Daily News Archive
Brought to you by Home Furnishings Business
November 12,
2008 by in UnCategorized 
By Home Furnishings Business in Upholstery on November 2008
Norwegian seating manufacturer Ekornes Inc. reported Tuesday that its North American order receipts rose 6 percent for the first nine months compared of 2008 with the prior year, but sales are down in October.
“We are diligently working to expand our distributor network and to pursue a vigorous marketing strategy to counteract a decline in North American sales,” said Peter Bjerregaard, president of Ekornes, whose North American headquarters are in Somerset, N.J. “The strong influx of orders in the first three months of the year laid the foundation for solid revenues in the third quarter, although October sales weakened considerably.”
Company-wide, sales of Stressless chairs and sofas increased 5.5 percent over the first nine months of 2008.
“The weakening of the Norwegian krone and strengthening of the U.S. dollar over the past couple of months has made it possible to turn the company’s foreign exchange positions in a positive direction,” Bjerregaard said.
Companywide, in the third quarter of 2008, the Norwegian company reported generating gross operating revenues of NOK 624.3 million compared with 616.6 million last year, an increase of 1.3 percent. For the first nine months, companywide operating revenues were NOK 1.98 billion, an increase of NOK 41.7 million or 2.2 percent compared with the same period for 2007.
November 12,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Police in in Rochester, Minn., are investigating a scam that targeted HOM Furniture’s store in the city at the Miracle Mile Shopping Center, KTTC-TV reported on Wednesday.
An employee had received a telephone call from and individual who claimed to be a marketing director from HOM’s corporate office in Coon Rapids. The caller instructed the employee to send a $400 moneygram to a customer that had allegedly received poor service. The employee sent the money, but the store later realized the caller was not with HOM’s corporate office, and that the claim of poor service was false.
The moneygram had not been traced by the time of the report.
November 12,
2008 by in UnCategorized
By Home Furnishings Business in Bedding on November 2008
Simmons Bedding announced Wednesday that it will not be reporting third-quarter earnings today, as scheduled, because it is in discussions with its senior lenders. The announcement stated it is “seeking a forbearance agreement related to a senior credit facility in order to have more time to negotiate an amendment” that will provide revised financial covenants into 2010.
On Oct. 21, Simmons Co., the holding company for Simmons Bedding, released an announcement stating that it was seeking the consent of its senior lenders to amend its senior credit facility after falling out of compliance with a “maximum leverage ratio covenant.” The senior credit facility provides for a $75 million revolving loan facility and a $465 million tranche D term loan facility.
In the Oct. 11 announcement, Simmons Bedding officials also said the company expected that its net sales for the third quarter would be down 10 percent to 13 percent from the same period in 2007. It reported that cash on hand on Sept. 27 was $62 million to $64 million and the company’s $75 million revolving credit facility was fully drawn. Finally, the announcement stated that the company’s total debt was approximately $984 million (approximately $745 million at the Simmons Bedding level).
November 11,
2008 by in UnCategorized
By Home Furnishings Business in Motion Upholstery on November 2008
A hand-held massager created by massage chair maker Human Touch, Long Beach, Calif., has been named one of 2009’s most innovative consumer products by the Consumer Electronics Association.
Known as the Swan Softouch Massager, the $99 product received the CES Innovations 2009 and Engineering Award in the Health and Wellness category. It is designed to quietly deliver a deep-muscle massage that emulates the techniques of a massage therapist with accurate energy bursts to targeted muscles.
“It’s tremendously gratifying to be recognized for a product that people can use anywhere and anytime to improve their quality of life,” said Human Touch Chief Marketing Officer Rich Jorgensen.
November 11,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Furniture Row Racing, whose No. 78 Chevrolet driven by Joe Nemechek, will run in fewer automobile races next year as its owner, Denver-based Furniture Row Cos., trims expenses, KUSA-TV reported on Tuesday.
The racing team qualified for 31 of 35 races in 2007, its best performance in its three seasons to date.
“This has nothing to do with our on-track performance,” said team President, Joe Garone in the report. “This is simply a business decision by Furniture Row of balancing priorities in a tough economy and, from all appearances, looks to be getting even tougher.”
Furniture Row Cos. doesn’t make sales public, but the retailer is cutting expenses to offset a sales decline.