Daily News Archive
Brought to you by Home Furnishings Business
April 18,
2007 by in UnCategorized 
By Home Furnishings Business in Upholstery on April 2007
Quaker Fabric has reported a net loss of $5.1 million for the first quarter ended March 31, compared to a $4.1 million loss during the same period in 2006.
Net sales for the quarter were $32.6 million, compared to net sales of $46.2 million for the corresponding period last year. Quaker’s financial results for the first quarter of fiscal year 2007 include after-tax restructuring charges of $300,000. Excluding these charges, net loss for the first fiscal quarter of 2007 was $4.8 million.
“While we are making progress with our efforts to restructure the company, we clearly still have a lot of work to do—with primary emphasis on our ongoing efforts to manage the company back to profitability by increasing our overall sales, striking the right balance between domestic production and global sourcing, achieving costs consistent with our sales, and generating adequate cash flows,” said Larry Liebenow, Quaker president and chief executive officer. “We are encouraged by the stability that can be seen in our sales over the past three quarters—and by the sequential improvement in our margins over that same time period. More specifically, net sales during the second half of last year and the first quarter of this year have been steady—and our first-quarter operating loss before restructuring and asset impairment charges decreased significantly versus the fourth quarter of last year.”
Liebenow said the company had also reduced its debt by about $1 million during the first quarter.
“We are also determined to reduce debt through the sale of excess assets. As part of that effort, we anticipate completing the sale of our corporate headquarters building in Fall River later this month—and aggressive marketing of the other assets we are holding for sale continues,” he said.
April 18,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on April 2007
Sofa Express & More has promoted Len Burke to vice president of store operations, the Columbus, Ohio-based retailer announced Wednesday.
Burke, a 20 year retail furniture veteran, has been with Sofa Express & More for 18 years, reports to President and Chief Executive Officer Woolard Harris in his new role. Most recently, Burke was director of outlet operations, where he was responsible for the merchandising, marketing and operations of eight outlet locations in four markets.
“Len seemed an obvious choice given his overall knowledge of the industry and his motivational selling tactics,” said Harris. “He is an extremely energetic person whose positive attitude and work ethic lift all those around him. I am extremely happy that Len has accepted this new challenge and he has already created a positive impact at our company.”
Sofa Express & More has more than 40 stores and 800 employees in seven states, and is owned by an affiliate of full-line vendor Klaussner Furniture Inc.
April 18,
2007 by in UnCategorized
By Home Furnishings Business in Casual Dining on April 2007
Chromcraft Revington Inc., West Lafayette, Ind., announced Wednesday that Mike Hanna will assume responsibility for all Chromcraft Revington casual dining product, including Cochrane and Chromcraft Furniture.
Hanna, who continues as president of the Chromcraft division, will report directly to David Corbin, Chromcraft Revington corporate senior vice president. Hanna will help the company continue development of a full range of wood, mixed media, metal and customized casual dining products.
Hanna has nearly 30 years of industry experience working with Chromcraft Revington companies, including more than a decade in sales management for Chromcraft, prior to spending four years as president of Peters-Revington. Hanna was named president of Chromcraft Furniture in 2000.
“We welcome the perspective, knowledge and experience Mike brings to the Chromcraft Revington product development team,” said Corbin. “Chromcraft, like Cochrane, has a program that allows for variety, versatility and customization of finish, design, size and materials. He brings unique understanding of the opportunity in meeting all consumer price points as well as casual dining needs.”
April 18,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on April 2007
Cost Plus, owner of World Market, has entered into a confidentiality and standstill agreement with Red Mountain Capital Partners. Under the agreement, Cost Plus will provide Red Mountain, which owns a 9.8 percent stake in the retailer, current non-public information.
Red Mountain has expressed an interest in maintaining conversations with Cost Plus management about the retailer’s operations, strategic direction, capital structure and corporate governance.
Cost Plus agreed to grant Red Mountain’s request for confidential information based on acceptance of a standstill agreement prohibiting the firm from acquiring additional Cost Plus shares through the end of this year without the retailer’s written consent. The agreement also prevents Red Mountain from taking other actions that could change control of the company through the end of the year.
Cost Plus has 292 stores in 34 states. Red Mountain Capital Partners is a Los Angeles-based investment firm that takes long-term stakes in micro-cap public companies and works with management to increase shareholder value.
April 17,
2007 by in UnCategorized
By Home Furnishings Business in Upholstery on April 2007
Gary Okrusko has been named U.S. sales manager for Stylus Made to Order Sofas.
In the position, Okrusko is responsible for manging Stylus’ existing U.S. sales representatives and developing new markets. Prior to joining Stylus, Okrusko was vice president of sales and marketing in North America for HTL. He has also held positions with Palliser and Berkline in sales management.
The newly created position results from growth and potential in the U.S. market, according to Jason Harris, sales manager. Harris will continue to oversee the Canadian sales represenatives, as well as continue his marketing and merchandising duties.