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Furniture|Today -- 02/26/2007
Bedding Today
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New study offers Holy Grail for why folks need new bed
If I were in charge of the retail bedding world, I would ditch all of those low-ball price ads and free-free-free offers and try something different: Selling better sleep. And I would begin to tell the world about a groundbreaking sleep study that holds out the promise of ushering in a brave new world in retail bedding promotions.
Editor's Desk
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Imports: Where the buck stops
Most of us know that a retailer listed as the importer of record of wooden bedroom furniture made in China can have exposure for any associated antidumping duties. However, a lesser-known fact is that retailers who import directly also are required to comply with the same safety standards and requirements as a domestic manufacturer.
Industry Numbers
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Havertys' 4Q earnings fall 53.1%
Atlanta— A 4.2% sales decline in the fourth quarter sent Havertys' earnings down by 53.1% from the same period a year earlier, to $3.2 million, the retailer reported. For the year, earnings were up 6.3% from 2005 to $16 million, the Atlanta-based company said. Sales amounted to $216 million in the fourth quarter and $859.
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Chromcraft posts loss in 4Q
West Lafayette, Ind.— Furniture manufacturer and importer Chromcraft Revington reported a fourth-quarter net loss of $741,000 as sales declined 4.4% from a year earlier, to $38.9 million. The company said shipments of dining room, bedroom and upholstered furniture were lower than in the fourth quarter of 2005, but shipments of commercial and occasional furniture were above last year's lev...
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Aaron Rents ?06 profit climbs 35.6%
Atlanta— Rent-to-own powerhouse Aaron Rents said fourth-quarter revenues jumped 14.8% while net income rose more than 30%. Most of the growth came from its Aaron's Sales and Lease Ownership division, whose fourth-quarter revenues were 17% above the fourth quarter of 2005. Aaron's, which operated 1,345 company-owned and franchised stores at year's end, had total revenues of $339.
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Sealy 4Q sales climb 8.4%
Archdale, N.C.— Spurred by significant growth in its international and specialty bedding businesses, mattress producer Sealy Corp. said sales in its fourth quarter were 8.4% above the comparable period in 2005. International sales, which accounted for just under 30% of Sealy's total, leaped 26.
News
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FBI seeks share of duties
Washington— Furniture Brands International and Standard Furniture, which originally opposed the antidumping petition, have filed federal lawsuits to claim some of the duties the U.S. government has collected on Chinese-made wood bedroom furniture. The manufacturers and importers filed separate suits here in January in the U.
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Gabberts scales down, styles up
Edina, Minn.— Gabberts has opened a scaled-down and more sharply focused store here, aimed at rejuvenating its brand and reclaiming its title as the place to go for upscale home furnishings and designer help in Minneapolis and surrounding markets. The retailer, which exited Texas last year, "right-sized" its remaining location in the high-end Galleria shopping center here, to 78,000 squar...
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High Point plan would corral showrooms
High Point— An ambitious downtown development proposal endorsed by the High Point City Council would limit future market showroom growth to certain areas of downtown. The High Point Core City Plan suggests those boundaries to balance future showroom growth with the creation of a more vibrant downtown.
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New S&F lineup tells hybrid story
Archdale, N.C.— The new Stearns & Foster luxury bedding line, introduced to strong reviews at the winter Las Vegas Market, features several combinations of latex and visco-elastic foams, two of the hottest cushioning materials in the market, as well as exotic fibers including silk, cashmere and suri alpaca.
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Sleep Country Canada rated 6th-best employer
Toronto— Sleep Country Canada again has been named one of the 50 Best Employers in Canada for 2006. The specialty retailer placed sixth among the top 50 in the survey, conducted by consulting firm Hewitt Associates and co-sponsored by the Toronto Globe and Mail's R.O.B. Magazine. Sleep Country's ranking in the program has improved from 20th in 2004 to 13th in 2005 to sixth in 2006.
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Protect-A-Bed beefs up team
St. Petersburg, Fla.— Protect-A-Bed used its third annual convention here to introduce a management team with new roles, review new products for the bedding marketplace, and do some team-building. The Don Cesar Beach Resort here was the setting for the two-day event just before the Las Vegas Market.
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Cruise honors Capos
Miami Gardens, Fla.— Manufacturers representative company Walter Dabbelt and Associates, along with manufacturer Wynwood Furniture, recently hosted a dinner cruise honoring the Capo family, owners of Florida retailer El Dorado Furniture. About 125 guests attended the four-hour gala on board the yacht Sun Dream yacht.
