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Furniture|Today -- 02/11/2008
Bedding Today
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Optimism, innovation on display in Las Vegas
After six days and five nights in Las Vegas we gained some important insights into bedding's prospects in 2008. We found optimism, innovation — and, surprisingly, some rudeness. We will see more of that mix this year, we think. First, we consider the optimism. Considering how lousy bedding business has been — one top bedding retailer recently told me he hasn't seen such tough condit...
Editor's Desk
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Keep your eyes on the target
I don't know about you, but I am getting sick and tired of all the doom-and-gloom stories we tell each other. While I'll be the first one to admit that our industry is struggling, let me be just as quick to say that the last thing we need is another pity party. Somebody needs to remind this industry that for all our groaning, we are still on target to sell $87 billion worth of home furnishings ...
Industry Numbers
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Sealy 4Q sales rise
Trinity, N.C.— Sealy's sales were up 11.6% in the fourth quarter, but earnings fell 20.3% from the same period a year ago as the company's average unit selling price declined and it spent $7.3 million on flame-retardant materials. Sales in the quarter came to $441.3 million, up from $395.3 million a year earlier.
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Rent-A-Center's 4Q revenues jump 9.3%
Plano, Texas— Rent-A-Center reported higher revenues and a small same-store gain in the fourth quarter, but posted a $5.4 million net loss because of one-time charges for restructuring and a lawsuit settlement. The largest U.S. rent-to-own merchant said Monday that its revenues in the quarter were up 9.
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Select Comfort 4Q profit falls 79.9%
Minneapolis— Airbed manufacturer and retailer Select Comfort's earnings deflated in the fourth quarter, falling 79.9% from the same period a year earlier to $2.2 million as sales declined 3.7% to $190.7 million. "Weaker-than-expected consumer spending following the Thanksgiving holiday offset positive sales trends during the first two months of the quarter," said Bill McLaughlin, chairman...
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Havertys' sales decline 5.4% in January
Atlanta— Havertys' January sales slumped 5.4% from the same month a year ago as the Top 100 company worked to control costs in a tough business climate. Total sales for the month came to $61.3 million, compared with $64.9 million in January 2007. Same-store sales were off 8.4%. Total written business for the month was down about 8%, said President and CEO Clarence Smith.
Insider's View
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Happy 60th to me! I'm still in business
Happy birthday to me, happy birthday to me, happy birthday dear old fat furniture analyst, happy birthday to me! Yes, it is true. By the time you read this I will have turned 60. Send the Geritol, Depends, thick eyeglasses, toupees, and wrinkle creams to my office, please. But, like the other 4 million "Post War Baby Boomers" that turn 60 this year, I do not feel old, nor do I consider myself old.
News
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Steinhafels' Evans purchase moves it into bed making
Waukesha. Wis.— Top 100 company Steinhafels is entering the factory-direct bedding business with its acquisition of Evans Mattress and Furniture. The move gives the six-store, midpriced Steinhafels room to grow its bedding business with a fresh line at starting price points and new appeal toward consumers drawn to the value story of factory-direct product, said President Gary Steinhafel.
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CPSC closer to FR standard
Washington— Consumer Product Safety Commission officials are moving closer to a flammability standard for upholstered furniture. The regulatory agency issued a notice of proposed rulemaking Feb. 1 that is a step toward adopting a standard aimed at slowing or preventing the spread and intensity of upholstered furniture fires.
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Wickes files for Chapter 11
Wheeling, Ill.— Wickes Furniture has filed for Chapter 11 bankruptcy protection and is moving quickly toward an auction of its assets later this month. The Top 100 company filed for bankruptcy Feb. 3 after a failed attempt to get enough vendors to accept a proposal to defer payments on past-due debt until July 2009.
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Beds bounce in Las Vegas
Las Vegas— Metal bed vendors here enjoyed a brisk Las Vegas Market two weeks ago, thanks to a steady stream of buyers looking for new styles in the category. Vendors offered products that spanned a vast array of price points and designs. Fashion Bed Group received strong reaction to three new transitional models priced to retail from $399 to $599, as well as two offerings above and below ...
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Liquidator expects to acquire Domain
Norwood, Mass.— Liquidator Great American Group said last week it was expecting to acquire retailer Domain Home with its stalking horse bid, because no better bids were submitted and the bankruptcy court auction was called off. A nod from U.S. Bankruptcy Court in Delaware would signal the beginning of the end for Domain, an upscale Top 100 company.
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Macy's consolidating 3 divisions
Cincinnati— Macy's said last week it will consolidate three of its divisions into other offices, laying off about 2,550 workers as part of a series of moves aimed at driving same-store sales growth and reducing expenses. The department store company, which Furniture/Today ranks as one of the Top 25 U.
