Daily News Archive
Brought to you by Home Furnishings Business
July 6,
2010 by in UnCategorized 
By Home Furnishings Business in Home Theater on July 7, 2010
Twin-Star International, a vendor of electronic fireplaces, media units and thermoelectric wine coolers, is moving to a new showroom in World Market Center, space A-548, for the upcoming Las Vegas Market, August 2-6.
At almost 2,500 square feet, the new, permanent showroom nearly doubles the size of Twin-Star's original space in Building C. Twin-Star also doubled its High Point space in Plaza Suites for last October's market.
The move accommodates Twin-Starts growing line--the company recently added gaming consoles to its Tresanti line of media units and wine coolers. Twin-Star brands also include ClassicFlame electric fireplaces. The new gaming consoles are designed to enhance the organization of gaming components within media consoles and to tap into an industry whose revenues are projected to double by 2011, according to PricewaterhouseCoopers and ABIresearch.
Twin-Star Senior Vice President Andy Bandremer said he's "thrilled about our move to Building A, and we look forward to wowing our existing customers with new technology and designs and to meeting new prospects and introducing them to our unique product selection."
July 6,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on July 7, 2010
Well, it's Wednesday at Home Furnishings Business, so that means video.
We're hearing a lot about consumers having a hard time finding credit, but they can at this furniture store. Don't worry, there's no screaming, but it's a little spooky!
July 6,
2010 by in UnCategorized
By Home Furnishings Business in Acquisition on July 7, 2010
Fully integrated furniture importer FurnitureOrigins has completed the purchase of the assets of Shadow Mountain, a Statesville, N.C.-based full-line importer of high-style rustic home furnishings, from First Capital.
FurnitureOrigins has acquired the right to continue to trade under the Shadow Mountain name.
Former Shadow Mountain executives Chad M. Turney and Bob Eller will join the new company together with members of its Shadow Mountain sales force.
"Shadow Mountain is a great quality brand with strong customer recognition," said FurnitureOrigins CEO Seth Jutan in a release. "The new company will blend their niche designs and marketing expertise with FurnitureOrigins' financial strength and global manufacturing and distribution platform."
President & CEO Chad M. Turney said: "This transaction ensures the continuity of a brand that has debuted some of the leading designs in the rustic elegance category. The new company will be capitalized to ensure stable inventory levels, on-time deliveries and future growth. Our customers should see immediate benefits from this transaction especially in the interaction within the FurnitureOrigins brands and extensive portfolio."
"We'd like to thank all of our customers and sales staff for their support and patience
over the last year as we now look forward to a successful future together," said Vice President Bob Eller.
Shadow Mountain has showrooms in High Point and Las Vegas and has licensed product lines with Dick Idol and Woolrich.
In addition to a large plant in China, FurnitureOrigins has an extensive sourcing network. Last September, the company acquired full-line importer Zocalo.
July 5,
2010 by in UnCategorized
By Home Furnishings Business in Legal on July 6, 2010
The National Retail Federation welcomed a provision in financial services reform legislation passed by the House last week that will help hold down the $20 billion in debit card swipe fees charged annually by the banking industry and allow merchants to give discounts to customers who don't use credit cards.
"The House has sent a clear message that big banks shouldn't be allowed to drive up consumer prices by charging fees that are outrageously out of proportion to the actual cost of processing a transaction," NRF Senior Vice President and General Counsel Mallory Duncan said in a release. "The requirements of this bill should result in debit card swipe fees that are truly 'reasonable' and ensure that banks can't put their hands quite as far into consumers' wallets as they do today."
The House voted 237-192 last Wednesday to approve the conference report on H.R. 4173, the Dodd-Frank Wall Street Reform Act of 2010, named for Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass. The report is the final version of a pair of wide-ranging financial services reform bills first passed by the House in November and the Senate in September. The Senate is expected to vote on measure later this week in order to have it on President Obamas desk before Congress heads home for the Independence Day holiday.
The bill includes an amendment sponsored by Senate Majority Whip Richard Durbin, D-Ill., that would require the Federal Reserve to set regulations resulting in "reasonable and proportional" swipe fees for debit cards. The Fed would be required to take into account banks' actual costs for processing the transactions and the fact that paper checks drawn on the same accounts are paid at face value. The amendment would also bar the card industry from interfering with merchants who offer a discount or other benefit to customers who pay by cash, check or debit card rather than credit cards, and would allow merchants to set minimum purchase amounts of up to $10 for credit cards.
Swipe fees--officially known as interchange fees--are a percentage of the transaction charged by card company banks each time a card is swiped to pay for a purchase. The fees average between 1 percent and 2 percent for debit cards and 2 percent or more for credit cards. Overall swipe fees charged to retailers and other business by Visa and MasterCard banks totaled $48 billion in 2008, with debit swipe fees accounting for $20 billion of the total.
Current card and banking industry prices effectively require retailers to include the fees in the price of merchandise, resulting in the average household paying $427 more annually than they would pay without the fees, according to NRF estimates.
July 5,
2010 by in UnCategorized
By Home Furnishings Business in Customer Service on July 6, 2010
Third-party global logistics provider Globe Express Services, Charlotte, N.C., has opened its fourth corporate office in Canada with the July 1 opening of a location in Ottawa, Ontario.
The company, which first entered the Canadian market in 2006, now operates has four national locations, including Toronto, Montreal and Vancouver; and has developed a strong client base in several industries, including furniture, electronics, food stuffs, heavy equipment and special project logistics.
David Pupco, Vice President Canada for Globe Express/Overseas, characterized the opening by saying, "Each year since we first entered the market, we have significantly increased our sales and scope of operations in Canada," said David Pupco, vice president of Canada for Globe Express/Overseas. "As our reputation and our customer base here continue to grow, it seems only natural to establish a base of operations in the political capital of the country. In the near future, we plan to continue our expansion by adding a corporate office in Calgary."
In March 2010, Globe Express and the Overseas Group merged, joining two privately held, "mid-major" freight forwarders to form a more robust logistics enterprise, capable of rapid growth in terms of both size and scale.