Daily News Archive
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August 19,
2007 by in UnCategorized 
By Home Furnishings Business in Upholstery on August 2007
Quaker Fabric has filed a petition of Chapter 11 of the U.S. Bankruptcy Code. The company’s affiliates outside the United States were not included in the filing.
The fabric supplier said July 2 that it would likely liquidate its business and that such a sale would not generate sufficient funds to allow payment to holders of its common stock. The following week, Quaker hired a liquidation advisory company to consult on the sale of the company’s assets to yield the greatest return for creditors.
The process has been ongoing, with the company seeking bids from qualified buyers for the purchase of Quaker as a whole, as well as on each asset class, including machinery and equipment, raw material and finished goods inventory, accounts receivable, intellectual property and real estate.
During the Chapter 11 proceedings, the process will continue under court supervision. In addition, Quaker said it has reached an agreement for up to $165 million in new debtor-in-possession financing. Subject to court approval, this DIP financing will provide sufficient funding during the Chapter 11 process.
Quaker started its annual two-week planned shutdown on June 29 and did not have the financing needed to resume operations July 16, which would have marked the end of the shutdown period. Quaker terminated its 930 workers on July 2.
August 19,
2007 by in UnCategorized
By Home Furnishings Business in on August 2007
The American Home Furnishings Alliance plans to introduce an eco-label program in November called Sustainable Choice. As part of the program, furniture makers that have made a commitment to reducing the environmental footprint of their companies will label products with the AHFA’s Sustainable Choice logo, officials announced Thursday.
The program was outlined by AHFA Vice President Bill Perdue during the organization’s annual Marketing Conference in Baltimore last week. Perdue said it ties into a six-year-old AHFA initiative called EFEC (Enhancing Furniture’s Environmental Culture) that has seen several companies sharply reduce their environmental impact by cutting greenhouse gas emissions, increasing recycling and producing other environmental gains.
As part of EFEC, Lexington Home Brands has produced more than $200,000 in savings through recycling of cardboard, leather and fabric, which reduced its landfill costs. In additional, Stanley Furniture has produced more than $98,000 in gains through a similar program. Stanley and other EFEC participants have also improved factory emissions.
Perdue said the creation of the Sustainable Choice label won’t be in conflict with other furniture industry environmental initiatives—such as the Sustainable Furniture Council. He said furniture makers will be free to choose either program or participate in both, depending on their goals. Perdue also said the Sustainable Choice logo will be available to participants that are making strides toward reducing their environmental impact, not just companies that have already achieved those goals. “We want (manufacturers) to make a commitment to continuous improvement,” he said. “There’s a punch list of (goals) we think are really important and you need to be involved with.”
August 19,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2007
Furniture Express, which once operated nine stores in the Detroit area, announced Friday that it is shutting down operations in a move company officials blamed on Comerica Bank.
In a two-paragraph statement Friday, Furniture Express officials said “While negotiations continued, Comerica (Bank) seized all operating funds, leaving Furniture Express no choice but to close its doors immediately.”
The release on PR Newswire referred suppliers to a Comerica Bank official who could not be reached immediately Monday.
According to
The Detroit News, the Romulus, Mich.-based retailer operated three stories immediately before the shutdown last week. It once had nine stores and an 85,000-square-foot warehouse and headquarters. Its Web site lists seven locations. The newspaper report said the retailer had been hampered by layoffs and economic uncertainty in the Detroit area.
Founded by Bob Berman in 1994, Furniture Express specialized in room packages and offered same-day and next-day delivery.
August 19,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on August 2007
Harvey Dondero has been named chief executive officer of Paul Maitland International, which includes Theodore Alexander.
The World Market Center announced last week that Dondero had resigned from his post as its chief executive.
Dondero is responsible for the worldwide operations of Paul Maitland International, including the Asian manufacturing and distribution headed up by Antony Maitland Smith, president. The Theodore Alexander marketing and sales organizations for all International markets will report to Dondero. Sherrill Furniture has been the distributor for Theodore Alexander in the United States for the past 10 years and continues in that role.
“We are delighted to have Harvey as our new world wide chief executive officer,” said Chairman Paul Maitland-Smith. “He is a proven leader and innovator and brings an ideal blend of intelligence, knowledge, experience and past successes to the company. We are excited about our future and look forward to Harvey leading an aggressive growth strategy in all of our markets.”
Dondero was president and CEO of Maitland-Smith Ltd. from 1994 to 1999, a company founded by Paul Maitland-Smith in 1979. He will be reunited with many of the key members of the team that propelled Maitland-Smith’s growth during that period. Dondero will have an ownership share in the company and have responsibility for all facets of the company’s day to day operations, as well as strategic growth planning.
Paul Maitland-Smith, who relinquishes his CEO role, will continue to serve as the company’s chairman of the board and will remain actively involved in directing the product development and design.
Before coming to the furniture industry, where he has worked for the past 13 years, Mr. Dondero held senior posts for fine china companies Lenox, Wedgwood and Waterford Wedgwood. While at Waterford Wedgwood he served as President of their Australian operations. In addition to serving as past president and CEO of Maitland-Smith and the World Market Center in Las Vegas, Dondero has also been president and CEO of Universal Furniture and Broyhill Furniture.
August 16,
2007 by in UnCategorized
By Home Furnishings Business in Youth, Juvenile Furniture on August 2007
Jami Myers, the former buyer for Breuners Arizona, is opening a children’s furniture store in Scottsdale, Ariz.
The store, Jami B’z, is set to open Sept. 1.
The 5,900-square-foot store will feature the latest trends in children’s furniture and accessories.
“The bedding and accessories will be fresh and inviting for both the child and parent,” Myers said, adding that while the store will focus on themed vignettes, she will work to create unique rooms for her customers.
“No two bedrooms will ever be alike,” she said.
Breuners Arizona branched out into the youth market more than six years ago with Kids Room by Breuners. Myers, who said she loves kids’ rooms, was an integral part of that operation.
“It’s the part of the house where memories are made and secrets to best friends are told,” she said.
Breuners Arizona closed this summer after principal Mary Ann Levitt sold the real estate to developers.