Daily News Archive
Brought to you by Home Furnishings Business
November 13,
2008 by in UnCategorized 
By Home Furnishings Business in Case Goods on November 2008
Fort Smith, Ark.-based Riverside Furniture will lay off about 250 workers, the company announced Thursday.
In a statement, the case goods company’s President, Scott Ostrander, said, “We certainly recognize the impact these actions have on our employees and their families and regret that we are forced to make these difficult decisions. But, until more normal market conditions return, we must operate our business as efficiently as we can.”
The company stated when it that it will combine the operations of two factories into a single facility in January, but the job cuts will include administration, marketing and other functions. According to published reports, the company’s has a total workforce of about 1,500 people.
November 13,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Star Furniture is holding a grand opening event this weekend for its newest location in Houston, its 10th in Texas.
Bill Kimbrell, CEO of the largest furniture retailer in Texas, told
The Houston Chronicle that a tough economy means now is not the best time to open a store, but said, “Our commitment to style and a taste level above the norm—and our level of service and value—are still very appealing to customers.”
The two-story location on the city’s North Freeway is the 96-year-old chain’s seventh in Houston. Recent changes in the Houston Market include Finger Furniture’s announcement in August that it will convert to an all Ashley Furniture Home Stores operation. Also, Rooms To Go established its first store in the market in March.
The Chronicle described the North Freeway location as a new prototype with furniture displayed in lifestyle settings in a building that utilizes more natural light than existing stores.
November 12,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Haverty Furniture Co., Atlanta, which operates 123 stores in 17 states, announced Wednesday that its board of directors voted to suspend the company’s quarterly cash dividend. The most recent dividend, a third-quarter payout, was $0.0675 per share on common stock and $0.0625 on Class A common stock.
“The historic slowdown in the retail home furnishings industry has caused us to suspend our dividend,” said Clarence H. Ridley, chairman of the board. “Over the last several weeks, the general economy and capital markets have experienced declines that could not be predicted. We are making this decision as part of our strategic plan to preserve capital, protect the strength of our balance sheet and enhance our financial flexibility as we manage through these difficult times. Although we have no term debt and have adjusted all aspects of our business to the current conditions, we believe this is a prudent step and will reassess our decision on an on-going basis.”
November 12,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
The National Home Furnishings Association, based in High Point, is moving ahead with its efforts to increase furniture store sales by educating consumers to the intrinsic value of home furnishings in creating a beautiful, livable home.
NHFA’s Board of Directors has approved a plan for the development of an industry Web site to help consumers through every stage of the furniture buying process. The board’s top priority for the Web portal is an easy-to-navigate format designed to take consumers from the initial step of determining what they need to furnish their home to fit their tastes and lifestyle to finding the home furnishings store retail has the products and level of service they seek.
The association has engaged two consulting firms, Strategic Marketing Solutions and JG Sullivan Interactive, to work with the NHFA staff and leadership to create a strategic vision for an NHFA furniture industry marketing program and consumer Web portal. Principals of the two companies, Ron Carpenter and John G. Sullivan, are spearheading activities.
Doug Kays, NHFA president, emphasized that the new direction will maintain the goal of influencing consumers to view home furnishings as a necessary part of their lives and ultimately spurring business for the whole industry. He also clarified that unlike the previous plan with HGTV, NHFA will be the sole owner of the program, although suppliers, vendors and other key members of the industry are invited to participate and benefit from the marketing thrust.
“We remain very excited about the vast possibilities in the program,” Kays said. “We are not simply developing another Web site for furniture. NHFA’s Web site will provide the consumer, supplier and media with the richest resource for education and information, drive sales directly to the retailers’ stores and provide the entire industry with a sales boost.”
November 12,
2008 by in UnCategorized
By Home Furnishings Business in Leather Upholstery on November 2008
American Leather, Dallas, announced Wednesday that it is introducing a new soy-based foam cushioning called Renew. The recyclable “green” foam cushioning is available in a wide assortment of densities and will be used in all American Leather products beginning this fall. “American Leather is committed to lowering our environmental footprint, and utilizing sustainable manufacturing practices,” said American Leather President Bruce Birnbach. “With this Renew recyclable foam, our furniture can progressively turn green while keeping our reliable and reputable quality. This will be a major benefit for both our company and our end consumer.”