Daily News Archive
Brought to you by Home Furnishings Business
May 6,
2008 by in UnCategorized 
By Home Furnishings Business in Accessories on May 2008
Decorative accessories from IMAX Corp. is the latest category to be added to the Trump Home line of home products.
The collection will make its debut next month at the Dallas Total Home & Gift Market. IMAX will also show the line at the Atlanta International Gift & Home Furnishings Market in July and the Las Vegas Furniture Market.
Candleholders, vases, lidded boxes, centerpieces, wall décor and other decorative pieces will round out the collection, which has more than 160 pieces.
“The expansion of Trump Home into home accessories and room décor reflects the great success and the phenomenal response to the Trump Home brand,” said Cathy Hoffman Glosser, executive vice president of global licensing for The Trump Organization. “The collection gives the consumer the ability to create a coordinated lifestyle, incorporating luxury and sophistication in their homes. Trump Home room décor is an integral part of the Trump Home collection.”
Inspired by the mansions and properties owned by Donald Trump, the Westchester collection incorporates rich, classic elements and the Central Park collection reflects a Manhattan lifestyle with metropolitan style with a touch of art deco.
“The Trump brand is sophisticated, strong and has a wide acceptance in a variety of consumer categories,” said John Haste, IMAX vice president of sales. “IMAX is equally as strong in product and distribution expertise. Together our two organizations bring to the table a dynamic formula for success.”
May 5,
2008 by in UnCategorized
By Home Furnishings Business in Leather Upholstery on May 2008
Citing weak orders, Natuzzi, Italy’s largest furniture manufacturer, said it will idle 1,200 workers for 13 weeks. It also said it joined with other manufacturers in Southern Italy’s “Upholstery District” to create a task force that is calling for local and national officials to declare that the industrial sector is in “a state of heavy crisis.”
In April, the company reported that sales in its fourth quarter declined 8.4 percent and net sales for the year fell 13.7 percent to 634.4 million euros. For the year, Natuzzi’s net loss was 62.6 million euros versus earnings of 12.3 euros the year before.
In an announcement Monday, the company said the task force is calling for a set of government actions to enhance competitiveness for the upholstery industry, including the financing of training to help place upholstery workers in other fields.
May 5,
2008 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2008
Havertys reported that overall sales during April increased 0.6 percent to $54 million, while same-store sales declined 2.7 percent.
For the first four months of 2008, sales decreased 2.2 percent to $239.2 million, and same-store sales decreased 5.5 percent during the four-month period.
Last week, the company reported that earnings in the company’s first quarter increased 24.2 percent to $1 million as sales declined 3 percent to $185.2 million from the same period a year ago.
In an announcement, the company said the results matched a prediction in the company’s recent first-quarter earnings release stating that delivered sales for April would be flat and total written business would be down by 7 percent to 8 percent.
Havertys, based in Atlanta, operates 124 stores in 17 Southern and Midwestern states.
May 5,
2008 by in UnCategorized
By Home Furnishings Business in on May 2008
Furniture manufacturer Shermag Inc., Sherbrooke, Quebec, announced Monday that it has applied for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) of Canada in the Québec Superior Court. Shermag’s subsidiaries, Jaymar Furniture Corp., Scierie Montauban Inc., Mégabois (1989) Inc., Shermag Corp. and Jaymar Sales Corp., also will also be covered by the CCAA filing.
According to its most recent report, for the nine months ended Dec. 28, 2007, Shermag’s revenue was down 37 percent from the prior year to $83.7 million. The company lost $29.9 million (Canadian) during that time, compared to a prior-year nine-month of $13.2 million. Shermag’s showroom was closed during the recent High Point Market.
The CCAA protection will stay creditors, suppliers and others from enforcing any rights against Shermag and will afford Shermag the opportunity to restructure its affairs.
Shermag will continue operations during the CCAA proceedings under the leadership of its existing management team. The Company has made arrangements with Wachovia, its current lender, to ensure continued financing.
RSM Richter Inc. is the proposed court-appointed monitor for the CCAA proceedings and will monitor Shermag’s ongoing operations, assist with the development and filing of a plan of compromise and arrangement with its creditors and other stakeholders, liaise with creditors, customers and other stakeholders and report to the court. The monitor also will post the court filings and other information relating to Shermag on its Web site, www.shermag.com .
May 5,
2008 by in UnCategorized
By Home Furnishings Business in on May 2008
According to a new National Retail Federation (NRF) survey conducted by market intelligence firm BIGresearch, consumers plan to spend 40.6 percent of tax rebate checks when they are distributed later this year, which will provide an immediate $42.9 billion boost to the economy. The survey also found that the $105.7 billion distributed in tax rebate checks will be used to pay down debt ($30 billion), saved ($19.8 billion), invested ($4.4 billion), and used to pay down medical bills ($4.6 billion).
“Tax rebate checks should have the desired effect of both bolstering the economy in the short-term and putting consumers in a better position to spend for the future,” said NRF President and CEO Tracy Mullin. “This stimulus package is a crucial component to economic recovery and will provide much-needed relief to American shoppers.”
H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008, is a $152 billion measure that will provide tax rebate checks of up to $600 per working individual and $1,200 per married couple, plus $300 per child for families with children and new tax incentives for job-creating business investments.
“Many Americans will be wisely using their rebate checks to save, spend and pay down debt, so the overall result will be positive for the U.S. economy,” said Phil Rist, vice president of strategy for BIGresearch. “While some will splurge on big ticket items, many consumers will use the checks for important day-to-day purchases.”
While women will spend a larger percentage of their rebate check than men (42.2 percent vs. 38.7 percent), both genders will plan to set aside the same percentage for savings (18.7 percent). Young adults 18 to 24 years of age will spend more of their checks (46.2 percent) than any other age group.
The NRF 2008 Tax Rebates Consumer Intentions and Actions Survey was designed to gauge consumer behavior and shopping trends related to the upcoming tax rebates. The survey, which polled 7,977 consumers, was conducted for NRF by BIGresearch from Feb. 5-12. The question asked, “The President and Congress are discussing options for sending families rebate checks ranging from $600 to $1,200. If you get one, what will you do with the money?” The consumer poll has a margin of error of plus or minus 1 percent.