bedding Today
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Possible flame rules delay shouldn't slow mfr. efforts
An issue that never came up directly at two flammability sessions in California last month could wind up playing a pivotal role in California's effort to implement stringent new open-flame mattress standards on Jan. 1. The latest twist in the ongoing flammability saga is that California apparently must get a waiver from the U.
Business Today
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Rent-A-Center revenues jump 13.6% in 1Q
Plano, Texas— Buoyed by increased rentals of upper-end merchandise, Rent-A-Center said first-quarter revenues jumped 13.6% and net income rose 32.1%. The nation's largest operator of rent-to-own stores reported same-store revenues increased 6.2%, a better-than-expected gain largely due to incremental rental revenue gains and a greater number of customers exercising early purchase options.
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Aaron Rents 1Q profits up 47.7%
Atlanta— Aaron Rents posted a 47.7% increase in first-quarter profits, propelled by the strength of its main Aaron's Sales & Lease Ownership division. Net earnings increased to $8.7 million from $5.9 million in the same period a year ago. Revenues grew 22.1% to $191.3 million and same-store revenues rose 14.
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Quaker sales off 9.8%, profits drop 47.8%
Fall River, Mass.— Quaker Fabric said war in the Middle East, soft demand and generally weak economic conditions contributed to a 9.8% sales decline and a 47.8% drop in net income in its first quarter ended April 5. The major producer of upholstery fabrics was up against a record-setting first quarter last year.
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Sears Canada in black; revenues decline 8.7%
Toronto— Sears Canada, the country's largest furniture and bedding retailer, said total revenues dropped 8.7% to C$1.3 billion in the first quarter, although net earnings moved into the black at C$11.4 million, compared to a net loss of C$115.9 million in last year's period. Merchandise sales decreased 12.
News
- Bedding Benchmarks
Simmons honors Phoenix plant
Atlanta— Simmons has presented its annual Operations Plant of the Year award — the Tony Saliture Award — to its Phoenix plant. The award, named in honor of Tony Saliture, a 52-year Simons veteran and industry icon, was part of a celebration recognizing the accomplishments of all Simmons facilities.
- Bedding Benchmarks
Spring Air, Restonic make 'Best Buy' list
Skokie, Ill.— Bedding lines from producers Spring Air and Restonic both have been recognized as 2003 "Best Buys" by Consumers Digest magazine for providing strong value to the consumer. Spring Air received a "Best Buy" award for its Back Supporter mattress. The Back Supporter collection was redesigned for 2003 to provide optimum comfort and support for consumers with an active lifestyle s...
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Corrections & Amplifications
A Chapter 11 bankruptcy filing by Westco Group, parent company of Top 100 retailer Sleep Fair/Mattress Warehouse, involves 50 company-owned stores in Ohio, Kentucky, Tennessee, Kansas and Missouri but does not include the company's 11 franchised stores in Indiana and West Virginia. A story on page 2 of the April 28 Furniture/Today reported on the filing.
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Wolfe retiring, closing Silverado
Napa, Calif.— Larry Wolfe is closing Silverado Furniture here — after 38 years under Wolfe family ownership — and will retire. After a retirement sale, Wolfe will lease the nearly 30,000-square-foot building to an antiques mall. Longtime Silverado decorator Sally Servidio will have a furnishings booth within the mall with two other Silverado employees, he said.
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Buffett: Easier to expand than acquire
Sugar Land, Texas— At the April grand opening of Star Furniture's new store here, legendary investor and Berkshire Hathaway Chairman Warren Buffet greeted customers, then took time to answer reporters' questions. Here are some highlights: How did you and Star get together? Buffett: It was 1997.
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Showtime fashion show gets boost from ITMA
High Point— Furniture/Today's Runway Fashion Show, which has become a favorite event at the Summer Showtime fabric show here, will get a boost this year thanks to the new teaming of the newspaper and the International Textile Market Assn. ITMA, which organizes the fabric fair held here each January and July, will now incorporate the fashion show into its traditional market gala.