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HP lines up Cheap Trick, Kool & The Gang
High Point— Cheap Trick, Kool & The Gang and Robert Cray will headline the first three Stars Under the Stars concerts at the April High Point Market, according to the High Point Market Authority. Kool & The Gang kicks off the series on the market's opening day of Monday, April 7, with their fusion of jazz, R&B, funk and pop that led to such hits as "Celebration," "Joanna" and ...
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20-20 agrees to acquire 51% stake in Icovia
Laval, Quebec— Software provider 20-20 Technologies has agreed to acquire a majority stake Icovia, a provider of interactive, online space planning solutions for the home furnishings, real estate and interior design industries. 20-20 said it will pay US$1.6 million for 51% of Icovia, with management of Icovia holding the remaining 49%.
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Pembrook Chair closing
Conover, N.C.— Pembrook Chair Corp. has announced that it is closing after 29 years of business, and fellow upholstery manufacturer Southern Furniture will now produce the Pembrook line. Southern will market products under the Pembrook brand, and sales and merchandising functions will remain separate from Southern, according to Mike Delgatti, executive vice president, sales and marketing,...
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Bernard Christianson in larger showroom
High Point— Occasional and accent furniture importer Bernard Christianson will expand its showroom here in April to help accommodate a growing line, which will include an assortment of case goods. The showroom, just off the main entrance of the Atrium at 430 S. Main St., will grow to about 6,000 square feet, up from the current 3,500 square feet.
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Reichick leaves DeCoro
High Point— Richard Reichick has left his post as national sales manager for leather upholstery producer DeCoro, Heath Corso, executive vice president of sales and marketing, has confirmed. Reichick, based in New York, was with Decoro for four years. He was national accounts manager before his promotion to national sales manager in early 2006.
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Wozniak resigns post
Willowbrook, Ill.— Bedding veteran Mark Wozniak has resigned as executive vice president of marketing at Comfort Solutions. He had been with the bedding producer, based here, for one year. Wozniak is an 18-year veteran of the bedding industry, having spent seven years at retail and 11 years on the wholesale side, mostly at Sealy.
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Smith EVP at Barcalounger
Tualatin, Ore.— Former Berkline/Benchcraft executive Larry Smith has joined upholstery manufacturer Barcalounger Home in the newly created position of executive vice president and chief marketing/sales officer. Tom Yow, CEO of Barcalounger Home, said Smith has five operating divisions under his direction: Barcalounger Recliners, Barcalounger Motion, Stanton Upholstery, Stanton Leather and...
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Lambert joins Repose
Cerritos, Calif.— Furniture industry veteran Ron Lambert has joined specialty chair manufacturer Repose as director of sales and marketing. The post is a new one for Repose, which produces massage and gaming chairs. Lambert will oversee sales, marketing and product development. He had worked in the furniture industry for more than 25 years, most recently with Golden Oak/Hippopotamus, wher...
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Coleman rejoins Schumacher
New York— Robert Coleman has rejoined fabric manufacturer Schumacher as vice president of sales, with responsibility for global sales and merchandising. Coleman returns to the company after three years as vice president at fabric manufacturer Stroheim & Romann. Previously, he spent more than 20 years at Schumacher in various roles.
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Emerald Home expands marketing, service team
Tacoma, Wash.— Emerald Home Furnishings has hired two people in new marketing and customer service positions and has named an industry veteran to run its bedding division. Kacie Bray has been named marketing director. She will develop point-of-sale materials, work with retailers to build the brand, and maintain the Web site.
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Coaster opens larger Chicago warehouse
Des Plaines, Ill.— Case goods and upholstery importer Coaster Company has opened a larger warehouse and showroom in this Chicago suburb as part of a plan to better serve retailers in the upper Midwest. The 253,000-square-foot leased facility replaces a 201,000-square-foot building the company leased in the same area for more than 10 years.
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Therapedic merges company divisions
Princeton, N.J.— Top 10 bedding producer Therapedic is combining its domestic and international divisions, servicing both from its corporate offices here. "It's an exciting time for Therapedic," said Gerry Borreggine, president and CEO of the group. "We are redefining who we are and what we will become in the future.
- Obituaries
Phyllis Jeanne Shaffer, Carlyle Group
Miami— Phyllis Jeanne Shaffer, who worked with her husband, Martin "Buddy" Shaffer, for 45 years as owners of home furnishings sales company the Carlyle Group, has died. She was 67. She was a longtime member of the Florida Home Furnishings Representatives Assn. She is survived by her husband, her mother, two children, two grandchildren, two brothers, a sister and many nieces and nephews.
