Monthly Issue
From Home Furnishing Business
September 9,
2024 by Karen Parrish in Business Strategy, Industry 
To facilitate the transaction, the Company, together with each of its subsidiaries, initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. During and after this process, Big Lots will continue to serve customers at their nearest store location or online at biglots.com.
Bruce Thorn, president and CEO, said, "We are proud of the work we do every day across Big Lots to provide our customers with unmistakable value and exceptional savings, as well as building stronger communities through our philanthropic efforts. The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value."
Evan Glucoft, managing director of Nexus, said, "We are excited to have the opportunity to partner with Big Lots and help return this iconic brand to its status as America's leading extreme value retailer. The Big Lots business has incredible potential, and we are confident that its greatest days are ahead."
Since the pandemic, Big Lots has taken steps to accelerate its strategic initiatives focused on improving sales and boosting its long-term performance and profitability. Like many other retail businesses, the Company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control. The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the Company's revenue.
While the Company's underlying performance has been improving, the Board of Directors conducted a broad strategic review of alternatives and determined that entering into the Sale Agreement with Nexus, and initiating a court-supervised sale process, is the best path forward to maximize value and ensure continued operations.
Ongoing Optimization of Go-Forward Store Footprint
As part of the court-supervised sale process, the Company is continuing to assess its operational footprint, which will include closing additional store locations. The Company will also continue to evaluate and optimize its distribution center model.
Mr. Thorn added, "Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint to ensure that we operate efficiently and are best positioned to serve our customers. To accomplish this, we intend to use the tools afforded by this process to continue optimizing our store fleet in an orderly manner."
Additional Information About the Court-Supervised Process
Additional information regarding the Company's restructuring and sale process is available at a dedicated website, bigstepforbiglots.com.
Court filings and other information related to the proceedings, including how to file a proof of claim, are available on a separate website administrated by the Company's claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/biglots, by calling toll-free at (844) 217-1398 (or +1 (646) 809-2073 for calls originating outside of the U.S. or Canada), or by sending an email to biglotsinfo@ra.kroll.com.
Second Quarter 2024 Preliminary Results
Turning to the Company's second quarter 2024 performance, Mr. Thorn stated, "Despite a challenging consumer environment and financial pressures facing our business, we are pleased to have achieved underlying comp sales, gross margin, and operating expenses in line with our guidance. Underlying comp sales improved sequentially relative to Q1 on a year-over-year basis and gross margins significantly improved, driven in part by advancing our five key actions, particularly through increasing our extreme bargain offerings.
Additionally, Q3 to date is off to a good start, with a significant sequential improvement in underlying comp sales relative to Q2, as well as underlying gross margin expansion versus last year. We expect the positive momentum to continue into the back half of the year."
The Company will report full second quarter results as part of its upcoming 10-Q filing, which is due to be filed on September 12, 2024.
September 9,
2024 by Karen Parrish in Business Strategy, Industry
The interior designer-led showroom tours are open to High Point Market buyers who RSVP in advance for the space-limited events. To join a tour, participants must first register to attend High Point Market.
Saturday, October 26
Rebecca Plumb and Shaun Crha of Hot Young Designers Club Podcast
Tour stops: Gat Creek, Julian Chichester, Hooker Furniture
Joy Williams; Mix of Past and Present
Tour Stops: Antiques Design Center, Ambella Home
Sunday, October 27
Chris Goddard; Lighting
Tour Stops: Currey & Co, Corbett Lighting, Antique and Design Center
Heather Fujikawa; Rugs
Tour stops: MD Home, Jaipur Living
Monday, October 28
Mia Johnson; Tour of Texture
Tour Stops: Four Hands, Texture, Verellen
Tuesday, October 29
Jane Dagmi and Jessica Duce; Vacation Rental Design
Tour Stops: Classic Home, American Leather, Collected by Schwung
“The Hot Spot Tours benefit both new and returning guests at Fall Market,” says Tammy Covington Nagem, HPMA president and CEO. “Each guide’s curated tour offers a personalized discovery of new furnishings and design resources from not-to-miss showrooms and exhibitors.”
All tours meet at 9:15 am at The Point on Commerce Ave, located one block from the Transportation Terminal, and depart at 9:30 am. Tours conclude at 11:30 am.
September 9,
2024 by Karen Parrish in Business Strategy, Industry
This announcement follows the instant sensation of Lovesac and KidSuper's first collaboration in February 2024. The exclusive Blue Camo MovieSac and Squattoman Cover product drop first introduced consumers to the blended home comfort and artful streetstyle that only these two brands could create together.
The latest capsule pushes these boundaries on the intersection of fashion and home even further, giving consumers more opportunities to bring their couture style into the living room.
The limited edition "Get Comfy with KidSuper" collection will include four Lovesac product styles and one completely original wearable (all highlighted in the sitcom commercial series) inspired by the world-renown KidSuper 'Kissing' print, which features two faces intertwining for a kiss. The viral Lovesac PillowSac Accent Chair product headlines the collection with additional styles including a matching Footsac, Squattoman, Accent Pillow, and Hoodie Sweatshirt.
"Lovesac sits at the sweet spot where versatility meets design, and when you combine that with KidSuper's bold disruption in fashion, it just made sense to give Colm an open canvas with Lovesac," said Lovesac CEO and Founder Shawn Nelson.
"Letting him take our new PillowSac Accent Chair and stretch the limits of what's possible was an absolute no-brainer. The outcome? It's something truly unique—unlike anything we've ever done. The puffiest and comfiest Sac ever designed! I'm beyond excited that we got to break new ground together with this one-of-a-kind collaboration in the world of furniture."
