Daily News Archive
Brought to you by Home Furnishings Business
November 28,
2007 by in UnCategorized 
By Home Furnishings Business in Case Goods on November 2007
Moosehead Furniture Co., Monson, Maine, ships its first case goods under new ownership today, according to a report in the Bangor Daily News.
Moosehead Mfg. Co. had closed its two plants in February, but a partnership bought the name and reopened one plant in Monson. Today’s shipment goes to Stanley Furniture in Rumford.
In the past month since production started, 16 Moosehead Manufacturing Co. employees have returned to work, including former president John Wentworth and former chief financial officer Dwain Allen, according to the report.
November 28,
2007 by in UnCategorized
By Home Furnishings Business in Youth, Juvenile Furniture on November 2007
Leessa Black has been named senior vice president of administration and operations for BK Home Furniture in High Point.
In the newly created position, she oversees administration, human resources, credit and collections, and operations. Black reports to Bill Kemp, chief executive officer.
“Leessa continues to add real value to BK Home as we position the company for future growth,” Kemp said. “Her can-do and get-it-done attitude, as well as the camaraderie that Leessa creates within our company is invaluable.”
Black joined BK Home in June as vice president of administration and operations. Prior to joining the company, she was director of credit and human resources for Kemp Enterprises. In addition, she’s held positions at Whitewood Inds. and Universal.
Ashley Milligan has been named accounting manager for the company. In her new position, she is responsible for day-to-day operations of the accounting department.
Milligan reports to Jeff Thomason, vice president of technology and accounting. “Ashley adds tremendous value to BK Home with her great attitude, intelligence and work ethic,” he said.
Prior to her promotion, Milligan was accounts receivable manager for the company.
November 28,
2007 by in UnCategorized
By Home Furnishings Business in on November 2007
Upholstery fabric and mattress ticking supplier Culp reported fiscal second-quarter net earnings of $1.55 million, or 12 cents a share, up from $812,000, or 7 cents a share, during the same quarter last year.
The latest results include $503,000 in after-tax restructuring and related charges. Excluding these charges, earnings were $2.1 million.
The company posted revenue for the three months ended Oct. 28 of $64.3 million compared with $59 million last year.
For the third quarter, sales in the mattress fabrics segment are expected to be up 30 percent to 35 percent, the company said. Sales in the upholstery fabrics segment, are expected to be down between 15 percent to 20 percent, due mostly to lower sales of U.S.-produced fabrics.
Overall, the company said it expects sales for the quarter to be slightly higher than the year-ago period.
In addition, Culp is estimating about $500,000 for streamlining and other related charges during the third quarter due to employee termination benefits and operating costs of closed U. S. facilities. The company said it would incur an additional $200,000 for restructuring and other associated charges during the fourth quarter for earlier announced streamlining proposals.
November 28,
2007 by in UnCategorized
By Home Furnishings Business in Merchandising on November 2007
Cary Benson has been named president of Natuzzi Americas, succeeding Fred Starr who will retire from the company Jan. 31.
Benson will join the company Jan. 10.
Prior to joining the company, Benson most recently was presdient and chief marketing officer for Dallas-based American Leather overseeing sales, marketing and merchandising. As an equity partner of the company, he left it in 2006 when there was a buyout. Before joining American Leather in 1997, Benson was president and chief executive officer of Elmo American Leather. Before his time with Elmo, he held a number of sales and marketing positions with Steelcase.
“We’re very pleased that Cary will join Natuzzi Americas in this integral position,” said Pasquale Natuzzi, chief executive and chairman of Natuzzi SpA. “As we continue to build the Natuzzi brand and implement our strategic plan in the Americas, Cary is especially well-suited to lead Natuzzi Americas in achieving our long term goals. Additionally, he brings unique knowledge and experience in leather upholstery at the higher-end of the market.”
Starr has held the position for the last six years and joined Natuzzi Americas after a lengthy career with Thomasville Furniture Inds.
“Fred has led Natuzzi Americas through its most challenging period,” Natuzzi said. “As we’ve faced significant currency changes, intense competition in leather upholstery and the movement of production to Brazil and China, he has provided the necessary direction and guidance to our organization and has maintained excellent relationships with our valued retailers. With our brand segmentation strategy established, he provides Cary with a solid foundation for future growth. The Natuzzi organization joins me in thanking Fred for his important contributions and welcoming Cary to the Natuzzi family.”
November 27,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2007
Restoration Hardware said Tuesday that it will share confidential information with Sears Holding Corp. if Sears signs the same confidentiality and standstill agreement that other potential investors in the Corte Madera, Calif.-based retailer have.
“While Sears has announced its willingness to sign a confidentiality agreement, there is no agreement on terms and, to date, instead of agreeing to the standstill agreement to which other interested parties have agreed, Sears has proposed to reserve the right to launch a tender offer outside the process,” the Independent Committee of Restoration Hardware’s Board of Directors said in a statement.
The Committee stated that it is encouraged by Sears’ current proposal at $6.75 per share based upon publicly available information, which is a vast improvement over its prior proposal at $4 per share. At the same time, the Committee stated that it believes that stockholder value will be maximized if Sears participates inside the process with other interested parties.
“Sears is an American icon,” said Ray Hemmig, chairman of the Independent Committee. “We are flattered that it is interested in learning more about our company. We welcome its participation in the process along with the other interested parties. However, the Committee is firmly committed to a fair process that will yield the best results for all stockholders and believes that process is best served through all parties agreeing to the proposed standstill terms without preferential treatment of one party over another.”
Earlier this month, Restoration Hardware announced a merger agreement with Catterton Partners, and under the agreement’s terms, the Independent Committee solicited competing proposals from third parties during a 35-day period ending Dec. 13. On Nov. 19, Sears submitted a filing with the Securities and Exchange Commission indicating that it had accumulated shares equaling just under a 14 percent ownership position in Restoration Hardware.