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Furniture|Today -- 03/15/2004
Bedding Today
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Lofty multiple for Sealy testifies to brand's clout
A megadeal for Simmons last fall opened plenty of eyes in the bedding industry — and beyond. One of the investment groups that was in the hunt for Simmons wound up with an even bigger prize — Sealy. Sealy's $1.5 billion deal with affiliates of Kohlberg Kravis Roberts & Co. is the latest blockbuster at the upper echelons of the bedding industry.
Business Today
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Berkshire stores earn $106M pretax
Omaha, Neb.— Berkshire Hathaway said its furniture retail group had pretax earnings of $106 million in 2003, although it didn't disclose sales for the group or comparable earnings numbers for previous years. Among Berkshire's other home furnishings holdings, carpet and rug maker Shaw Inds. had pretax earnings of $436 million, a 2.
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2003 revenues flat, profits down at Simmons Canada
Mississauga, Ontario— SCI Income Trust, parent of bedding manufacturer Simmons Canada, said revenues for 2003 were C$129 million, nearly flat with the C$130.9 million recorded in 2002. Net income fell 18% to C$9.4 million from C$11.4 million the previous year. Cash distributions to unitholders also dropped last year to C$7.
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Stanley hikes 1Q estimate
Stanleytown, Va.— Stanley Furniture has raised its earnings estimate for the first quarter and now expects to post 66 to 69 cents per share, up from its previous guidance of 58 to 63 cents. "The sales momentum we experienced toward the end of 2003 has continued into the first quarter, and we now expect sales to increase 11% to 13% for the first quarter of 2004 compared to the first quarte...
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Dollar hurts Shermag 3Q sales
Sherbrooke, Quebec— Full-line Canadian furniture maker Shermag said revenues in its third quarter ended Jan. 2 climbed 19% to C$56.5 million, while net earnings declined 18.7% to C$3.5 million. President and CEO Jeff Casselman attributed the earnings decline to the strengthening Canadian dollar and to lower-than-expected performance in the Nadeau division.
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Keller plans to go private March 29
Corydon, Ind.— Publicly held case goods manufacturer Keller plans to go private on March 29, completing a transaction it announced last fall. In a disclosure statement filed with the Securities and Exchange Commission last week, Keller management also outlined plans for increasing sales and reversing the losses it has suffered in recent quarters.
News
- Obituaries
Tommy Buffington, promotions
Lenoir, N.C.— Tommy Buffington, a longtime furniture promotions professional known as "Texas T," has died. He was 76. For five decades, he operated T. Buff & Associates, running events ranging from grand openings to quitting-business sales, characterized by hard-selling TV commercials. He appeared in the commercials, ending them with his Texas trademark bow and the words, "Thank you!"...
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Consumer jury still out
High Point— Martha Stewart was convicted on securities-related charges this month, but key furniture retailers say the real jury — the buying public — is still out. It's too early to say whether the domestic diva's woes will hurt sales of her furniture line with Bernhardt. Some retailers are concerned, but most say the early signs are favorable.
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Sealy unveils FR plans
Trinity, N.C.— Sealy plans to begin production of new fire-resistant bedding lines for sale in California by October, ahead of that state's enforcement of new open-flame flammability laws in January 2005. But the world's largest bedding producer will not bring all its U.S. products to the California standard this year.
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Consultants: Stewart brand may be damaged beyond repair, but furniture line might be OK
High Point— In the days since Martha Stewart's conviction on securities-related charges, some retail consultants and brand experts have contended the brand name may be damaged beyond repair. "The brand as we know it is dead," consultant Howard Davidowitz told CNN/Money last week. "Any brand that's built exclusively around a single personality can't survive something like this.
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Target considers selling Marshall Field's, Mervyn's
Minneapolis— Target Corp. is considering selling its Marshall Field's unit, the sixth-largest furniture and bedding merchant among U.S. department stores, as well as its Mervyn's division. Target said last week it had retained Goldman Sachs to evaluate alternatives for the divisions, including a possible sale of one or both.
