Daily News Archive
Brought to you by Home Furnishings Business
April 11,
2007 by in UnCategorized
By Home Furnishings Business in Casual Furniture on April 2007
Casual retailer Cost Plus, Inc., Oakland, Calif., announced today that it will reschedule its fourth-quarter 2006 earnings release and conference call in order to complete its review of certain inventory accounting practices that will affect year-end inventory reserve balances and cost of goods sold.
The company will announce the date of its earnings release and conference call at a later date.
“After making significant changes in our accounting organization this past year, we thought it prudent to thoroughly examine our past procedures and practices for year-end reconciliations and adjustments, especially as they related to inventory,” said Barry Feld, president and CEO. “During the year-end closing process, we discovered discrepancies in certain inventory reconciliations. We are in the process of completing an extensive internal analysis of the discrepancies.”
Feld added that the differences related to the inventory reconciliation could result in a restatement of the financial statements for fiscal years 2002 through 2005 as well as the first three fiscal quarters of 2006.
April 10,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on April 2007
Rockaway Bedding, Randolph, N.J., has filed for Chapter 11 bankruptcy protection Tuesday in the U.S. Bankruptcy Court in New Jersey. The company operates more than 180 stores.
No reason was cited in its bankruptcy petition for the filing, but the company indicated it owes 20 unsecured creditors about $12.7 million. The retailer, which sells brands that include Sealy, Simmons and Tempur-Pedic, operates in seven Northeastern states and the District of Columbia.
According to press reports, the largest unsecured furniture industry creditors include Tempur-Pedic ($2.1 million), Simmons ($1.6 million), Sealy ($1.2 million), Serta ($844,000) and Stearns & Foster ($592,000).
April 10,
2007 by in UnCategorized
By Home Furnishings Business in Retail Technology on April 2007
Design Within Reach, San Francisco, is replacing its custom-built business management system with Microsoft’s enterprise resource planning (ERP) system, Microsoft Dynamics AX, the Redmond, Wash.-based software company announced Wednesday.
Joe Martins, vice president of IT, Design Within Reach, said the company selected the Microsoft system for its ease of implementation and system maintenance. Another factor is the system’s ability to manage the rapid growth of the company’s showroom, catalog and Internet businesses.
“We need software that’s going to help us keep up with our growth, and the flexibility and scalability of Microsoft Dynamics AX will help us do this,” Martins said. With the system, he said, “We can focus on what we do best—bringing modern-design furniture and accessories to our customers. We don’ t have to be in the software development business.”
Design Within Reach operates more than 60 showrooms nationwide in addition to its catalog and Internet businesses. It recently reported annual sales of $178 million, an 11 percent increase over the previous year.
April 10,
2007 by in UnCategorized
By Home Furnishings Business in Las Vegas on April 2007
The World Market Center announced three additions to its staff as it readies for the July 30-August 3 Summer Las Vegas Market.
Sean Doane joins World Market Center as operations manager. He has more than nine years experience in the convention industry and previously worked for Freeman Companies in Las Vegas. He reports to Michelle Monteferrante, director of trade show operations.
Esmeralda Dominguez has been named collection manager after previously working as a credit and collections specialist with Caltrol and Safari International, both of which are in Las Vegas. She reports to Director of Accounting Kathy Venezia.
Christine Gargano has been named special events coordinator. She has 11 years of experience in management, operations, merchandising and production. She reports to Special Events Manager Laurie Dorough.
April 10,
2007 by in UnCategorized
By Home Furnishings Business in on April 2007
Joan Fabrics Corp. and its wholly owned subsidiary, Madison Avenue Design, have filed voluntary petitions in Delaware for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The companies, which filed in Delaware, intend to utilize the Chapter 11 process to reorganize their business and financial operations.
Carl Marks Advisory Group, a business advisory and interim management firm, has taken over day to day operations. Former president and CEO Elkin McCallum stepped down last week, but remains on the board of directors. Joan Fabrics, based in Tyngsboro, Mass., and Madison Avenue will remain fully operational during the Chapter 11 process, according to a company announcement Tuesday. Its 700 employees are unaffected by the filing, and customers should expect business as usual in terms of products, delivery and service.
Richard Heller, chief operating officer, said, “Joan Fabrics has many positive advantages as a business. They ran into some recent challenges due to the downturn in the US textile industry caused by, among other factors, increased foreign competition. However, their quality products, strong customer base and excellent design team provide a solid foundation for the business to be restructured and emerge successfully from Chapter 11.”
The companies have reached debtor in possession financing agreements of more than $10 million with their lenders, led by Bank of America as administrative agent and factor CIT.
Heller said, “This will allow us to meet the companies’ cash needs and give us opportunities to explore strategic options to determine the company’s future. We are already in contact with a number of firms who have expressed interest in acquiring some or all of our operating units. We believe that such a sale will provide the most advantageous result for our employees, customers and creditors.”
Joan Fabrics, founded in 1932, manufactures woven jacquard and velour fabrics. Joan and Madison Avenue have factories in North Carolina and an affiliate in Mexico. Annually, Joan Fabrics introduces over 1,500 new open line designs and provides exclusive designs for the distributor trade and jobbers who supply product to the interior design trade and other related businesses.