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El Dorado opens 10th Boulevard store in Fla.
Wellington, Fla.— Top 100 chain El Dorado Furniture formally opened its 10th Boulevard store here this month, bringing a new concept to the greater Palm Beach market. The grand-opening celebration at the 110,000-square-foot store at 160 South State Road 7 drew thousands of consumers from across South Florida, the company said.
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Retail Bedding Giants named
High Point— Three bedding specialty chains and a powerhouse furniture store have been named Retail Giants of Bedding by Furniture/Today and will be honored at the newspaper's 2nd annual Bedding Conference in April. The winners were nominated by their peers and selected by Furniture/Today and its conference co-sponsor, the Home Furnishings International Assn.
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Shuford Mills pushes Outdura sales
Hickory, N.C.— Aiming to grow its six-year-old Outdura performance fabric brand in the furniture industry, Shuford Mills has added several industry veterans to its sales organization and has extended its warranty to five years. Natalie Scott has joined Shuford as vice president of customer development, a new position, and will provide strategic direction for the casual furniture segment, ...
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Moody's downgrades FBI credit rating
New York— Moody's has downgraded its rating on Furniture Brands International's revolving credit line, citing the company's falling operating margins and reduced operating cash flow. The ratings service assigned a Ba1 rating to the credit line, one notch lower than its previous rating of Baa3. Moody's noted that sales were especially weak at FBI's Broyhill unit.
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IN Home Furnishings to liquidate
Springfield, Mass.— IN Home Furnishings here has hired The High Point Group to liquidate the business as its owner retires from the retail side of the industry. The High Point Group, a division of Gordon Brothers Group, is running a retirement sale at the retailer's four stores in Danvers, Hyannis, Natick and Norwood, Mass.
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Décor-Rest launches condo seating with Canadian TV's Designer Guys
Toronto— Canadian stationary upholstery maker Décor-Rest has teamed with this country's original TV Designer Guys to create a new collection of condo-scaled contemporary and transitional seating for emerging urban markets. Launched at the winter market here, the S&C Collection got excellent placements with buyers and will be a highlight of Décor-Rest's presentation at the Hi...
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Colin's agrees to buy Roers'
Bismarck, N.D.— Conlin's Furniture has signed an agreement to take over the lease of Roers' Furniture in Alexandria, Minn., calling it the next step in Conlin's strategic growth plan. Roers' owner, Roy Roers, plans to sell the store's inventory, close the business and retire, Conlin's said in a release.
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Market Authority, HPU to provide 'market scouts'
High Point— Need some help to cover all the ground you need to at market? Check out the Market Scouts. That's the name of a new program the High Point Market Authority and educators at High Point University have created. HPU students interested in learning more about the market and the home furnishings business will volunteer to work as guides or "scouts" during market.
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Prayer Breakfast set for March 28
High Point— The 13th annual Furniture Fellowship Prayer Breakfast is slated for 7 a.m. to 8:15 a.m. Wednesday, March 28, during the spring High Point Market. The event will be in the ballroom of the International Home Furnishings Center, on the 11th floor of the Green wing. Praise Foundation will lead the worship and music.
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Vaughan, Scarsellas set new line
Galax, Va.— Former Durham CEO John Scarsella and his son are heading a new domestic case goods division for Vaughan Furniture. Virginia Sterling: American Home Furnishings Refined will be produced at Vaughan's facility here. The division will debut at next month's High Point Market with four solid-wood bedroom collections, shown in 5,000 square feet in Market Square.
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Zocalo opens N.C. distribution center
San Francisco— To serve what it says is a growing customer base on the East Coast and in eastern Canada, furniture designer and manufacturer Zocalo has opened a distribution center in Thomasville, N.C., to stock best-selling collections and meet dealer demands more efficiently. The warehouse will have 33,000 square feet with the option to expand to 55,000.
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Binke joins Comfort Solutions
Hinsdale, Ill.— Top 10 bedding producer Comfort Solutions has hired bedding veteran David Binke as executive vice president of sales. Binke, who reports to President Dave Roberts, is the third senior executive to join the company in recent weeks. Mark Wozniak, formerly of Sealy, and Mike Rakauskas, formerly of Spring Air, were other high-profile hires.
