Daily News Archive
Brought to you by Home Furnishings Business
July 19,
2010 by in UnCategorized 
By Home Furnishings Business in High Point on July 20, 2010
Registration for the Fall High Point Market is open and buyers will find streamlined registration as well as special travel discounts on the newly redesigned
High Point Market Web site. We continue to work with the area hoteliers to ensure our guests are getting the best possible rates, said Brian D. Casey, president and chief executive officer of the High Point Market Authority. Our site features over 50 area hotels that have partnered with us to offer our Market guests substantial savings on accommodations.
In addition, the Market Authority has added new travel packages to supplement the hotel program and attract new attendees to Market. The Fall Market is set for Oct. 16-21.
We have been busy analyzing all of our Market programs in order to provide money saving options for all of our guests, Casey said. This Fall we have also partnered with
a full-service travel agency, Travel Quest, Inc., to further enhance market concierge services. Through Travel Quest, we now offer a variety of travel packages that include assistance in airline travel and car rental in addition to incentives for extended stay in area hotels.
To take advantage of these savings just go to the Web site http://www.highpointmarket.org under Plan Your Trip Accommodations and follow the prompts or call Dawn Smith, director of market services at (336) 869-1000.
July 18,
2010 by in UnCategorized
By Home Furnishings Business in Bankruptcy on July 19, 2010
Woodbury, N.Y.-based Jennifer Convertibles (OTC BB: JENN.OB) has filed for bankruptcy protection with $46.4 million in debt.
The retailer attributed the filing to a "lack of liquidity which resulted from the substantial losses the company has incurred in recent periods." The release goes on to say that the company was unsuccessful in its efforts to obtain alternative financing that would allow it to continue operating outside of bankruptcy.
In a statement, the retailer said it has reached an agreement with its largest creditor and key foreign supplier Haining Mengnu Co. Ltd. Group under which Mengnu will continue to supply goods to Jennifer and will convert a large portion of its pre-petition debt into company equity. The retailer owes Mengnu $16.7 million. The agreement is contingent upon court approval.
Jennifer's 30 largest unsecured creditors are owed about $26.3 million.
The company listed assets of $25.9 million as of July 16 in Chapter 11 documents filed Sunday in U.S. Bankruptcy Court in Manhattan. Eleven affiliates also sought protection.
The company owns 142 Jennifer Convertibles-branded stores and 12 Jennifer Leather stores, and operates five Ashley Furniture HomeStores in its markets.
"We have negotiated several key agreements with our suppliers and, in order to achieve profitability, are exiting markets in which we previously operated in order to properly realign our business during the reorganization," said Harley Greenfield, CEO and chairman of the board. "Due to the quality of our products and our people, I am confident that we will emerge as a stronger organization that will better satisfy our customers, suppliers and employees. By agreeing with Mengnu in advance of the filing, we will be in a great position to proceed with an expeditious restructuring through bankruptcy which will provide us with a viable capital structure as well as additional financing. This agreement also assures that our obligations to our customers will continue to be met both now and in the future."
July 18,
2010 by in UnCategorized
By Home Furnishings Business in economic news on July 19, 2010
Consumers moved a bit farther back into their caves in June, according to the Deloitte Consumer Spending Index.
The Index, which tracks consumer cash flow as an indicator of future consumer spending, dropped to 4.5 percent from an upwardly revised gain of 4.93 percent a month ago. The Index includes four componentstax burden, initial unemployment claims, real wages and real home prices.
"Real hourly earnings, after experiencing growth in 2009, have deteriorated in 2010 and continue to drag on the Index," said Carl Steidtmann, chief economist with Deloitte Research and author of the monthly Index. Deloitte Research identifies, analyzes, and explains the major issues driving today's business dynamics and shaping tomorrow's global marketplace.
"The other negative contributor appears in real home prices, which resumed their downward trend after a short, two-month upward climb," Steidtmann said. "However, initial unemployment claims remain a bright spot in the Index, with the employment picture slowly improving and initial claims showing a consistent six-month decline. While the tax rate remains at historically low levels, the tax burden may start to edge higher in coming months as new tax legislation goes into effect."