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Frank McGaughey dies
Atlanta— Frank McGaughey Jr., longtime leader and director of Top 100 store Havertys, has died. He was 84. McGaughey devoted his entire career to Havertys and served in several leadership positions. He began in 1947 at the Dallas store and in 1949 was promoted to assistant manager of the Charleston, S.
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Fortunoff may be sold
Uniondale, N.Y.— Home furnishings and jewelry specialty chain Fortunoff has filed for Chapter 11 bankruptcy protection and has agreed to be purchased by the parent company of department store chain Lord & Taylor. The potential purchaser, an affiliate of NRDC Equity Partners called H Acquisition, has said it planned to bid on Fortunoff through a bankruptcy court-supervised sale.
Opinion Today
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Industry eating import mistakes
With all of the angst now prevailing in furnitureland about the shaky health of both suppliers and retailers, one underlying commentary keeps coming into the conversations. There's an awful lot of distressed furniture product sitting in warehouses and stores across the country — as well as molting offshore.
Special Report
- Vegas Highlights
Entertainment resources still riding flat-panel wave
Las Vegas— Entertainment furniture resources experienced brisk business at market as retailers sought ways to profit from still-booming sales of flat-panel televisions. While acknowledging that few have escaped the industry's sales slump, showroom executives said the category is one of its bright spots, and they believe it presents significant growth opportunities in the coming months.
- Vegas Highlights
Motion: Both old and new did well at market
Las Vegas— Motion seating from some old, some new and some returning manufacturers fared well at the Las Vegas Market. Master Design was the newest player to enter the popular category, adding two motion frames here. Tania Sandhu, marketing coordinator, said the company was pleased with the interest and will add more at High Point in April.
- Vegas Highlights
Youth sources stress health, safety features
Las Vegas— Exhibitors showing their latest in juvenile and youth designs reported brisk business here, with many saying the show was among their busiest since the Las Vegas Market launched in 2005. In the Vegas Kids section of the World Market Center complex, manufacturers said response to product introductions was positive.
- Vegas Highlights
Perry lies down on job
Las Vegas— My assignment: Sleep on the job. OK, I know that many of my mattress friends might slyly suggest that I have been snoozing at work anyway as Furniture/Today's bedding editor. But could I really, literally, enter dreamland as part of an official assignment? The International Sleep Products Assn.
- Vegas Highlights
AeroBed expanding distribution to furniture, bedding outlets
Schaumburg, Ill.— Aero Products International, maker of the inflatable AeroBed, is expanding distribution to furniture and bedding outlets. The air bed producer, based here, entered the new channels with a showing at the recent Las Vegas Market. "Our commitment to providing consumers with a quality night's sleep has challenged us to branch out into new channels where we can best showcase ...
- Vegas Highlights
Magniflex unveils $75,000 sleep set in Vegas
Las Vegas— Italian bedding producer Magniflex has unveiled what it says is the world's most expensive and luxurious bed, a $75,000 queen-size sleep set that features platinum fibers. Don't have quite that much money? A pillow in the company's new Platinum collection retails for $2,000 — more than the price of most sleep sets sold in the United States.
- Vegas Highlights
Acrylicore lowers price on select acrylic items
Las Vegas— Acrylic furniture manufacturer Acrylicore took advantage of a sourcing arrangement to lower its pricing on two new domestically produced items launched at the Las Vegas Market. The company is a high-end U.S. manufacturer of acrylic dining sets, occasional tables and beds. The two new items were a five-piece dining set called Tequila and a new table called the Leaf cocktail.
- Leather Upholstery
Bonded leather making headway
High Point— Bonded leather, a new leather-look cover featuring pieces of leather joined with adhesive that made its debut in a handful of showrooms last year, is receiving favorable reviews at retail, surprising some initial skeptics. Like bycast (leather splits coated with polyurethane), which had its naysayers when it appeared five years ago, bonded leather is not without its critics.
- Leather Upholstery
Some manufacturers opt for different terminology
High Point— Ashley is the latest source to offer a bonded leather cover, joining such companies as Klaussner, New Generations, Palliser and Southern Motion. Ashley rolled out its new bonded product at last month's Las Vegas Market. When reminded of the provocative ad campaign Ashley waged last year denouncing would-be leathers — themed "Caveat Emptor.
- Global Textiles Today
Q: What are the biggest challenges/opportunities facing the fabric segment in the coming year?
"To complete the integration of our acquisition of Circa 1801, Home Fabrics by Wesley Mancini, and Guild 360 contract business (all part of Mastercraft). While the (Guild 360) contract business will be folded into the Valdese contract business, Circa 1801 and Home Fabrics will continue as separate brands, with their own distinctive design, fashion and style.
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