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Pinamonti is Universal VP
High Point— Dave Pinamonti has joined Universal Furniture as senior vice president of marketing and sales. He comes to Universal from Broyhill, where he was senior vice president of sales since August 2005. Earlier, he held sales and marketing posts at A-America and Stanley Furniture. "This is a very exciting opportunity for me because of, one, the people and management team at Universal,...
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Roberts heads La-Z-Boy credit
Monroe, Mich.— La-Z-Boy has named Paulette Roberts director of credit, replacing Jeff Crandell, who recently retired. A former officer at Fifth Third Bank, Roberts will be responsible for credit relationships involving the La-Z-Boy and Hammary brands. She reports to Mark Stegeman, La-Z-Boy's treasurer.
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Karel's Edison show draws 5,300
Edison, N.J.— More than 5,300 buyers from New York, New Jersey and Pennsylvania attended the 50th Edison Furniture & Accessory Market here in early February, organizer Karel Exposition Management reported. About 250 exhibitors used all 200,000 square feet available at the show in the New Jersey Convention and Exposition Center.
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Ikea to charge for plastic bags; cuts reusables price
Conshohocken, Pa.— Top 100 chain Ikea, with a goal of "reducing plastic bag litter that is strangling our planet," plans to start charging a nickel for each of its plastic bags starting March 15. The idea is to encourage shoppers to use its reusable Big Blue Bag, which it now will sell for 59 cents, down from 99 cents.
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Dutailier glides to head of niche
St-pie, Quebec— Despite growing competition from imports in recent years, Canadian glider rocker manufacturer Dutailier has carved out a niche for success. About an hour east of Montreal, St-Pie may be a sleepy little town, but its big employer is anything but asleep at the wheel. Dutailier has 650 employees, including 550 in Quebec, where it assembles gliders, glider rockers and converti...
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Moosehead to close
Monson, Maine— Case goods producer Moosehead Mfg. said last week it will close its doors, just two months after announcing plans to reinvest antidumping duties it received. One of the original petitioners in the antidumping case against Chinese bedroom importers, Moosehead was known for solid-wood case goods and was the biggest furniture producer in this state.
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NHFA honors 2 stores
High Point— Two companies still led by their founding families, Lack's Stores of Victoria, Texas, and Cramer's Home Furnishings of Ellensburg, Wash., are the National Home Furnishings Assn.'s Retailers of the Year. They will be honored at a gala dinner and awards presentation on March 27 in the International Home Furnishings Center here during the spring High Point Market.
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Ultra-Guard offers care program for fine fabrics
San Clemente, Calif.— Fabric protection vendor Ultra-Guard has introduced its Premium Concierge Service for the care and maintenance of high-end upholstery, fabrics and exotic rugs. According to the company, the service marries Ultra-Guard's fabric protection and stain removal technologies with the service of technicians.
- Obituaries
Herbert Diamond, CFO of Selig Mfg. Co.
Boca Raton, Fla.— Herbert Diamond, former chief financial officer of now-defunct contemporary upholstery maker Selig Mfg. Co. in Leominster, Mass., has died of an apparent heart attack. He was 80. Born in Frankfurt, Germany, Diamond came to New York at age 13, working at night, attending school during the day and reading newspapers to help him learn English.
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Stanley promotes three
Stanleytown, Va.— Case goods maker and importer Stanley Furniture has promoted Ray Harding Jr. to vice president of sales for Young America and Brad Miller to the new post of vice president of international sales and special markets. The company also promoted Walt Rhea to director of inventory planning and logistics, from manager of inventory planning and logistics.
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N.C. attorney general targets online retailer
High Point— A court has ordered online retailer National Furniture Mfg. to stop taking deposits from consumers, then failing to deliver the goods. A Wake County Superior Court judge placed a preliminary injunction on the High Point-based company and its owner Myron Savage. The court barred the business from taking upfront payment for furniture orders unless the money is put in escrow, the...
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Craftmaster hires two execs
Taylorsville, N.C.— Upholstery producer Craftmaster Furniture has hired two executives in finance and manufacturing. Anderson Shih has been named vice president and chief financial officer of the company, a subsidiary of China-based Lacquer Craft. Previously, Shih was finance and administration manager for DRAMeMeXchange Inc.
