Daily News Archive
Brought to you by Home Furnishings Business
February 5,
2013 by in UnCategorized 
By Aggregated Content in Furniture Retailing on February 6, 2013
from http://www.omaha.com/article/20130206/MONEY/702069951
Warren Buffett's municipal-bond insurer, which has shunned the market since 2009, returns this week backing part of a debt deal for a development around one of his company's Nebraska Furniture Marts planned near Dallas.
Berkshire Hathaway Assurance Corp. will back a $106.9 million bond issue scheduled Thursday by entities tied to The Colony, according to bond documents.
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February 5,
2013 by in UnCategorized
By Home Furnishings Business in Financial Reports on February 6, 2013
Flexsteel Inds. (NASDAQ: FLXS) reported net income of $2.9 million for the second quarter ended Dec. 31, holding steady with the same quarter from the previous year.
Net sales for the second quarter were $94.6 million, an 11 percent increase from the prior year quarter net sales of $85 million. Furniture net sales were $76.6 million for the quarter, a 14 percent increase from the prior year quarter sales of $67 million.
Net income for the first half was $5.8 million, compared to $5.3 million during the first six months of last year. Net sales of the six-month period were $185.8 million, a 12 percent increase $166.5 million in sales reported in the first half of last year.
Furniture sales for the six-month period were $148.9 million, a 15 percent increase from the prior year first half of $129.5 million.
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Bedroom on February 6, 2013
The U.S. Department of Commerce has issued a preliminary duty of 216.01 percent in its administrative review of 2011 wood bedroom furniture shipments from China.
Three Chinese manufacturers--Baigou Crafts Factory of Fengkai, Foliot Furniture Inc./Meubles Foliot Inc. and Hualing Furniture--qualified for a separate rate of 41.75 percent.
Companies facing the China-wide rate of 216.01 percent include: Shanghai Maoji Import and Export Corp. Ltd; Dongguan Huansheng Furniture Co., Ltd; Alexandre International Corp.: Southern Art Development Ltd.; Alexandre Furniture (Shenzhen) Co., Ltd.; Southern Art Furniture Factory; Billy Wood Industrial (Dong Guan) Co., Ltd.; Great Union Industrial (Dongguan) Co., Ltd.; Time Faith Ltd.; Dongying Huanghekou Furniture Industry Co., Ltd.; Sheng Jing Wood Products (Beijing) Co., Ltd.; and Telstar Enterprises Ltd.
Click here for the complete Federal Register notice.
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Executive Changes on February 6, 2013
Furniture retailer Gorman's Home Furnishings & Interior Design has named George Efthemiou general manager of its design center and showroom in Shelby Township, Michigan.
As general manager, Efthemiou will leverage his more than 30 years of retail management experience to oversee day-to-day operations of the store and support Gorman's design team members. Efthemiou is also responsible for staffing, inventory control, customer service, and showroom floor design.
"Efthemiou has an innate understanding of how Gorman's is positioned in the marketplace as a style leader and appreciates our company's commitment to exceeding customer expectations," Lias said. "His extensive experience in the home furnishings sector and notable leadership skills will be a complement to our current Lakeside design center team."
Prior to joining Gorman's, Efthemiou was general manager of Bright Ideas. http://www.brightideasfurniture.com/ He also previously served as store manager and buyer at House of Denmark. http://www.houseofdenmarkfurniture.com/
"Gorman's is something I knew I wanted to be part of for a very long time. Their team of more than 60 designers and 100 best brands is impressive to say the least," Efthemiou said. "The company provides the resources-so working with or without a designer-homeowners can create beautiful homes that truly reflect the personalities of their inhabitants."
February 5,
2013 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on February 6, 2013
Rent-to-own retailer Aaron's (NYSE: AAN) has been accused of not paying workers required overtime pay.
A lawsuit, filed in the Imperial County Superior Court in California on behalf of hourly workers, alleges that non-exempt, hourly employees were paid non-discretionary bonuses that the company failed to include in their base hourly rates when calculating overtime pay.
The failure to include the additional non-discretionary bonus wages for overtime purposes, according to the complaint, "has resulted in a systematic underpayment of overtime compensation" to the all non-exempt, hourly employees that have worked for Aaron's in California for the past four years. Aaron's attorneys have not yet responded to the lawsuit.
The suit demands employees be paid the alleged wages and overtime due them. The amount is unspecified.