Daily News Archive
Brought to you by Home Furnishings Business
June 27,
2007 by in UnCategorized 
By Home Furnishings Business in Bedding on June 2007
The Spring Air Co. has merged with Consolidated Bedding Inc. of Tampa, Fla., the company’s largest licensee, and it simultaneously acquired six other Spring Air licensees operating eight mattress manufacturing facilities in the United States.
The unified company will employ 1,150 employees in 14 locations, including its headquarters, which will remain in the Chicago area. In a statement, the company said the merger solidifies “Spring Air’s position as the leading value ‘S’ brand on every retail floor.”
Robert Hellyer, 48, has been named chief executive officer and begins work Monday. Hellyer represents the fourth generation of his family in the mattress business and was most recently president of Simmons Mattress Co. Prior to Simmons, he led national sales for Stearns & Foster, a Sealy division.
Jim Nation, the current president of The Spring Air Co., will hold the same title in the new Spring Air. Steve Antinori, currently chairman and chief executive officer of Consolidated, will become chairman of the Spring Air board.
“This is an exciting day for all of Spring Air’s customers, employees and suppliers,” Hellyer said. “As one company, led by an experienced management team with a common vision, Spring Air can deliver better quality, service and exceptional value to all its customers. The objective of the new Spring Air is to harness the research and development, sales and marketing prowess, and operational excellence to solidify its position as the industry’s leading value brand on every retail floor. Spring Air is now one company, with one vision and one commitment to success.”
The manufacturing facilities included in the acquisition are in Atlanta; Birmingham, Ala.; Chelsea, Mass.; Denver; Phoenix; St. Louis; Salt Lake City; and Lacey, Wash. They will join Consolidated Bedding’s existing facilities in Columbus, Ohio; Carrollton, Texas; City of Industry, Calif; New Brunswick, N.J.; and Tampa, Fla.
HIG Capital LLC, a leading global private equity investment firm with more than $4 billion of equity capital under management, provided the funding for the transaction. HIG began a relationship with Spring Air in 2005 when it funded the merger of American Bedding Inds. and Spring Air Partners, the two largest Spring Air licensees.
June 27,
2007 by in UnCategorized
By Home Furnishings Business in High Point on June 2007
Dick Idol, outdoorsman, artist and licensor of a growing line of home furnishings, and several of his brand partners will anchor a new “Rustic Pavilion” at High Point Market, Oct. 1-7.
The Rustic Pavilion will occupy 5,000 square feet on the first (top) floor of the Suites at Market Square in the heart of the High Point Market.
Several of the Dick Idol licensing partners already have signed on to participate in the Rustic Pavilion, including Shadow Mountain, Wild Wings, Natural Creations, Klaussner, and 2Day Designs. Categories include case goods, upholstery, occasional furniture, lighting, decorative accessories, area rugs, permanent floral arrangements, wall décor and art, bedding ensembles, pillows and throws, cold cast sculptures, bronze sculptures, and dinnerware and stemware.
“I was thrilled to hear about this new pavilion to showcase products that exemplify the outdoor lifestyle that I live and breathe,” said Dick Idol. “The demand by consumers for this category of home furnishings is increasing, and this pavilion will help buyers find those unique products that excite consumers.”
Dick Idol was the first to come to mind when Merchandise Mart Properties, which owns and operates the Suites at Market Square, decided to launch the Rustic Pavilion.
“I think that’s the first name that comes to mind for most people when they think about this category of home furnishings,” Walt Goldsby, vice president of leasing at MMPI.
Goldsby said the pavilion was created in response to the growing demand for rustic furniture and accessories. Creating one location for a concentrated offering of products in a single category makes shopping much easier for the buyers.
June 27,
2007 by in UnCategorized
By Home Furnishings Business in on June 2007
Valdese Weavers announced Wednesday the acquisition of the Circa/Doblin and Guild 360 Contract business units of Joan Fabrics.
