Daily News Archive
Brought to you by Home Furnishings Business
May 15,
2007 by in UnCategorized 
By Home Furnishings Business in Motion Upholstery on May 2007
Peoploungers, Nettleton, Miss., filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of Northern Mississippi Tuesday. The motion upholstery company’s filing indicates it owes its 20 largest unsecured creditors more than $6 million.
The filing indicates the company believes funds will be available to unsecured creditors.
Top creditors include: Hickory Springs Manufacturing ($1.96 million); Haining Mengnu Group of Haining, China ($1.09 million); Haining Jinzheng Furniture of Haining, China ($658,127); Omega Motion ($393, 209): Henson Distributors ($329,145); Foamex ($256,794); Ryder Transportation ($303,285); Smurfit-Stone Container ($224,618); Bentley Design International ($204,119) and Leggett & Platt ($122,888); and Culp ($86,583).
Founded in May 1979, Peoploungers claims on its Web site to have have been the first company to successfully sell motion upholstery as a primary product. A company history said fierce competition forced the company to reinvent itself, and it was sold in 1997 to James Green Jr., the company’s chairman and president, in what the Web site describes as a buyout reorganization. Under Green’s ownership, the company streamlined its product line and made a commitment to providing the best in value, quality, styling and service. The company history states it has more than 750 employees and operates a 500,000-square-foot factory.
May 15,
2007 by in UnCategorized
By Home Furnishings Business in Mattresses on May 2007
Atlanta-based Simmons reported Tuesday that net sales in its first quarter increased 13.4 percent to a record $267.4 million.
The company reported $4.4 million in net income, which was down from $6.4 million during the same period of 2006. Simmons said financial results for the quarter included about $11 million in costs related to the rollout of the company’s new Beautyrest product line.
Simmons Chairman and CEO Charlie Eitel said, “The strong sales momentum we had in 2006 continued into the first quarter of 2007, resulting in a new first quarter sales record for Simmons. The roll out of our new 2007 Beautyrest product line, which is being well received by dealers and consumers alike, (began) in our first quarter and will be completed by early June.”
May 15,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
Iconic department store retailer Neiman Marcus, Dallas, Texas, has teamed with Vera Wang and Serta, which manufacturers the designer’s licensed bedding line, for a collection of luxury mattresses exclusive to Neiman Marcus.
The retailer’s first mattress offering in its 100-year history, the Vera Wang for Neiman Marcus collection, is tailored specifically for the Neiman Marcus customer committed to luxury, fashion and quality.
Each bed features Vera Wang’s signature Floral Vine design, as well as Embraceable Comfort, a luxurious down-like blanket top providing added comfort. Premium model features layers of both Visco memory foam and breathable latex foam, the latest in mattress technology.
The collection’s five models will range in price from $1,999 to $2,999.
The Vera Wang bedding is available this month at Neiman Marcus’ online stores—NeimanMarcus.com and Horchow.com.
May 15,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
The International Sleep Products Association’s latest Bedding Barometer report indicates first-quarter 2007 increases for mattress and foundation shipments of 1.6 percent in dollar volume to an estimated $2.4 billion; and 0.2 percent in units to around 8.6 million mattresses/foundations, compared to the same period last year.
Average unit selling price increased 1.4 percent during the first three months of 2007.
For the report, ISPA surveys 19 leading U.S. mattress producers accounting for approximately 61 percent of the units shipped and 46 percent of the wholesale value of U.S.-produced mattresses and foundations; and uses those results as an indicator for the entire mattress industry.
Looking at only the survey sample, the 19 participating mattress producers shipped nearly 2.7 million mattresses and nearly 2.6 million foundations during the first quarter of 2007. Of the mattresses, 2.4 million were innerspring mattresses, versus nearly 292,000 non-innerspring products. The survey also shows that the mattresses and foundations covered by the sample were worth $840.4 million and $246.2 million, respectively. The dollar values reported for the innerspring and non-innerspring mattresses were $595.1 million and $245.3 million, respectively. Compared to the first quarter of 2006, unit shipments of innerspring mattresses dropped 1.4 percent, while non-innerspring unit shipments grew 7.3 percent.
ISPA also released its updated industry consensus forecast for the remainder of 2007 and 2008. Taking early 2007 data into account, the updated forecast predicts that unit shipments will continue to grow modestly through 2008, at approximately 1 percent in 2007 and 2.5 percent in 2008, with the dollar value of bedding sales predicted to grow 5.5 percent and 7 percent, respectively.
May 15,
2007 by in UnCategorized
By Home Furnishings Business in High Point on May 2007
The dates for High Point Market are being shuffled yet again.
At today’s meeting of the High Point Market Authority, the board decided to move the dates back to the traditional months of April and October beginning with the Spring market in 2008. The exact dates haven’t yet been determined, but the market will run Monday through Sunday. The October 2007 Market dates will not change.
The most recent High Point Market, which kicked off the last week in March, was the first since the board made the date change last year.
The authority board of directors voted unanimously to shift the dates.
“The modifications to market’s calendar were made in response to results of an indepth industry research project focusing on the experience of market attendees,” said Brian Casey, authority president.
More details of the change will be posted at HFBusiness.com as they become available.