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Doimo buys Dall'Agnese
High Point— High-end Italian case goods manufacturer Dall'Agnese has been acquired by Doimo International, an Italian furniture-making conglomerate with 2003 sales of 1.2 billion euros. Terms were not disclosed. Doimo will make its first appearance in High Point this April in space D1102 of the International Home Furnishings Center.
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Richloom sets Liz fabric store line
New York— As it supplies exclusive fabrics in furniture to Lexington's upcoming Liz Claiborne Home Collection, Richloom also is launching a version of the licensed line in fabric stores. American Pacific, meanwhile, has bed and bath textile products and Carpet One has carpet for Liz Claiborne Home.
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Qubein to speak at April market prayer breakfast
High Point— The 10th annual Furniture Fellowship Prayer Breakfast is set for Wednesday, April 21, and reservations must be made by March 24. This year's guest speaker is High Point's Nido Qubein, a business leader, author and philanthropist who addresses professional groups worldwide each year.
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Supplier Unifi moves to cut costs
Greensboro, N.C.— Yarn supplier Unifi is closing plants and eliminating 400 positions — 10% of its workforce — in hopes of reducing costs by more than $22 million. Brian Parke, president and CEO, cited excess capacity in the U.S. market, rising raw materials prices and pressure from imports as factors Unifi must address to return to profitability.
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Sealy optimistic about KKR deal
Trinity, N.C.— A savvy new owner with a long-range vision for the company is expected to help bedding market-share leader Sealy get even bigger. After a $1.5 billion merger deal with affiliates of Kohlberg Kravis Roberts & Co. was announced, Sealy's president and CEO sat down with Furniture/Today to outline how the deal will help Sealy grow.
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Enoch tapped for VP post at King Koil
Hinsdale, Ill.— Top 10 bedding producer King Koil has named industry veteran Robert Enoch vice president of finance and operations at corporate headquarters here. Enoch, who reports to Larry McKay, president and CEO, is responsible for King Koil's financial, accounting and international operations.
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Corrections & Amplifications
A story on informal GuildCraft of California galleries at Kane's Furniture, published on page 16 of the March 1 Furniture/Today, omitted the name of the lamp vendor partnering with GuildCraft. American Lamp in Newbury Park, Calif., produces the table lamps, floor lamps and torchieres used in GuildCraft's Perfect Harmony room groups.
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SF Concourse future in question
San Francisco— Owners of the Concourse Exhibition Center, which houses temporary exhibits during the semiannual furniture markets here, may raze the facility and replace it with an apartment complex. Officials said such a move is at least two years away, and if and when it does occur, another venue already has been secured for Concourse exhibitors.
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Rental industry to focus on education, legislation
Orlando, Fla.— Education, a legislative update and networking opportunities are on the agenda for the International Furniture Rental Assn. annual conference here March 30-31. Topics to be covered include updates on the corporate housing industry; the Chinese bedroom furniture antidumping issue, presented by industry analyst Jerry Epperson; the rent-to-own industry; and how technology is c...
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IFSA celebrating 75th anniversary
High Point— For a 75-year-old, the International Furniture Suppliers Assn. has a busy year planned. Founded in 1929 as the National Wholesale Furniture Assn., the trade group of wholesale distributors, importers, manufacturers and their service providers will celebrate its anniversary all year with several events and a membership drive with a charitable tie-in.
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New Web site created by IFSA
High Point— After months of planning, the International Furniture Suppliers Assn. has launched its new Web site in hopes of better communicating with members and potential members. The site at www.ifsa-info.com debuted in early February and mirrors much of the information on the old site for the International Wholesale Furniture Assn.
Opinion Today
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Home makeover shows proving industry blessing
At our house, we've begun painting walls and buying new furniture. The interior is taking on a rainbow of color because one of the guys — was it Carson or Thom? — on "Queer Eye for the Straight Guy" said there's no place in life for anything "oatmeal," be it clothing or walls. Since our house is the land of neutral, the "Queer Eye" version of the land of nod, we're using a whole lo...