The purchase is subject to the approval of the Bankruptcy Court of the District of Delaware, and successful closing, which is expected to be finalized in early July.
Circa/Doblin would operate as a separate business unit of Valdese Weavers, with a management team led by John Lenox, Margaret Coffin, and Bill Garner.
The Guild 360 Contract segment will become part of Valdese Weavers Contract, led by Blake Millinor, vice president, and his management team.
“We plan to fully leverage the assets of Circa/Doblin with our vertical operations at Valdese Weavers to enhance Circa/Doblin’s ability to supply fashion forward products with an absolute commitment to quality and service,” said Michael Shelton, president and CEO. “For Guild 360, our expectation is to solidify the service aspect of this business, and thereby re-establish the credibility of these products in the market place.”
Valdese Weavers designs, markets and manufactures textile products for the residential and contract markets.
June 27,
2007 by in UnCategorized
By Home Furnishings Business in High Point on June 2007
In what’s described as a landmark study, High Point officials released a report Thursday that found the economic impact of the home furnishings industry to be $8.25 billion and 69,000 jobs in a four-county region surrounding High Point.
“Although we knew going into this study that the home furnishings industry in this region was huge, we were surprised to discover the true magnitude of its impact,” said Nido Qubein, president of High Point University, which conducted the research. “This study proves that High Point is the Furniture Capital of the World.”
The study measured the industry’s output and employment in the four-county Triad Region that includes High Point, Winston-Salem and Greensboro. It includes the $1.12 billion impact of the twice-annual High Point Market, furniture manufacturing, supporting industries and wholesale and retail sales.
City officials said the study will be used as a tool to recruit more home furnishings companies to locate in the region and to bolster their arguments that state and local government officials should do more to support the High Point Market and home furnishings companies that are drawn to the region as a furniture hub.
While the region has been stung by a series of furniture factory closings in recent years, the report’s authors found the impact of furniture manufacturing across the region is $4.8 billion and 34,000 jobs, which represents 17 percent of total manufacturing jobs in the area. The study was commissioned by the city of High Point and was conducted by three High Point University staff members, including Gerald Fox and Richard Hargrove, who, are both professors, and David Bryden.
As evidence of the growing impact of the furniture sector in the area, High Point Mayor Becky Smothers pointed to plans by Legacy Classic to build a large distribution center in the city. Also, several companies have recently located their headquarters in the city, including Home Meridian International, Master Design. In addition, La-Z-Boy recently moved a divisional office into High Point.
Furniture and home furnishings manufacturing in the area continues to support 17,323 jobs, but the study’s authors found a much larger collective jobs impact in related fields ranging from suppliers that provide everything from trucking (6,825 jobs) to commercial printing (5,400 jobs) to furniture showrooms (4,154 jobs).
In the region, the study’s researchers counted 494 furniture manufacturers, 399 commercial photographers and printers, 139 materials suppliers, 61 design firms and 120 suppliers of fabrics, finishes and hardware.
June 26,
2007 by in UnCategorized
By Home Furnishings Business in on June 2007
The Consumer Confidence Index fell again in June, settling at its lowest point since August. Compiled by the Conference Board, the Index slipped to 103.9 points, down from 108.5 points in May, which had rebounded from April results.
The Present Situation Index decreased to 127.9 from 136.1 in May and the Expectations Index edged down to 87.9 from 90.1.
Holding steady were consumers’ home purchasing plans. Matching May results, 2.8 percent of consumers in June expected to buy a home in the next six months. Six percent of consumers planned an auto purchase in the next six months, while 34.4 percent expected to buy a major appliance.
“A perceived softening in present-day business and employment conditions are the major reasons behind this month’s pull-back in confidence,” said Lynn Franco, director of the Conference Board’s Consumer Research Center. “In fact, the Present Situation Index now stands at levels not seen since the final quarter of last year. Looking ahead, consumers remain rather subdued about short-term economic prospects. All in all, the glass remains half empty and half full.”
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The cutoff date for June’s preliminary results was June 19.