Daily News Archive
Brought to you by Home Furnishings Business
November 9,
2008 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on November 2008
Online furniture retailer One Way Furniture has opened a third Internet store, CJ Home and Office. The Farmingdale, N.Y.-based
company has retail Web sites at www.onewayfurniture.com, www.mybarstools.com and now www.cjhomeandoffice.com .
One Way Furniture offers guaranteed free shipping for goods sold through its Web stores from 100 warehouses across America.
CJ Home and Office will offer home and office furniture, including a wide selection of bar stools, home theater furniture, kitchen storage, office chairs and waiting room furniture.
“We are excited to open CJ Home and Office,” said One Way Owner Mitch Lieberman. “We have a wonderful team of professionals that have made this event possible and are ready to help our customers in any way they can.”
November 9,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
Florida Governor Charlie Crist visited City Furniture’s Tamarac headquarters Friday and praised the retailer as an example of a successful business, the Miami Herald reported Saturday.
Crist, a Republican, supported John McCain in last week’s presidential election, but was optimistic the Obama administration would support business. Crist expressed hope for more tax cuts and incentives for business after touring City’s showroom and warehouse.
“Even in this economy, it shows that a good business can prosper,” Crist said of City Furniture in the report. The retailer, which has 17 City Furniture stores and eight Ashley Furniture Homestores in South Florida, saw a 15 percent sales decline in 2007, its first-ever yearly decline, and sales are down this year. The paper reported City had to cut 89 jobs recently, bringing employment to 943.
Koenig also expressed hope that the incoming administration would help businesses.
“It’s time for a change,” he said. “And that will help consumer confidence,” adding that he was willing to pay more taxes if the overall economy goes up.
November 9,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
North End Furniture Co., one of Winnipeg’s largest retailers announced last week it is closing two more stores in addition to the Great Rooms by Palliser location it closed in October, the Winnipeg Free Press reported Friday. The retailer blamed the moves on a tough economy.
NEFCO will close Penthouse Furniture and the Furniture Galleria.
“With deep regret, after 80 years of serving Winnipeg and surrounding areas, we have made the very difficult decision to close our Penthouse Furniture and Furniture Galleria stores forever,” said a letter to customers signed by Larry Adelman, a member of the Winnipeg family that owns NEFCO. “Due to the economic slowdown and the future of the economy, we feel it best to prepare now.”
The letter said the stores will re-open this week for a $10 million going-out-business sale.
A manager, however, at NEFCO’s Leather Express told the paper he understands that the Penthouse Furniture will re-open and that Furniture Galleria’s Thomasville Gallery will relocate to the Penthouse building.
November 6,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2008
In response to slumping sales, La-Z-Boy, Monroe, Mich., announced a series of cost-cutting moves Thursday that include cutting 850 jobs, shutting 15 to 20 La-Z-Boy Furniture Galleries stores and trimming 2009 capital expenditures by as much as $9 million.
President and CEO Kurt Darrow said declining consumer confidence, tightening credit and other economic factors have forced the company to move aggressively to bring costs in line with slumping orders.
“In the short-term, we will focus on managing the business for cash generation and ensuring the continued liquidity of our corporation,” he said. “Importantly, we have every confidence that both the strength of our brand and maintaining a strong financial position will allow us to weather the unprecedented storm that has had an adverse effect on our industry.”
Thursday’s announcement said employee headcount will be reduced by 10 percent, which will result in $1.5 million to $2.5 million in severance-related costs in the company’s third quarter. La-Z-Boy is slated to report second-quarter numbers on Nov. 19.
The closings of 15 to 20 mostly dealer-owned stores will take place over the next 90 to 120 days. But, while the company is cutting capital expenditures in 2009, it won’t curtail investments that are expected to deliver savings, such as a new cut-and-sew factory in Mexico that is set to open in January. The company is also continuing to move ahead with the consolidation of warehouses supporting its La-Z-Boy Furniture Galleries dealer base.
November 6,
2008 by in UnCategorized
By Home Furnishings Business in Case Goods on November 2008
CORT, a furniture rental company that has served 80 percent of the Fortune 500 companies, announced Thursday that it has completed its acquisition of Aaron Rents’ Corporate Furnishings division.
CORT, which has been part of Berkshire Hathaway since 2000, purchased the unit for $72 million. The deal expands its coverage to 70 of the top metro markets in the United States, making it the only national furniture rental company, according to the company’s announcement Thursday.
CORT has expanded beyond furniture rental to assist companies with recruitment and retention services that include locating apartments, handling utility connections, arranging for storage solutions and, even, providing spousal support services.