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Arbek owners to launch home entertainment co.
Rancho Cucamonga, Calif.— Carlos Morales and Daniel Torres, owners of former case goods manufacturer and importer Arbek Furniture, are launching Zander House to make home entertainment furniture. "We'll be manufacturing here and importing some parts, but not many complete units," Morales said. "We're focusing on home entertainment because this is something we know how to do, and it seems ...
- Obituaries
Norman Hekler, designer
High Point— Furniture designer Norman Hekler has died. A native of Vienna, Austria, Hekler was a World War II concentration camp survivor. He lived in High Point for more than 50 years. The company he founded, Norman Hekler Associates, designed furniture for such manufacturers as Brady, Monarch, American Drew, Bernhardt, Universal and Unique.
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'Friends' design chairs for charity
Monroe, Mich.— Cast members of the TV show "Friends" have teamed with La-Z-Boy and In Style magazine to give consumers a chance to relax for charity. La-Z-Boy recliners designed by each cast member will be up for bid May 12–22 on eBay to benefit the Elizabeth Glaser Pediatric AIDS Foundation.
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Excelsior Designs taps Hughes
Amityville, N.Y.— Bobbie Hughes has joined case goods manufacturer Excelsior Designs as design director, a newly created position. President Steve Kayne said the new post is in response to higher sales and growth plans for the producer of high-end, contemporary Italian case goods under the Excelsior Designs and Casa Novalia brands.
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Sihweil joins Butler Specialty
Chicago— Occasional furniture specialist Butler Specialty is looking to continue its growth by hiring Monty Sihweil to the new position of director of account development. The 73-year-old family-owned company, which says it has had six years of double-digit sales growth, said Sihweil's hiring should help it expand its dealer base throughout the United States.
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Tupelo to expand next year
Tupelo, Miss.— The Tupelo Furniture Market, the second-largest U.S. furniture show, is set to begin construction on a 300,000-square-foot expansion. The new space, which will be known as Building VI of the Tupelo Complex, will boost the market's total exhibit space to 1.8 million square feet. "This will be the largest single addition we've done since the inception of the market," said fur...
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Lane launches dedicated store program
Calgary, Alberta— Lane Home Furnishings has opened here the first of what will be a North American chain of independently owned, dedicated furniture stores. With 11,000 square feet of selling space, Calgary is a model for the network and is expected to generate sales of about US$300 a square foot, said David Coke, vice president/business development for Lane, a division of U.
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Southerland is King Koil licensee
Hinsdale, Ill.— King Koil has licensed Southerland, a Nashville, Tenn.-based bedding producer, to manufacture and market King Koil products in three Western states. Southerland will service the West Coast from its new 40,500-square-foot plant in Phoenix, which opened last month. It will market King Koil bedding in Arizona, Southern California and parts of Nevada, including Las Vegas.
Opinion Today
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Got fabric? New twists could be good for you
"Welcome to Susan's Dream Store. Weight-loss furniture on the right; skin-conditioning furniture on the left; invisible sofas are straight ahead — take care you don't bruise your shins. The entire second floor is holistic contemporary and, as a reminder, aromatherapy comes standard in all our upholstery.
Special Report
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Outdoor motifs add spirit to upholstery
High Point— From horses and moose to fish and fowl, golfers to palm trees, themed, outdoorsy covers are a rising niche in upholstered seating. In fact, such themed groups may be one of the industry's most profitable secrets. "I hope it remains the best-kept secret around," quipped Bill Mork, president of Marshfield Furniture, a long-time purveyor of wildlife art on seating products.
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Milan: Salone del mobile 2003
Milan, Italy— Reinforced by 21st-century technology, the retro looks of the 1970s were reinterpreted in lacquer, leather and metals at the Salone Internazionale del Milan show here last month. Color, especially oranges and limes, made significant fashion statements in case goods and occasional pieces as well as upholstery fabrics, with lime green cited as the color to watch.
