Daily News Archive
Brought to you by Home Furnishings Business
May 24,
2007 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on May 2007
The Bombay Company, Fort Worth, Texas, announced Thursday that it has been notified the the New York Stock Exchange that it is not in compliance with continued listing requirements. According to Bombay’s filing Thursday, the company’s stock price had fallen below $1 over a 30-day trading period, and its 30-day average market capitalization and stockholders’ equity had both fallen below $75 million.
The company intends to notify the exchange that it plans to cure the deficiencies and will submit a business plan to demonstrate its ability to comply with the listing standards. The company’s filing noted that if its unable to comply, it would seek to move its stock to another exchange.
The company, whose stock price opened at 62 cents Friday, was scheduled to report its first-quarter earnings Friday morning. In March, Bombay reported a $52.8 million net loss for its 2006 fiscal year as revenues declined 5.1 percent to $536.3 million. In its fourth quarter, revenues increased 0.7 percent to $188.2 million. It posted a fourth-quarter net loss of $1.7 million.
The company operates more than 419 home furnishings stores in the United States and internationally.
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
Spring Air President Jim Nation took over Tuesday as chairman of the International Sleep Products Association; and Charlie Eitel, chairman, president and chief executive officer of Simmons, took over as vice chairman of ISPA’s board.
“I am honored to have been selected as chair of the ISPA board. ISPA is an outstanding institution that has done a very good job in representing the interests of the mattress industry for nearly a century,” said Nation. “I look forward to continuing the fine work of the many industry leaders who have preceded me in expanding the market for mattress sales, advocating on behalf of bedding manufacturers, and charting a course that will benefit the interests of ISPA’s 705 member companies.”
Newly elected trustees to the 2007 board include: Rick Anderson of Tempur-Pedic International; Michael Crowell, Flexible Foam Products Inc.; David Karr, Comfortaire; and Tom Taylor, Western Nonwovens Inc.
Trustees who are rotating off the Board include David Orders of the Park Place Corp.; Marvin Hamilton, Fibex Inc.; Tom LeDuc, Spring Air West LL; and Bob Steelman, Carpenter Co.
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
Home furnishings retailer Gardner-White, Warren, Mich., has contracted Alliance Data Systems Corp. to provide private label credit card services. Gardner-White has six stores in Michigan with a seventh opening this summer, and also sells merchandise through its Web site.
Dallas, Texas-based Alliance Data’s services will include account acquisition and activation; receivables funding; card authorization; private label credit card issuance; statement generation; remittance processing; customer service functions; and marketing services for Gardner-White. Alliance Data’s platform will also integrate with Gardner-White’s inventory management system, which tracks all merchandise inventory, delivery, and purchases in real time, including purchases made with the Gardner-White private label credit card.
“We continually strive to enhance the experience of our customers across all channels at Gardner-White stores or through our website,” said Barbara Tronstein, vice president of Gardner-White Furniture. “Alliance Data’s marketing expertise and flexibility makes them the perfect partner. Finance- based promotions are a critical component of our marketing strategy. Alliance Data’s offering allows merchants to customize their program. Equally important, they think like a retailer and understand the need to satisfy the consumer, and to drive sales.”
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
An affiliate of private investment firm Sun Capital Partners Inc., Boca Raton, Fla., has acquired a majority controlling interest in International Bedding Corp., Fort Lauderdale, Fla., for an undisclosed amount.
International Bedding manufacturers and markets private-label and limited-distribution brand mattresses and mattress foundations; and has nine plant locations operating in seven states. The Ellman family, which founded International bedding, wanted to pursue other interests, said former President Neil Ellman.
“We are confident that the deep operating experience Sun Capital and its affiliates have within the furniture and mattress industries will be instrumental in ensuring the future success of International Bedding,” he said in a press release issued Thursday.
Jason Neimark, managing director, Sun Capital Partners Inc., said, “International Bedding is a well-established, nationally-recognized manufacturer of quality mattresses and mattress foundations. We look forward to working with the company’s employees in their efforts to continue to grow and enhance the great business that the Ellman family has built over the last 33 years.”
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
Contending with tough business conditions, especially in the United States, Natuzzi reported a 18.3 percent decline in revenues during its first quarter and an operating loss during the period. Net sales in the Americas declined 27.3 percent, Italy’s largest furniture manufacturer reported Wednesday.
“As previously anticipated, first-quarter 2007 turnover performance was affected by the challenging business environment in all the major markets,” said CEO Ernesto Greco. “In the U.S., the business level was even more depressed, as confirmed by other major players, mainly due to the low consumer confidence and to the sharp decline” in home sales, he said. “(Despite) the persistence of such tough business conditions, we remain committed in investing in the Natuzzi brand repositioning encouraged by the favorable acceptance of our new models presented during the last International Milan (Furniture) Fair. We are continuing the reorganization process of the retail activities as well as our ongoing restructuring process of our production to better match our cost structure with the pace of incoming orders.”
For the quarter ended March 31, total net sales were EURO 153.8 million, down from EURO 188.2 the previous year. The company posted a net loss of EURO 4.7 million versus net earnings of EURO 6.8 million the previous year.
Furniture retailers operate more than 547 Natuzzi galleries worldwide. In addition the company sells through 125 Divani & Divani by Natuzzi stores in Italy and 158 licensed stores in the rest of the world.