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FBI buys back St. Louis stores
St. Louis— Furniture Brands International has acquired 11 dedicated Broyhill, Lane and Thomasville stores from dealer Steve Kloss, the third known take-back of key dealer stores in recent months. Furniture Brands spokesman Marty Richmond confirmed the company acquired four Broyhill, four Lane Home Furnishings and three Thomasville Home Furnishings stores, all in greater St.
Opinion Today
- Letters to the Editor
When markets and religious holidays collide
Unfortunately, sometimes our furniture markets overlap with religious holidays. The 2007 High Point October market will partially overlap with the Jewish holiday of Succot, which starts at sundown Sept. 26 and runs through Oct. 3. Although not a major holiday, many Orthodox exhibitors, wholesalers, representatives and buyers will have trouble attending and manning the showrooms.
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Government incentives: Good for us, bad for them?
There's been talk recently in the U.S. Congress about placing tariffs on products from China. That's hardly new. What's different is that the notion has gained more traction with Democrats, who now control both the House and Senate. As usual, much of the debate centers on such legitimate issues as China's failure to curb the theft of intellectual property, its currency manipulation and its lack...
People Today
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Reckamp joins COH
Duarte, Calif.— Dr. Karen L. Reckamp has been named assistant professor of medicine in the Lung Cancer and Thoracic Oncology Program at City of Hope, a research and treatment center for cancer, diabetes and other life-threatening diseases. She will design and conduct clinical trials that turn scientific theories into new treatments to attack lung tumors.
- People on the Move
People on the Move
Executives Kravet BETHPAGE, N.Y. — Nicholas Lomangino has been named vice president of carpet for a new division of Kravet Inc. He previously was with F. Schumacher & Co., most recently as president and general manager of Patterson, Flynn & Martin, the company's carpet division. Kravet has launched a comprehensive collection of carpets, including Tibetan, hand-knotted Orientals, A...
Special Report
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Globalization creates challenges, opportunities in furniture financing arena
High Point— The only constant in the furniture industry is change. As furniture production has shifted offshore, marketers who were once used to dealing solely with domestic suppliers are adjusting to the new world of how to obtain goods from overseas and more importantly, how to pay for them. Industry observers say that securing good terms on import financing can free up needed capital f...
- Show Report
Brazil's Abimad gets serious about exports
Sao Paulo, Brazil— A major point of pride at the high-end Brazilian furniture show Abimad here recently was the red-and-black signage displayed at the entrances of about 75 of the exhibition's 175 showrooms. The posters, displaying an image of the planet and an English "Quality for Export" proclamation, signified that companies had fulfilled a list of qualifications certifying that they a...
- Consumer Buying Trends
Billions lost in untapped sales
High Point— $47.5 billion — that's the amount left in consumers' wallets last year when they didn't find what they were looking for as they shopped for furniture. According to Furniture/Today's latest Consumer Buying Trends survey, more than 11 million U.S. households shopped for furniture in 2006 and did not make a purchase.
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Enhanced styling scores in RTA
High Point— Ready-to-assemble majors say consumers are responding to the better finishes and enhanced styling being offered in the category, and that the online arena is particularly gaining momentum as a vehicle for sales. Sauder Woodworking, the nation's largest RTA producer, is currently putting a big emphasis on entertainment.
Store Openings
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Ekornes adds two galleries
Somerset, N.J.— Upscale Norway-based recliner and upholstery maker Ekornes has opened galleries in stores in New Hampshire and Washington state. In Manchester, N.H., The Chair Gallery has installed a 1,000-square-foot Ekornes Stressless Zone in its 6,000-square-foot store. Owned by Mauricio and Sarah Quiroga, the store opened in 2000 to showcase Mauricio's own one-of-a-kind designs, and b...
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EQ3 opens large store in Virginia
Norfolk, Va.— Contemporary Canadian home furnishings resource EQ3 has opened one of its largest freestanding dealer-owned stores in the MacArthur Center shopping plaza here. The 16,000-square-foot unit offers EQ3's entire line of furniture, bedding, lighting and accessories. It's the second EQ3 store for Larry Bloom, who opened his first in Richmond, Va.
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Drexel Heritage store launched in Delaware
Wilmington, Del.— A dealer-owned Drexel Heritage store has opened on Brandywine Parkway here. The 16,625-square-foot store is owned and operated by Barbara Goodman Cresswell and her son, Chip Cresswell, both well-known interior designers in the Wilmington area. Barbara Cresswell's daughter, Kim Cresswell, recently joined the interior design firm as director of sales and marketing.
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