Daily News Archive
Brought to you by Home Furnishings Business
June 26,
2007 by in UnCategorized 
By Home Furnishings Business in on June 2007
Due to insufficient information, an item appearing in the June 26 edition of Home Furnishings Business Now concerning the acquisition of Domain Home needs clarification.
The report should have indicated that Judy George, founder and chief executive officer, retains at least a 10 percent share in Domain Home, and continues in her current role.
Aga Foodservice Group retains a 15 percent share. Synergy Enterprises LLC owns the majority of the remaining shares and a majority share overall, with the rest held by Golden Acquisition.
June 26,
2007 by in UnCategorized
By Home Furnishings Business in on June 2007
Furniture Brands International, St. Louis, disclosed agreements Tuesday that Thomasville President Nancy Webster and FBI General Counsel Lynn Chipperfield will receive large lump-sum payments in the event there’s a change in company ownership that results in either executive being terminated.
Described as “change in control agreements,” the documents were disclosed in filing with the Securities and Exchange Commission Tuesday.
The documents state that termination payments would equal 1.5 times the executive’s salary if that person’s employment is ended without cause up to two years after a change in ownership, which could include an individual or entity acquiring a 35 percent share of the company’s outstanding common stock or voting power. In the event of a termination, the executive would also receive other compensation.
A spokesman did not immediately respond to questions about whether FBI is pursuing similar agreements with other company executives.
Webster, a former Target vice president, became Thomasville’s president and CEO in September 2005. Chipperfield has been with FBI and its forerunner for more than 20 years. He has been general counsel since 1996 and added the titles senior vice president and chief administrative officer in 2000. According to published reports based on company statements, Chipperfield’s base salary in 2006 was $325,000, and Webster’s was $350,000.
In March, Sun Capital announced that it had acquired a 5 percent stake in Furniture Brands. Sun Capital has ownership in several furniture companies, including Lexington Home Brands, Rowe and Powell.
June 25,
2007 by in UnCategorized
By Home Furnishings Business in Upholstery on June 2007
High Point-based Culp, one of the world’s largest marketers of mattress and upholstery fabrics, has promoted Thomas Gallagher Jr. to corporate controller, assistant treasurer and assistant secretary.
Gallagher, who joined Culp in January 2005 as assistant controller, will continue to report to Chief Financial Officer and Treasurer Kenneth Bowling. Gallagher, a certified public accountant, was an audit senior manager with BDO Seidman prior to joining Culp.
June 25,
2007 by in UnCategorized
By Home Furnishings Business in on June 2007
Ray Crocker, the chief financial officer of Furniture Values International, died unexpectedly June 14 following a four-week illness while traveling on business in Taiwan. He was 53.
“Ray has been instrumental in the company’s continued growth and development and will be deeply missed by all of us,” said Bill Colegrove, general manager and chief executive officer of Furniture Values. “His memory will continue to live on at FVI as a part of our company and as a member of our family.”
Crocker joined the company in 2006 as chief financial officer and led the finance and information technology divisions.
Prior to joining FVI, Crocker spent more than 25 years in the furniture industry in executive, financial and operations management positions. Before joining FVI, Crocker was chief executive officer of Fraenkel Co., a senior manager at Ladd Furniture and the Valspar Corp., as well as a financial consultant and business educator at Appalachian State University in Boone, N.C., and two other universities.
Crocker is survived by his wife, three children, and two sisters and their husbands.
Visitation will be held Friday from 6:30 p.m. until 8:30 p.m. at Carpenters Funeral Home in Cherryville, N.C. A funeral service will be held Saturday at 11 a.m. at St. John’s Lutheran Church in Cherryville, with the burial and reception to follow at St. Mark’s Lutheran Church, also in Cherryville.
Memorial contributions may be made to St. Mark’s Lutheran Church.
June 25,
2007 by in UnCategorized
By Home Furnishings Business in on June 2007
The Bombay Company, Fort Worth, Texas, announced Monday that the New York Stock Exchange will suspend the company’s common stock Thursday for not meeting its listing standards.
In late May, the retailer reported what officials called “disappointing” first-quarter results. The company later disclosed it had received notices that it was not in compliance with listing rules, including a requirement that the average closing price of common stock not drop below $1 for 30 consecutive trading days. Shares dropped 4 cents to 62 cents per share Monday.
The company, which operates 405 stores, reported a net loss of $15.4 million in the quarter that ended May 5 as revenues declined 11.9 percent to $104.6 million.