Daily News Archive
Brought to you by Home Furnishings Business
August 28,
2007 by in UnCategorized 
By Home Furnishings Business in High Point on August 2007
The American Furniture Hall of Fame Foundation is now accepting reservations for the 2007 American Furniture Hall of Fame Induction Banquet Oct. 2 uring High Point Market.
The banquet will be held in the International Home Furnishings Center Ballroom, with cocktails at 6 p.m., followed by the gala dinner.
This year’s roster of candidates who will be honored includes industry leaders: George B. Cartledge, Sr.; Joyce Cash Eddy; Ormon William “Bill” Fenn Jr.; Sam P. Finger Jr.; Fred Friedman; Mitchell Gold; and Felix Wright. New inductees will be announced during the banquet.
The cost of an individual ticket is $85; tables of eight may be purchased for $640 per table. Reservations must be made by Sept. 15, by mailing a check payable to the American Furniture Hall of Fame Foundation, 202 Neal Place, High Point, N.C. 27262. For information, call the Hall of Fame Foundation at 336.882.5900.
August 28,
2007 by in UnCategorized
By Home Furnishings Business in on August 2007
Culp’s mattress ticking division helped boost the company’s first quarter sales ended July 29 to $65.2 million, a 4.2 percent increase compared with $62.6 million posted in the first quarter last year.
Income for the quarter was $851,000 compared with net income of $132,000 for the same quarter last year. Results for the quarter just ended reflect a higher tax rate due to higher taxable income from the company’s U.S. operations compared with the prior-year period.
“We are off to an encouraging start for the first quarter of fiscal 2008 with overall higher sales and improved profitability compared with the same period last year,” said Frank Saxon, chief executive officer. “Our performance primarily reflects the significant gains made in our mattress fabrics business.”
Saxon said the acquisition of the mattress fabrics product line of Burlington House from International Textile Group at the end of the third quarter last year added to the mattress business’ growth.
“The upholstery fabrics segment continued to face significant industrywide challenges during the quarter,” Saxon said. “However, with our China platform and the aggressive restructuring of our U.S. upholstery fabric operations, we believe we are now better positioned to meet these challenges, remain profitable and benefit from any upturn in overall demand.”
August 28,
2007 by in UnCategorized
By Home Furnishings Business in on August 2007
Furniture Brands International, St. Louis, announced today that William (Skipper) Holliman has been named president of Lane Furniture Inds.; and that Tom Foy will oversee operations at its high-end HDM Furniture Inds. division on an interim basis in the wake of Jeff Young’s resignation as HDM’s president and CEO.
Holliman and Foy report to Ralph P. Scozzafava, FBI’s vice chairman and chief executive officer designate.
Holliman has served Lane in various positions of increasing responsibility, including roles in production planning and quality control, as a plant manager, as vice president of sales and marketing, and most recently as executive vice president, supply chain. Foy, FBI’s president and chief operating officer, had been running Lane since 2005 following the departure of Randy Spak as president.
“I am pleased that Skipper has agreed to take on these additional responsibilities,” Scozzafava said in a release. “He has vast experience in our industry, he is well-respected throughout the company, and he enjoys outstanding relationships with our key suppliers and customers. We look forward to the many contributions we know he will continue to bring to Furniture Brands.”
Foy continues as FBI’s president and chief operating officer in addition to his interim responsibilities at HDM.
“Tom has served in a number of management capacities at Lane, Broyhill, and Furniture Brands in recent years,” Scozzafava said. “I know HDM will benefit from his experience and oversight.”
FBI will begin searching for Young’s permanent replacement, evaluating internal and external candidates.
In commenting on Young’s resignation, Scozzafava said, “We appreciate Jeff’s efforts on behalf of the HDM companies since he joined us in April 2002, and we all wish him well.”
August 27,
2007 by in UnCategorized
By Home Furnishings Business in on August 2007
With positive economic conditions such as low mortgage interest rates and job growth continuing in Florida, statewide sales of existing single-family homes totaled 11,674 in July, a 24 percent decrease from July 2006, according to the Florida Association of Realtors.
That level is closer to activity in July 2001 and 2002, before the housing boom years.
Florida’s median sales price for existing single-family homes last month was $237,500; a year ago, it was $250,400 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In July 2002, the statewide median sales price for single-family homes was $141,700, for an increase of 67.6 percent over the five-year-period, according to FAR records.
In June 2007, the national median sales price for existing single-family homes was $230,300, up 0.1 percent from the previous year, according to the National Association of Realtors. In California, the statewide median resales price was $594,260 in June; in Massachusetts, it was $364,000; in Maryland, it was $325,427; and in New York, it was $250,000.
NAR’s latest market outlook calls for existing home sales to gain momentum by the end of the year, with broader improvement in sales activity in 2008.
“Existing-home sales should be relatively stable over the next few months, holding in a modest range, with some pent-up demand growing from buyers who’ve been on the sidelines,” said NAR Senior Economist Lawrence Yun. While noting that sales could be temporarily affected by recent mortgage industry disruptions, Yun added that the “fundamental momentum clearly suggests stabilizing price trends in many local markets.”
August 27,
2007 by in UnCategorized
By Home Furnishings Business in High Point on August 2007
The Commodores will be bringing their “Brick House” and other hits to the High Point Market on Oct. 1, and Three Dog Night will sing about why “Mama Told Me (Not To Come)” Oct. 4 as part of the event’s free “Stars Under The Stars” series.
The Commodores, a legendary Motown act, are part of a nightly line up that will entertain market-goers Oct. 1-6. Concerts in the “Stars” tent between Showplace and the International Home Furnishings Center start each night at 7:30 p.m. (with doors opening at 7 p.m.), and complimentary food and drinks are provided.
In addition to the Commodores (Monday, Oct. 1) and Three Dog Night (Thursday, Oct. 4), the entertainers include The Dickens on Tuesday, Oct. 2. The regional band plays a mix of rock, R&B, reggae and hip hop. On Wednesday, Oct. 3, the Stars Tent will host a tickets-required Furniture Idol competitioin as part of the City of Hope’s National Furnishings Industry’s Spirit of Life fundraising dinner.
On Friday, Oct. 5, U-neek Flavur will play familiar favorites with distinctive harmonies and choreography. Wrapping up the week on Saturday, Oct. 6 is Hot Sauce, a Charlotte-based cover band that plays current hits and favorites stretching back to the ‘70s.
In addition, live entertainment and free food and drinks will also be offered at the Century Courtyard at Market Square 6-8 p.m. each night. The “Parties in the Courtyard” series is presented by the Market Authority and MMPI. Highlights include the ART Oktoberfest Tent Party with Jerry Goodman and his Band on Wednesday, Oct. 3. On Thursday Oct. 4, the site will host the EcoStyle Lounge Party in cooperation with the Sustainable Furniture Council, featuring the funky blues of the Sol Creech Band.
A full schedule of Fall Market entertainment and educational events is available at highpointmarket.org.