Daily News Archive
Brought to you by Home Furnishings Business
August 7,
2007 by in UnCategorized 
By Home Furnishings Business in Bedding on August 2007
Mattress Firm, which has 400 sleep stores in 36 markets, announced Tuesday it has entered into a long-term strategic alliance with sleep expert and author Michael Breus.
Breus is the author of “Good Night: The Sleep Doctor’s 4 Week Program To Better Sleep and Better Health” and is also the resident sleep expert for WebMD.com. He has appeared as a wellness expert on national TV programs that include “Oprah,” “CNN,” “The Today Show” and “The View,” and has been interviewed for articles in a number of national publications. He’s a clinical psychologist specializing in sleep disorders and a diplomate of the American Board of Sleep Medicine. He’ll be featured in a PBS special called “Good Night With The Sleep Doctor” in December.
In his relationship with Houston-based Mattress Firm, he will participate in the retailer’s public awareness initiatives on the importance of proper sleep. “We are thrilled to have the opportunity to work with Dr. Breus on advocating the importance of a great night’s sleep,” said Bill Dandy, Mattress Firm’s executive vice president of branding. “It was clear to us from the beginning that Dr. Breus’ relentless commitment to educating the public was consistent with our passion as a company to improve people’s lives by offering sleep solutions through an unparalleled buyer’s experience.”
August 7,
2007 by in UnCategorized
By Home Furnishings Business in Merchandising on August 2007
Foamex International, Linwood, Pa., named Robert Larney executive vice president and chief financial officer Tuesday. Larney brings more than two decades of financial and operational experience to Foamex, a leading producer of foam for the mattress, furniture, carpet cushion and automotive markets.
Until recently, Larney was executive vice president and CFO of Rieter Automatic System, a division of Rieter Group with more than $500 million in annual sales. Steven Markert has served as Foamex’s interim CFO over the past eight months.
August 6,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2007
Struggling Pier 1 Imports, Fort Worth, Texas, has hired Sharon Leite—a store operations executive with 21 years of experience—as executive vice president, store operations. Leite previously served as vice president of sales and associate marketing for Columbus, Ohio-based Bath & Body Works, which operates more than 1,600 locations.
Leite joined Bath & Body Works eight years ago as director of store operations and rose to vice president of sales operations before gaining responsibility for the sales strategies of all store formats and multi-channel operations. She has also held various operations posts at retailers such as Gap Inc., Disney and Limited Stores.
Pier 1 President and CEO Alex Smith said, “Sharon’s extensive experience has prepared her for this vital role of leading our store organization to the level of execution we need for Pier 1 Imports to return to profitability and beyond.”
In June, Pier 1 announced a net loss from continuing operations of $56.3 million during its first quarter as same-store sales declined by 5.4 percent. The company’s announcement Tuesday did not disclose whether Leite was filling a newly created post or replacing someone.
August 6,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2007
Foamex of Linwood, Pa., one of the industry’s leading producers of foam for mattresses, furniture and other products, said Tuesday it is selling its interest in Foamex Asia to its partner in the joint venture, Hua Kee Company Limited.
Foamex expects to net about $22 million from the sale of the operation it had owned a 70 percent stake in. It plans to use the cash to pay down debt.
Foamex CEO Jack Johnson said, “Upon an extensive review of our overall portfolio, we concluded that the ownership interest in this venture has not yielded satisfactory returns and is not positioned to facilitate our current global growth strategy. By selling our equity interest we unwind certain non-compete agreements and other restrictive agreements, thereby allowing us to concentrate on other business opportunities in the Asian markets where we see the most potential for growth. We are committed to leveraging strategic growth opportunities in Asia. Through this sale, we believe we will be better positioned to take advantage of the numerous opportunities previously unavailable to us in the Asian market.”
August 6,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2007
Consumer spending on furniture and bedding fell 2.6 percent in June to $84.707 billion, compared with May spending of $86.977 billion. Spending was up 0.7 percent measured against June 2006 consumer spending of $84.131 billion.
Overall spending for furniture and household equipment also dipped in June, falling 1.0 percent to $411.856 billion compared with May’s spending of $415.871 billion. Measured against June 06 numbers, spending was up 2.5 percent.
U.S. consumer spending figures are collected and compiled by the Dept. of Commerce. Monthly spending numbers are annualized for comparative purposes.