Up Front
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Ethan Allen revamps team
Danbury, Conn.— Furniture retailer and manufacturer Ethan Allen has revamped its management team. Jack DeKorne has joined the company as vice president of merchandising. Edward Teplitz has been promoted to vice president and general manager of the retail division, and Sandra Lamenza named to the new post of vice president of marketing for the division.
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New Star store spotlights big-name lines
Sugar Land, Texas— Star Furniture opened its 10th store here with a visit from its famous owner, the debut of some high-profile furniture collections and a big party benefiting three local charities. Warren Buffett, chairman of Omaha, Neb.-based Berkshire Hathaway, which owns Star, was on hand the Friday before the official grand opening for a tour of the 100,000-square-foot, two-level sh...
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Star forms senior management group
Houston— Star Furniture has promoted three vice presidents to executive vice presidents posts, creating a senior management committee responsible for the day-to-day operations of the Texas retailer. The move follows the recent retirement of President Mark Schreiber. Star has promoted Bill Ward to executive vice president and chief operating officer, Gary Gibson to executive vice president...
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Calif. FR rules: Two-year delay?
Washington— The U.S. Consumer Product Safety Commission said last week it could take up to two years to resolve a legal issue that looms with the state of California over mattress flammability. That would be a major blow to California legislators and regulators, who have been planning to implement stringent new open-flame mattress flammability standards on Jan.
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Sleep Country Canada IPO nets C$122M
Toronto— Sleep Country Canada, an 81-unit chain of bedding specialty stores, has completed an initial public offering that netted C$121.7 million. The retailer, which had been owned by Bain Capital, parent of Sealy Inc., is using the proceeds to buy its common stock from Bain and retire about C$44 million in debt.
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Industry stalwart Jake Froelich dies at 72
High Point— Manufacturer, showroom developer and longtime furniture industry fixture Jake Froelich has died. He was 72. Froelich was a High Point native who began his career in 1956 when he joined his father's business, Jake Froelich Veneers. The younger Froelich went on to expand the business into the production of drawer components.
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Confidence soars in April
New York— The Consumer Confidence Index rocketed back in April, erasing four months of declines to stand at 81, up from 61.4 in March. The Expectations Index jumped to 84.8 from 61.4 and the Present Situation Index climbed to 75.3 from 61.4. All U.S. regions reported significant gains, with the Mountain region leading the pack with a 35.
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BDO: Feb. orders off 12%
High Point— U.S. furniture factory orders were down 12% to $1.8 billion in February, feeling the effects of stormy East Coast weather that undercut Presidents Day sales at retail, according to BDO Seidman. Shipments were down 4% to $1.98 billion from the same month a year earlier as factories worked off some of their backlogs, the accounting and consulting firm said.
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Woodmark upgrades, broadens seating line
High Point— Upholstered seating manufacturer Woodmark is moving toward fashion-oriented looks and improved comfort, broadening its offerings and price points. Neil McKenzie, vice president of product development for Woodmark and sister company Hekman Furniture, said the company has re-engineered its frames and changed seating support positions.
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Workbench retrenches
Bayonne, N.J.— Workbench Furniture will close 11 stores — mostly in the Midwest — but will continue operating 29 stores in the Mid-Atlantic and one in Michigan, as it restructures once again. "We are refinancing," said Ken Peskin, president and chief executive officer of the midpriced-to-upscale contemporary retailer.
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OFMA: Hanna follows Ashton
Mississauga, Ontario— David Hanna has been named executive vice president of the Ontario Furniture Manufacturers Assn., succeeding Derek Ashton, who is retiring for personal reasons. Hanna's appointment is effective June 15. In February, Hanna was named OFMA's director of member services, responsible for recruiting new members, implementing new programs and coordinating the Canadian Home ...
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