By Home Furnishings Business in Bedding on May 20, 2013
Tempur-Pedic International (NYSE: TPX) has completed the repricing and reduction of its existing $870 million senior secured loan.
The repricing replaces the company's existing term B loan with a new senior secured term loan with an outstanding principal balance of $867.8 million. Immediately following the repricing, Tempur-Pedic made a prepayment of $125 million, lowering the principal amount outstanding on the loan to $742.8 million.
The prepayment was funded from a drawing made under the company's revolving credit line and from cash on hand obtained from the release of previously escrowed funds from the Sealy acquisition.
"This repricing further improves the company's capital structure and is expected to reduce our annual cash interest costs by more than $10 million," said Dale Williams, executive vice president and CFO. "We are committed to reducing our debt and this repricing will provide the Company with additional cash flow flexibility to do so."
By Aggregated Content in Legal on May 19, 2013
A man accused of throwing a firebomb into the Grosse Pointe Park home of the president of Art Van Furniture has been charged with second-degree arson.
Charles P. Kay, 20, of Grosse Pointe Park was arraigned today in Grosse Pointe Park Municipal Court on three felony charges. Bond was set at $35,000 cash or surety bond with a tether, Wayne County Prosecutor's Office spokeswoman Maria Miller said.
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By Aggregated Content in Legal on May 17, 2013
Police are reportedly investigating the attempted firebombing of the home of a prominent local family early Friday morning.
According to WDIV-TV (Channel 4), at about 3:30 a.m., someone threw an incendiary "Molotov cocktail" through a window of the home of Gary and Janet Van Elslander, located on Whittier Street.
Gary Van Elslander is chairman and president of the Art Van Furniture Corp. and the son of founder Art Van Elslander. Art Van Furniture is a household name in Michigan and is one of the largest furniture retailers in the U.S.
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By Home Furnishings Business in Casual Furniture on May 17, 2013
The International Casual Furnishings Association has named Ken Burrows its 2013 Lifetime Achievement Award recipient.
Burrows is the general manager of Pasadena Patio in Pasadena, Calif. In the furniture industry since his high school days, his career has taken him from the factory floor to the executive suite and now to a retail store.
Burrows began his career lacing outdoor furniture and grinding frames at Brown Jordan in Pasadena, Calif., as a high school student in the mid 1950s. He worked his way up to national sales manager in 1962 and became general sales manager for all five Brown Jordan furniture divisions in 1969.
In 1972, he and Gary Stafford purchased Terra Furniture in City of Industry, Calif. Burrows served as president in charge of sales and marketing, and together he and Stafford guided design of the companys quality aluminum and synthetic woven casual furniture for the residential and commercial markets.
In his later years at Terra, Burrows also served as a sales representative in Southern California for Triconfort and Allibert. In 2010 he turned over his interest in Terra to Stafford, and has been with Pasadena Patio for the last two years.
Burrows was a member of the ICFA Board of Directors from 2008 to 2009; and prior to that served on the board of the Summer and Casual Furniture Manufacturers Association, including serving as second vice president in 2005 and 2006 and first vice president in 2006 and 2007.
For the past 40 years, Burrows has been a member of the Pasadena Tournament of Roses Association and was named a life director in 2000. He was elected to the Tournaments Executive Committee in 1992 and served as the 111th Tournament of Roses Parade and Rose Bowl Game president in 2000.
In addition to his volunteer service with the Tournament of Roses Association, Burrows has served on the Green Valley Mutual Water Company Board since 1980. He also has served as a board member for the LA Mart Design Center and as a member of the National Home Fashions League. He also served many years on the Resources Council, a home furnishings trade organization, and was elected president in 1980.
Burrows will receive the Lifetime Achievement Award at the ICFA Awards Gala on Sept. 19, during the International Casual Furnishings & Accessories Market in Chicago.
By Home Furnishings Business in Furniture Retailing on May 17, 2013
Retail Sears Canada (TSX: SCC) has unveiled its latest Hometown concept store in Orillia, with a 25,000 square-foot location, the largest independently owned and operated Sears location in Canada.
Sears Hometown stores, the company's dealer network of independent owners in smaller markets, offer a broad assortment of major appliances, mattresses, furniture, fitness and seasonal goods such as barbecues, patio furniture and outdoor power equipment such as tractors, lawnmowers and snowblowers.
The new store incorporates an updated visual presentation, less clutter and a wider selection of merchandise offerings at everyday low prices. To broaden its reach with customers, the store carries a large selection of Sears Whole Home furniture and mattresses to complement the assortment of home and hardline products.
The company has renewed its focus to promote its catalog and online merchandise pick-up desk with improved signage and marketing to drive revenue. The merchandise pick-up desk gives customers easy access to Sears Canada's multi-channel shopping and gives them the opportunity to order an array of Sears products not typically found in Hometown stores.
The new store is owned by Martin, Angela, Grant and April Russell. The Russells are hosting a ribbon-cutting today at the store and tomorrow will have a variety of consumer events. Sears Canada will make a $1,000 donation to Eat Well to Excel, the store's local community partner than provides a nutrition program for school-age children in Simcoe County.
"The opening of the Sears Hometown store in Orillia is another important milestone in our three-year transformation," said Calvin McDonald, president and CEO of Sears Canada. "The changes we are making to our Hometown stores coupled with our renewed commitment to customer service, 90-day Price Protection on big ticket items and 365-day mattress guarantee, Orillia and surrounding area customers will have a Sears experience like no other in the country."
McDonald said the company will continue to invest in the Hometown store channel by opening additional stores and refreshing existing stores later this year