Daily News Archive
Brought to you by Home Furnishings Business
November 8,
2007 by in UnCategorized 
By Home Furnishings Business in on November 2007
Restoration Hardware Inc., Corte Madera, Calif., announced Thursday that it has reached merger agreement with an affiliate of private equity firm Catterton Partners. The deal, expected to close early next year, is worth $6.70 a share--or a 150 percent premium on share price at closing Nov.7.
The total transaction is worth around $267 million.
Gary Friedman, Restoration Hardware’s Chairman, president and CEO, will participate with Catterton Partners in the transaction. In addition, several institutional stockholders of Restoration Hardware have agreed to invest in the transaction or exchange a portion of their Restoration Hardware common stock for equity of the purchaser or one of its affiliates.
“We are pleased to announce this transaction, which delivers significant value to our stockholders,” said Mr. Friedman. “In addition, we are excited about the opportunity to work with Catterton Partners, which has a successful track record and significant experience in the consumer and retail industries. We believe this partnership will provide us with important resources to execute our operating and growth strategies over the long-term.”
J. Michael Chu, managing partner of Catterton Partners, said, “We are pleased to enter into this partnership and look forward to building on the accomplishments of Gary and his team. Since joining the company several years ago, they have established the Restoration Hardware brand as a leader in the premium home furnishings category. By combining our respective expertise, we believe we can continue to evolve and grow the brand and become a dynamic force in the marketplace.”
November 8,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2007
The National Home Furnishings Association has named Help1Up, Decatur, Ga., as the home furnishings retailer association’s “charity of choice.”
Help1Up is the free, socially responsible, and environmentally service made available by the National Furniture Bank Association , representing over three dozen furniture banks across America. Furniture banks collect gently used and new furniture from the general public and businesses, then provide it directly to families in need. Typical recipients of the furniture are women and children escaping domestic violence, victims of natural disasters such as wildfires and hurricanes, and families living below the poverty line.
“This is the first time we’ve recommended a charitable cause to our members. It’s a win-win for everybody involved,” said NHFA President Wogan Badcock III. “I can think of no better way for consumers to dispose of their unwanted used home furnishings products than to give them to families in need. We encourage our members to support Help1Up.”
Furniture banks annually collect and distribute over 1.5 million home furnishings items. Each night in America and estimated 250,000 children will sleep on the floor. The mission of the NFBA is to expand the service capacity of existing furniture banks and to open new ones in areas without one.
To become a sponsor of Help1Up or to learn more about furniture banks, please visit
www.Help1Up.org or call (800) 576-0774.
November 8,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on November 2007
Samuel Lawrence Hospitality, the hospitality and contract division of Home Meridian International, High Point, has named Roy Mitchell division president; Rick Dortch vice president of design; and Peggy Stone sales operations manager.
Mitchell, who reports to Hoe Meridian President and CEO George Revington, spent 30 years at American of Martinsville. Dortch and Stone also were previously with American of Martinsville.
Home Meridian International’s strategic marketing units include Pulaski Furniture, SLF (Samuel Lawrence Furniture), SLH (Samuel Lawrence Hospitality) and Creations, a new juvenile division.
November 7,
2007 by in UnCategorized
By Home Furnishings Business in on November 2007
Monarch Specialties has named Jean Melançon marketing manager.
The company sells most of its products to Canadian home furnishings retailers, but also produces a collection of ready-to-assemble goods sold across North America.
Prior to joining the company, Melançon worked in a number of other industries in marketing. His responsibilities include building Monarch’s profile among retailers, as well as build the company’s image through branding and advertising.
The company plans to unveil a new Web site in time for January’s Canadian Home Furnishings Market.
November 7,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on November 2007
Henredon, part of Furniture Brands International’s Designer Group, announced plans Wednesday to launch Bespoke, a custom wood and upholstery division, in 2008. Bespoke’s custom capabilities will provide an array of designer-friendly choices and options to provide a premium customization experience to luxury consumers.
“Our decision to form a custom furniture division arose out of Henredon’s dedication to address the needs of the upscale design and retail communities,” said Thomas Tilley, president of Henredon, High Point. “Our consumers don’t live in a ‘one size fits all’ environment. Their furniture options should be just as savvy and just as flexible as their options in lattes or personal computers. At Henredon, we understand that our furniture becomes a part of the one asset that truly reflects their personal style, their home.”
The Bespoke division will debut at the October 2008 High Point Furniture Market. The launch collection will include wood and upholstery items for bedroom, living room, dining room and occasional.
“In my years of experience at retail, I was often frustrated when trying to satisfy the sophisticated client with the limited amount of custom options available,” said Michael Delgaudio, Henredon’s senior vice president of creative design. “The launch of this custom division at Henredon will give our retailers and designers a phenomenal resource to utilize. Bespoke will set a new standard for customization within our industry.”