The creative execution surrounding the collection launch campaign will be as unique as the limited-edition collection itself, coming to life through a 90's style sitcom creative concept for a commercial starring none other than artist, fashion, comedian, and musician trailblazer Colm Dillane, the visionary behind the KidSuper brand.
A series of vignettes will center around the Kissing Puffer PillowSac Accent Chair design and will all take place in a fake living room set that nods to the 90s sitcom era.
In true disruptive fashion, the Lovesac and KidSuper campaign will physically come to life at KidSuper's New York premiere of Funny Business, the brand's comedy fashion show during NYFW, boasting a legendary line-up of comedians and experiential product moments including a recreation of the commercial reminiscent of a 90's style sitcom set.
On-site, a Lovesac Lounge will offer innovative seating options, and the sitcom-style campaign will evolve into live commercial breaks in between sets, with hero styles on stage for talent to comfortably relax on while taking it all in.
Compatible with existing Lovesac PillowSac, MovieSac and Squattoman Inserts, the brand's changeable, washable Covers offer the opportunity for customers to tailor their space to fit their current aesthetic and changing design needs. The limited-time-only styles will be sold individually and can also be purchased in a variety of bundle offerings.
- Lovesac x KidSuper Kissing Design PillowSac Accent Chair, $2,025
- Squattoman: Lovesac x KidSuper Kissing Design, $400
- 18 x 18 Throw Pillow: Lovesac x KidSuper Kissing Design, $200
- Footsac Blanket: Lovesac x KidSuper Kissing Design, $500
- MovieSac & Squattoman: Lovesac x KidSuper Camo, $1425
- Sweatshirt: Get Comfy with Lovesac and KidSuper Studios, $150
The highly anticipated drop is part of a longer-term brand partnership, one that will evolve and incorporate further product and experiential innovation. Visit https://www.lovesac.com/lovesac-and-kidsuper-studios for more information and to purchase the limited-time-only "Get Comfy with Kidsuper" collection.
September 9,
2024 by Karen Parrish in Business Strategy, Industry
Areas of the country with expanded representation include Tennessee, Kentucky, Texas, Oklahoma, North and South Carolina, Minnesota, North and South Dakota, Ohio, Indiana, Illinois, and Wisconsin.
The new Territory sales representative team members include:
Steve Emold — Illinois & Wisconsin
Jerry Lloyd — North & South Carolina
Danielle Carlson — Ohio & Indiana
Paul Ciciarelli — MA, VT, CT, RI, & NH
Dale Kaminski — Tennessee & Kentucky
Brooks Roughton — CO, UT, WY, ID, & MT
Nick Byers — Texas & Oklahoma
Jackie Brown — Louisiana & Mississippi
Chuck Thiele — Minnesota, N. & S. Dakota
According to Mitch Hodges, vice president of sales, Meridian Furniture continues to attract A+ sales professionals able to help retailers curate a fashion-forward line with more than 10,000 SKUs as a fast-growing brand.
They are able to bring excitement to the retailer's floors and attract new audiences while also leveraging the brand's dynamic platform and speed to market.
Meridian’s inventory rich model (the company is more than 90 percent in-stock at any given time) is coupled with the ability to ship goods from its 400,000-square-foot warehouse in New Jersey, 24 hours after an order is placed with white-glove delivery and drop-shipping options.
“We have been growing exponentially on the brick-and-mortar front in large part because of the sales team we are building,” Hodges said. “Each of our sales representatives not only comes to the table with deep experience with independent retailers and their markets, but also intimately understands the omnichannel reality in which dealers must operate in order to be successful today.”
September 9,
2024 by Karen Parrish in Business Strategy, Industry
Ray Bishop will be responsible for overseeing all aspects of Mlily’s communication strategy, including public relations, internal communications, brand messaging and design. He will ensure alignment across teams and foster stronger relationships with Mlily’s stakeholders.
“Ray has been an invaluable asset to our team since 2018, playing a key role in Mlily’s growth and shaping our strategic direction. His ability to think creatively and anticipate challenges for our partners has set him apart. Ray’s diverse experience and deep understanding of our business make him the perfect fit for this new role. We’re confident that his leadership will strengthen our team and help us navigate the opportunities and challenges ahead,” said Kyle Robertson, COO.
Joella Adair has been hired as Retail Marketing Strategist, reporting to Ray Bishop in his new role. She will be responsible for driving marketing initiatives tailored specifically to Mlily’s B2B and retail clientele. Adair will collaborate closely with sales and product teams to create and implement strategies that enhance brand awareness, generate business leads and support growth within the sector.
“Joella has more than 10 years of experience leading marketing strategy, demand generation, product launch, website optimization, campaign execution, brand identity, event logistics and project management in B2B and SaaS environments, including running her own marketing consulting company. Her skill set will be a valuable addition to our communication efforts,” said Bishop.
Chase Clark joined Mlily in March as the Northwest sales director responsible for overseeing sales growth and rep development. Clark has both sales and operations experience with bedding and lifestyle brands in roles such as account manager, territory sales manager and retail operations manager.
“Chase is a proven leader who will be a valuable asset to our retail partners and rep teams. His knowledge and abilities will help retailers as they navigate the current challenges within our industry. We’re excited to have him join our team as we continue to grow and focus on taking care of our retailer partners across the country,” said Derek Leishman, national sales director.
These staffing changes reflect Mlily’s commitment to effectively conveying its vision, values and strategic objectives, both internally and externally, with the goal of enhancing clarity and emphasis on Mlily’s messaging to build trust and engagement with its partners.