Daily News Archive
Brought to you by Home Furnishings Business
December 7,
2008 by in UnCategorized 
By Home Furnishings Business in Bedroom on December 2008
In what has become an annual tradition, Lifestyle Enterprise has scheduled its Forbidden City Furniture Show for Jan. 26–27 at its High Point showroom, but the 2009 event will be smaller and focus on bargain prices.
In the past, the event has brought as many as 600 buyers to High Point and featured giveaways of sports cars. The 2009 version will be an invitation-only event focused on 100 top accounts, and James Riddle, Lifestyle’s managing director, expects attendance of less than 200 buyers. He said bargains will make the fourth version of event “as exciting a furniture show as any account has ever seen.”
As an example, he said the company plans to bring out eight to 10 bedrooms ranging in price from $199 to $349 for five-piece sets. With sales down across the industry, Riddle said, “We have to do something to drive business, and this is what this show is all about.”
Riddle said the economy played a role in the decision to focus on an exclusive set of retailers, but said a bigger factor is the company “doesn’t have the capacity at these prices” to make the same offer to a larger set of retailers.
During the 2008 event, Lifestyle brought more than 600 buyers to High Point for a three-day event highlighted by drawings that awarded sports cars with sticker prices of more than $45,000 each to two buyers. More than 50 other High Point showrooms opened their doors to attract retailers attending Lifestyle’s event.
December 7,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on December 2008
Gorman’s Home Furnishings and Interior Design, a four-store chain based in Novi, Mich., was recently named a Top Workplace by the
Detroit Free Press newspaper.
The retailer was selected as among 20 top workplaces in the small business category after more 23,000 employees responded to the newspaper’s Top Workplaces surveys earlier this year. Companies were evaluated on revenue, incentives offered and number of employees.
Gorman’s has approximately 120 employees at four showrooms and a warehouse serving Metro Detroit. According to the retailer, employees often cite strong management support, challenging work, ample opportunity and scheduling flexibility as among the reasons they believe Gorman’s offers an exemplary place to work.
“It’s the work of outstanding employees that makes an outstanding company,” said Tom Lias, president and COO of Gorman’s. “We’re excited about the talented people we have on staff and are proud that many members of the Gorman’s family have been with us for decades. We believe in supporting and rewarding quality work and dedication.”
December 4,
2008 by in UnCategorized
By Home Furnishings Business in Bedroom on December 2008
High Point-based Culp, a manufacturer of upholstery and mattress fabrics, announced Thursday that sales in its second quarter declined more than 18 percent to $53.3 million and it has been hit with non-cash charges that contributed to a net loss of $40.9 million. The company recorded net income of $1.6 million in the same period of 2007.
The company also announced that it has entered into a contract to sell its High Point headquarters building for $4 million and lease it back from the purchaser in a move that will enable it to pay down its bank loan on the property.
Non-cash charges include $31.2 million for the establishment of a valuation allowance against all of the company’s net deferred tax assets. CEO Frank Saxon said, “The results for the second quarter include several substantial charges primarily related to the economic impact of the unprecedented business environment we are facing. These charges are mostly non-cash and do not have any significant effect on our operations or compliance with our loan covenants. Our financial position remains solid and we have generated $6.9 million in cash flow from operations in the first six months of this fiscal year.”
On a pre-tax basis, the company reported a second-quarter loss of $10.3 million (versus income of $1.5 million a year ago). The pre-tax results for the second quarter of the company’s current fiscal year include non-cash restructuring charges of $11 million related to fixed assets and inventories. There were also cash restructuring charges of $840,000 related to lease and employee terminations.
Mattress fabric sales declined 22 percent to $28 million during the quarter while sales in upholstery fabrics declined 14.5 percent to $24.2 million.
December 4,
2008 by in UnCategorized
By Home Furnishings Business in Case Goods on December 2008
Steelcase, the Grand Rapids, Mich.-based office furniture maker, said Thursday it is closing a factory in Atlanta next year and will eliminate 300 white collar jobs as it weathers the economic slump.
In addition, 300 other workers have received notice that layoffs may be ordered in the next few weeks, mainly in Michigan. The company expects third-quarter revenue of about $805 million after saying earlier that revenues would top $840 million.
According to published reports, 300 people will be idled as work at the Atlanta factory is shifted to Athens, Ala., one of eight plants the $2.3 billion company current operates in the United States. The office furniture giant’s worldwide workforce totals 13,000.
December 4,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on December 2008
The November grand opening of the Boston-area Susan Thomas Home store in Needham, Mass., also marked the retail debut Habersham Home Gallery, the first of several independently owned Habersham Home retail boutiques, galleries and to-the trade showrooms scheduled to open over the next two quarters.
The next is Habersham Feathers, the first complete Habersham Home Store, which will open in Scottsdale, Ariz., in January. In addition, a Habersham Home trade showroom recently opened in Dallas and another Habersham Home retail store is scheduled to open early next year in Atlanta.
The Susan Thomas Home store display brings together a full range of Habersham’s handcrafted antique reproduction furniture, custom kitchen and bath cabinetry designs and other home accents to showcase Grand European and Grand American Casual lifestyle looks.
“Susan Thomas Home isn’t just another furniture store, but a totally new lifestyle experience,” said Susan Fiore, who co-founded the new store with her husband and other half of the store namesake, Thomas Fiore. “We’ve designed the store around the way people want to live today. Habersham’s meticulously hand-styled furniture, custom cabinetry designs and versatile finish options can bring a wonderful sense of casual elegance and sophisticated style to today’s home. As customers walk through the space, they’ll discover unexpected ideas and lifestyle looks that they can easily bring into their own homes to reflect their own sense of style.”
“We are thrilled to have the opportunity to work with Susan and Thomas Fiore to open New England’s first Habersham Home lifestyle store concept,” says Tom Skipper, vice president of sales for Habersham, Toccoa, Ga. “Our line has evolved significantly over the years and the fabulous Susan Thomas Home space certainly showcases how our versatile furniture styles, finish options and custom cabinetry designs can all work together to bring a Grand European or Grand American Casual lifestyle into today’s home.”