Alison Paul, vice chairman and Deloitte's retail leader in the United States, said the upcoming back-to-school season gives retailers a chance to attract consumers and entice them into buying.
"Consumers may monitor prices and resist impulse buys should they continue to act cautiously," Paul said. "Retailers that can entice shoppers by pulling the right customer conversion levers and provide a helpful and exciting cross-channel shopping experience may be better positioned to lead the pack this back-to-school season."
Highlights of the Index include:
Initial Unemployment Claims: As the employment cycle continues to improve, unemployment claims continue to fall. Although employment gains recently have softened a bit, claims are expected to continue to move downward, though perhaps at a somewhat slower pace.
Real Wages: Real hourly earnings slipped for the fifth consecutive month. With increasing signs that economic growth is softening, real wages could stagnate for a while longer.
Real Home Prices: Home sales quickly fell back with the ending of the homebuyer tax credit. As a result, home prices have also deteriorated and will likely remain soft for several more months. Thus, real home prices may remain a drag on the Index for a while longer.
Tax Burden: The consumer's tax burden declined sharply through most of the recession. In 2010, however, the rate has basically held steady. It remains at a historically low level.
July 18,
2010 by in UnCategorized
By Home Furnishings Business in Business Strategy on July 19, 2010
Dovetail Alliance, a consortium of home furnishings industry service providers, has been selected by buying group Furniture First as a preferred provider to the buying organizations more than 178 members with 385 stores.
As a preferred provider, Longmeadow, Mass.-based Dovetail Alliance and its members will offer a comprehensive set of services to Furniture First members and take part in the organizations annual member symposium, which features seminars and exhibits by a select group of vendors.
The Dovetail Alliance is thrilled to have become a partner with Furniture First and the independent retailers who make up its membership, said Ed Borowsk, Dovetail Alliance CEO. Its a wonderful opportunity for the Dovetail Alliance to showcase our organizations ability to provide very valuable services to Furniture Firsts retailers, who stand out as being among the industrys best operators. Were dedicated to innovating solutions for retailers across disciplines ranging from advertising and marketing to sales training, market research and store design.
Dovetail Alliance is a one-stop resource dedicated to improving the performance of home furnishings retail and manufacturing operations in the U.S. and Canadian markets with service providers in advertising, e-commerce, electronic signage, high impact promotions, media buying, musical logos, sales training, store concepts, store design, transportation, human resources, market research, real estate solutions, traffic counting and turnaround management.
Furniture First, Harrisburg, Pa., was founded in 1994 by a small group of independent furniture retailers who joined together to better compete with national furniture chains. Through collective buying power and the sharing of best business practices, Furniture First members have thrived in increasingly competitive markets. Its 178 members represent more than 385 retail locations nationwide and collectively generate more than $1.3 billion in volume.
July 15,
2010 by in UnCategorized
By Home Furnishings Business in economic news on July 16, 2010
Consumer sentiment weakened in early July to its lowest in 11 months on a resurgence in fears about the economy, a year since the recovery began, according to the Thomson Reuters/
Unversity of Michigan's Surveys of Consumers.
The reversal in sentiment followed the survey's strongest level in more than two years last month on hopes of better job and credit conditions.
The survey's preliminary July reading on the overall index on consumer sentiment dropped to 66.5 from 76.0 in June.
"Income and job prospects were extraordinarily weak and those bleak prospects have made consumers much more cautious spenders," said Richard Curtin, director of the surveys.
The latest survey showed consumers' intention to buy durable items such as cars fell to its lowest in nine months.
"Moreover, consumers reported renewed weakness in the economy and were more likely to anticipate additional problems in the year ahead," Curtin said.
The survey's barometer of current economic conditions tumbled to 75.5 in early July, the lowest since November 2009. This compared with 85.6 in June, which was the highest since March 2008.
The survey's gauge of consumer expectations slid to 60.6, the lowest since March 2009. This compared with 69.8 in June.
The measure on consumers' 12-month economic outlook deteriorated to 65.0 in early July, which was the lowest since April 2009. It stood at 79.0 in June.