People Today
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La-Z-Boy inducts top reps into Summit Club
High Point— La-Z-Boy has honored its top-selling sales representatives, inducting them into the upholstery manufacturer's Summit Club. Charlie Schillaci, sales representative for the San Diego area, and his sales associate, Longie Cruz, were given the La-Z-Boy President's Award for 2003, presented annually to the year's highest-performing sales rep or team.
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Brayton adds Paccadolmi, Schlick to executive team
High Point— Brayton International, a designer and manufacturer of high-end contract furniture, has added two people to its executive staff. Mike Paccadolmi has been named executive director of operations. He will lead the operations team comprised of manufacturing directors, engineers, materials managers and craftspeople.
Special Report
- Asia Report
Malaysian show features range of looks
Kuala Lumpur, Malaysia— Buyers from some 120 nations viewed a wide range of product from 13 countries at this month's Malaysian International Furniture Fair here. The show, at the Putra World Trade Center, featured looks ranging from heavily carved traditional bedrooms to rustic casual dining to contemporary leather sofas.
- Asia Report
Singapore fair aims to build reputation
Singapore— Coming off a strong show here last week, the International Furniture Fair Singapore hopes to place itself alongside High Point and Cologne as one of the top furniture shows in the world. The March 1-5 show drew exhibitors from 29 countries and about 17,000 visitors from 100 countries, about the same attendance as was reported in 2003.
- Asia Report
Some Chinese mfrs. say Americans reluctant to buy
Kuala Lumpur, Malaysia— Several executives declined to comment, but some Chinese furniture companies showing at Asian furniture fairs this month said the threat of duties on bedroom furniture shipped to the United States had some American retailers and importers holding off on orders. Manufacturers said the fairs here and in Singapore were valuable to let them meet buyers from other count...
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Entertainment in bright spotlight
High Point— The excitement in the marketplace over home theater is palpable. Many consumers are experiencing TV envy, a condition that has inspired them to buy big-screen TVs, surround-sound systems and other components in record numbers, numbers that are expected to rise or at least maintain at healthy levels for several years.
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La Différence educates consumers at open house
Richmond, Va.— Andy Thornton realized that if he was having trouble understanding his home theater system perhaps his customers were, too. So Thornton, owner of La Différence, a contemporary furniture store here, organized what he calls a show-and-tell session on home theater. The January wine-and-cheese event drew more than 150 consumers to his store and led to a large feature artic...
Supplement
- SoHo Today
Internet test fuels SOHO growth
As a major mover of premium office chairs, Marc Levin's original retail strategy leaned toward a traditional approach, with a growing chain of stores serving the Chicago market and supported by an Internet presence. Circumstances and events led Levin in a different direction. While he does have three stores, his Internet sites, particularly officedesigns.
- SoHo Today
Is.group looks to new logistics system to compete
Indianapolis– The is.group, a buying group, has developed a new distribution and logistics system designed to help independent office supply and furniture dealers compete with big-box category killers. Targeting chains and distributors such as Staples, Office Max, Office Depot, Boise and Corporate Express, the new systems will provide member dealers with faster delivery and better margins.
- SoHo Today
WorkPlace adds members
Cincinnati– As a buying group specializing in mid-market vendors, WorkPlace Furnishings is looking quite appealing to the contract furniture dealers looking to do more business at lower price points. The group added 23 new members in 2003 and has already added another six this year, said Russ Russell, president.
- SoHo Today
Bush unveils new desk systems
Jamestown, N.Y.—Reflecting the move to year-round introductions, Bush Furniture has developed and placed two new desk systems: Commuter Mobile and Beamer. A flat-pack collection, Commuter's clean lines, glass and frost nickel accents create a contemporary look, and the group's versatile function, with a mobile desk, $99 retail, that nests within the credenza, $129, is space efficient.
- SoHo Today
Eurway makes management changes
Austin, Texas– Eurway, the contemporary lifestyle and flat-pack furniture retailer, has announced a change in its management team. Greg Greeson, brother of Gary Greeson, president, has left the company, as has his wife, Joni Greeson. Greg Greeson had been in charge of the company's marketing and advertising programs for the past 10 years.
