Daily News Archive
Brought to you by Home Furnishings Business
March 30,
2010 by in UnCategorized 
By Home Furnishings Business in Delivery on March 31, 2010
Charlotte, N.C.-based freight forwarder Globe Express Services has merged with another "mid-major" freight forwarder, Overseas Group in order to expand their combined global capabilities, build economies of scale and leverage best practices across their organization.
The newly combined company will retain the management teams from both organizations.
"Combining forces with Overseas Group strengthens our position in the logistics market by increasing our efficiencies, knowledge base and market share," said Ziad Korban, who will serve as CEO. "This new partnership will enable us to offer more value added services, expand our geographic footprint and embark upon new opportunities."
Gilbert Khoury, president of Overseas Group, said that very little overlap exists within the companies. Each has its own areas of expertise both in terms of business segments and trade lanes served, and also geographic presence.
"Leveraging these non-competing strengths will enable the combined company to rapidly build size and scale, expand its corporate network and thus better serve its clients," Khoury said. For example, Overseas Group's forte is U.S. Exports to Europe and the Middle East, while Globe Express Services has historically focused on Asian imports to the U.S. market.
"Both companies have proud histories, strong brands and proven reputations, along with loyal client bases," said Tony Bikhazi, who will serve as president, Americas for the merged operations. "The corporate cultures really clicked in this respect, with both groups committed to providing technology backed logistics solutions and people-driven customer service. ... The combined company now offers robust front line support (corporate offices) and personnel in nearly every major global logistics market including Asia, The Americas, Europe and the Middle East. The biggest thing our customers will notice is expanded global capabilities, backed by great service and value. Beyond that, it will be business as usual."
The company's transition team is aggressively working to streamline back office operations, develop a mutual corporate identity, and maintain high levels of customer service.
March 30,
2010 by in UnCategorized
By Home Furnishings Business in Retail Closings on March 31, 2010
The Home Shoppe in downtown Roanoke, Va., is advertising a "bank-forced foreclosure sale," the Roanoke Times reported Tuesday.
The owner did not respond to the reporter's requests for comment, but the building's owners said the store's lease, which ends in May, had not been renewed yet. The phone line at The Home Shoppe's Lynchburg store was disconnected Monday.
The Home Shoppe previously operated as Mostly Sofas. Mostly Sofas closed briefly last fall and reopened under the new name.
March 30,
2010 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on March 31, 2010
A fire Tuesday at a liquor store destroyed Discount Furniture in New Albany, Ind., the New Albany Tribune reported.
The liquor store's and furniture store's buildings were connected, and the fire is under investigation.
Discount Furniture, a used furniture store, had been opened for six weeks. The owner was unsure about plans to reopen.
March 30,
2010 by in UnCategorized
By Home Furnishings Business in Bedding on March 31, 2010
Bedding major Sealy Corp. (NYSE: ZZ) reported net income of $5.7 million for the first quarter ended Feb. 28, compared to $4.3 million posted in the first quarter of last year.
Net sales for the first quarter were $339.6 million, a 9.6 percent increase compared to the nearly $310 million in the first quarter of last year. Gross margin increased 331 basis points to 41.3 percent from the prior year quarter, driven by a 202 basis point gain in the company's U.S. market.
"We are very pleased with our first quarter 2010 results, as we delivered top line growth, driven by both unit growth and average unit selling price growth," said Larry Rogers, president and chief executive officer. "These results represent our second consecutive quarter of year-over-year sales growth. We continue to reap benefits from the successful rollout last year of our innovative Stearns & Foster line. We had a strong showing at the Las Vegas Market in February, where we continued our focus on new products, introducing a new Sealy promotional line, the Embody specialty line and select Posturepedic mattresses to commemorate Posturepedic's 60th anniversary."
Total U.S. net sales increased 4.9 percent to $246.4 million from the first quarter of fiscal 2009. Wholesale domestic net sales, which exclude third party sales from Sealy's component plants, grew 4.6 percent to $241.6 million compared to the first quarter of fiscal 2009.
International net sales increased $18 million, or 24 percent, from the first quarter of 2009 to $93.3 million. Excluding the effects of currency fluctuation, International net sales increased 11.9 percent from the first quarter of 2009.
"We are encouraged by the stabilization we have seen in retail demand across our business segments and with the signs of stability in both the macro-economic and consumer credit market environments," Rogers said. "We continue to believe our product innovation and operational improvements have put the company in a strong strategic position to accelerate gains in profitable market share and drive increasing value for our shareholders."
To read the entire earnings report, click here.
March 30,
2010 by in UnCategorized
By Home Furnishings Business in High Point on March 31, 2010
Management of 220 Elm has made parking during the upcoming High Point Market a bit easier for five retailers.
220 Elm ran a 10-week, online contest for the parking slots.
The five winners are Cottswood Interiors in Edmonton, Alberta; Discovery Furniture in Topeka, Kan.; Gabberts/HOM in Edina, Minn.; Motif Modern Living/MotifFurniture.com in San Antonio, Texas; and National Home Centers, a nine-store chain based in Arkansas.
I am pleased with the response from retailers in the US and Canada, and look forward to welcoming our winners to 220 Elm in April," said Heinz Kattenfeld, COO of 220 Elm.
The winning retailers will park in the lot located at 303 W. Green Drive across the street from 220 Elm. The contest ran from January 1 to March 15 and was featured in print ads in Home Furnishings Business and online ads at HFBusiness.com.
220 Elm plans to run a similar contest for the October market beginning Aug. 1.