Daily News Archive
Brought to you by Home Furnishings Business
July 17,
2007 by in UnCategorized 
By Home Furnishings Business in Bedding on July 2007
International Bedding Corporation, which was acquired by an affiliate of Sun Capital Partners in May, announced Tuesday that Sealy executive Tony R. Smith has been named president and CEO, effective immediately. He replaces company founder Leon Ellman, who is pursuing other interests, according to a press release.
Based in Fort Lauderdale, Fla., IBC is the nation’s eighth-largest manufacturer and marketer of private label and limited-distribution brand mattresses and foundations. Smith worked for Sealy for 22 years, most recently as chief operating officer of Sealy Canada, the mattress maker’s largest international division.
“Tony has extensive general management experience in mattress sales and distribution, and has demonstrated strong leadership in his past roles,” said Thomas Taylor, managing director, Sun Capital Partners, Boca Raton, Fla. “He brings the right blend of experience to IBC to refocus the company on its core competencies and strategic objectives in preparation for IBC’s future growth.”
Sun Capital affiliates have invested in and managed more than 160 companies with combined sales of $35 billion since 1995. Its portfolio in the furniture industry includes Lexington Home Brands, Powell and Rowe.
July 16,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on July 2007
Stanley Furniture, Stanleytown, Va., reported Monday that sales for its second quarter declined 12.6 percent to $67.7 million, and the case goods maker now expects sales for the whole year to fall below 2006 levels.
During the quarter, Stanley had a net loss of $2.4 million, including a $6.6 million charge to earnings related to its defined benefit pension plan. The company announced plans a year ago to terminate the plan, which had been frozen since 1995 in favor of having contributions to a 401K savings plan become the company’s primary retirement benefit.
President and CEO Jeff Scheffer said business conditions “deteriorated slightly” as the second quarter progressed. “While we are disappointed with lower sales and earnings, we believe this is consistent with current industry-wide conditions. We are not anticipating any significant improvement in the demand environment for the balance of 2007. Consequently, we have lowered our sales and earnings guidance.”
For the full year, the company now expects net sales in the range of $280 to $290 million after posting 2006 sales of $307.6 million.
On Monday, the company’s board of directors declared a regular quarterly cash dividend of 10 cents per share that will be payable on Sept. 6 to shareholders of record on Aug. 10.
July 16,
2007 by in UnCategorized
By Home Furnishings Business in Case Goods on July 2007
A new desk by Sligh Furniture, Holland, Mich., will be showcased as a “Best Buy” in “Consumers Digest” magazine as part of an article on the home office category in the publication’s July/August issue.
The Alante Partners desk was the only product to earn the designation in the premium category of the report titled “Versatile Home Office Furniture.” The article features 100 products.
The desk, which will be show in Sligh dealerships starting in August, represents “an excellent value in the marketplace,” according to the magazine’s editors.
“We have a talented team (who are) passionate about creating beautiful furniture that works for people,” said Chairman Rob Sligh. “We particularly appreciate this recognition from ‘Consumers Digest,’ because it exposes these fabulous examples of innovative teamwork to a broad consumer audience.”
July 16,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on July 2007
Tom Daley has joined Fairborn, Ohio-based retailer Morris Furniture Co. Inc. as vice president of merchandising for home furnishings and home theater.
Daley, a 35-year-plus industry veteran, most recently served as executive vice president and general manager for Breuners Arizona, Scottsdale, Ariz., where he worked 13 years before the four-store retailer sold its store properties earlier this year. Prior to Breuners Arizona, he was senior vice president and general merchandise manager for Elder Beerman Co. from 1988 to 1994 when its headquarters were in Dayton, Ohio. He also serves on the Home Furnishings Business Retail Advisory Board.
“Tom is a true home furnishings industry professional with a great merchandising style and success track record,” said Larry Klaben, Morris Furniture president and CEO. “We welcome him to our growing company.”
Daley will oversee all home furnishings merchandising in Morris’ three store formats, said George Hartley, Morris Furniture’s chief operating officer.
“As our company continues to grow in our Ohio showrooms located in Dayton, Cincinnati, and Columbus and Northern Kentucky, Tom will compliment our current management team,” Hartley said.
Morris Furniture Co., one of Ohio’s largest independent furniture retailers, operates Morris Home Furnishings stores in Centerville and Dayton, Ohio; two Dayton-area Ashley Furniture HomeStores, and Ashley stores in Springfield, Cincinnati area, and Columbus, Ohio, and an Ashley store in Crescent Springs, Ky. Morris also operates a Thomasville store in Centerville, Ohio; and Midwest Clearance Outlets in Centerville and Dayton, Ohio.
“I look forward to returning to the Buckeye state and to joining Larry and the management team to build on Morris Home Furnishings’ reputation for innovative merchandising and active community service,” Daley said. “Given the breadth of their merchandise assortment, the experience and expertise of the staff and management throughout the organization, and their plans for growth and expansion, it will clearly be an exciting time in Ohio’s home furnishings arena.”
July 16,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on July 2007
Home furnishings catalog specialist Ballard Designs will open its first retail store Thursday in a former Lord & Taylor location at International Plaza in Tampa, Fla., The Tampa Tribune reported.
The 20,000-square-foot Ballard Designs location features a 12,000-square-foot showroom and warehousing.
Ballard Designs, which launched its first catalog in 1983, plans to open a second store in Jacksonville, Fla., this fall, according to the report.