Up Front
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Upholstery FR regs moving slowly
Greensboro, N.C.— Upholstered furniture manufacturers won't face changes to current flammability regulations anytime soon as the wheels of government grind through proceedings leading to new laws. Dale Ray, project manager for the U.S. Consumer Product Safety Commission, said last week that steps leading to passage of a federal standard likely would extend into next year.
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Producers need strategy to counter fire lawsuits
Greensboro, N.C.— With an average of two upholstery fires daily in the United States, seating makers are always at risk for a devastating lawsuit, according to a lawyer who's been involved in such litigation. To minimize lawsuits, attorney John Garvey of Sulloway & Hollis in Concord, N.H., advised participants at the American Furniture Manufacturers Assn.
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NHFA award going to Child, Rose
High Point— Jeff Child, president of R.C. Willey Home Furnishings, and Cherie Rose, president, CEO and owner of The Rose Collection, have been named Retailers of the Year by the National Home Furnishings Assn. Child, selected in the over-$10 million a year category, and Rose, in the under-$10 million category, were chosen by a seven-member committee in recognition of their contributions t...
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George, Kathwari to be honored by ADL
New York— Two innovative and successful home furnishings retailers, Judy George and Farooq Kathwari, will be honored in May by the Anti-Defamation League's National Interior Furnishings & Design Division. George, founder and CEO of Norwood, Mass.-based Domain Furniture, will receive this year's American Heritage Award.
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SF moving to Wed.-Sat run
SAN FRANCISCO— The San Francisco Furniture Market, which altered its schedule in January to avoid overlapping the Super Bowl, has decided to adopt permanently the new Wednesday-through-Saturday format beginning in January 2005. The change, which affects the San Francisco Mart and other nearby showroom buildings, was made after buyers and exhibitors reacted positively to what was intended...
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Culp to distribute FR fabrics
Stokesdale, N.C.— Culp Home Fashions has partnered with Precision Fabrics Group to enter the mattress flammability arena with a family of barrier fabrics. Culp will be the exclusive distributor of SoftGuard MTP products to the bedding industry. These consist of a proprietary blend of readily available fibers and inherently flame-resistant fibers.
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Textile veteran Howard Rosenberg dies at 73
Los Angeles— Howard Rosenberg, a home furnishings textile industry veteran who is credited with helping to bring woven polyester microfiber suedes to American upholstery, has died. He was 73. Rosenberg was vice president of sales and marketing at Dorell Fabrics at the time of his death. He spent almost 30 years with Quaker Fabric, retiring as West Coast sales manager in 2001.
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Yost named CEO at The Brick
Edmonton, Alberta— Kim Yost, president of The Brick, has been named to the additional post of chief executive officer, succeeding Bill Comrie, who will remain chairman of Canada's fourth-largest furniture and bedding retailer. A Canadian retail veteran, Yost was appointed The Brick's president in 2001 and since has assumed additional responsibilities.
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Heck to get IHFRA award
High Point— Sales representative Clyde Heck of West Virginia will receive the Rudy Steltemeier Award of Excellence at the International Home Furnishings Representatives Assn.'s 70th annual celebration here March 20. The award is named for the late Rudy Steltemeier, a rep for 66 years, who often helped fellow reps by getting them lines or lending them money, and kept several stores in busi...
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Billy Bob's scaling back to 2 or 3 stores
Royal Oak, Mich.— Billy Bob's Gameroom Furnishings, which last year had big plans to expand into Florida, now intends to scale back to two or three metro Detroit stores in a bid to emerge from Chapter 11 bankruptcy protection. The five-store small office/ home office pioneer filed for Chapter 11 last month, listing assets of $1 million to $10 million and debts of $10 million to $50 millio...
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Bloomie's launching Federal line
New York— Federated department store Bloomingdale's will launch here this week a Federal-style furniture line called the America Collection in collaboration with New York's American Folk Art Museum. The exclusive collection was created by Tricia Foley, designer and author, drawing on the pure, functional design elements of the Federal period (1790-1815) as preserved in the museum's collec...
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