Daily News Archive
Brought to you by Home Furnishings Business
January 3,
2007 by in UnCategorized 
By Home Furnishings Business in on January 2007
With a bankruptcy auction looming, management at Rowe Cos. has asked a Bankruptcy Court judge for more time to develop a plan to repay creditors.
In a Dec. 29 filing at the federal court in Alexandria, Va., officials said the company has been focused on closings of its Storehouse retail stores and other matters, according to an Associated Press report released Wednesday. The company requested a four-month extension that would give it until May 13 to file its Chapter 11 plan.
“In the few months since these cases were filed, the debtors have not had an opportunity to formulate a Chapter 11 plan,” company officials wrote in the Dec. 29 filing, according to the report.
In the meantime, a division of Sun Capital Partners is the lead bidder for Rowe and will open a Jan. 18 auction with a $30 million bid for Rowe’s remaining assets.
Rowe filed for bankrutpcy on September 18 in a move the company said was prompted by declining sales and rising interest payments on its debt. In its most recent court filing, the company said it is still tallying its total debt and working to determine the legitimacy of some outstanding claims.
January 3,
2007 by in UnCategorized
By Home Furnishings Business in on January 2007
The National Furniture Bank Association has named Don Lawrence executive director. Lawrence has been with the NFBA since 2003 as the vice president of communications.
Phil Van Poetsch has served as the executive director of the NFBA since 2004, and remains with the organization as the vice president of operations.
“Don and I have worked very closely over the years, and as he has had far more contact with furniture industry executives, he has become the ‘face of the NFBA,’” Van Poetsch said. “Consequently, it seems an appropriate move for Don to become the primary point of contact as executive director. I look forward to working with him for years to come.”
Lawrence has extensive experience running associations and will continue in his primary role of promoting the NFBA. Van Poetsch will continue administering the finances of the NFBA in close conjunction with Lawrence.
“The change of titles doesn’t affect their responsibilities,” said NFBA chairman Tom Polk. “It merely better reflects their roles at the NFBA to the people within the home furnishings industry, and to furniture bank operators in the NFBA family. ... Don and Phil work very well with one another, and each bring strength to the NFBA.”
Lawrence was the founder and president of the National Convergence Alliance, the communications technology association which operated from 1996 to 2003. He also volunteers as the president of the non-profit SANS Foundation which provides free suicide and depression screening to schools in New England, and is part of the Massachusetts Coalition for Suicide Prevention.
The NFBA is a unified non-profit organization of the home furnishings industry. Supported by sponsorships, its mission is to increase the service capacity of existing furniture banks, and open new furniture banks in areas without one.
January 3,
2007 by in UnCategorized
By Home Furnishings Business in on January 2007
Last year was a stealth one for online retailers with a recent report noting a healthy 24 percent increase in sales over 2005.
According to comScore Networks, consumer spending online last year reached $102.1 billion, compared to $82.3 billion during 2005. Online holiday sales accounted for $24.6 billion, up 26 percent from the $19.6 billion posted in 2005.
“2006 was certainly an exceptional year for online retailers as e-commerce spending eclipsed $100 billion for the first time, and growth remained very strong with a 24-percent increase versus last year,” said Gian Fulgoni, chairman of comScore Networks. “The online holiday shopping season of course played a vital role in the year’s success, as spending accelerated during the final two months of the year, helping push total online retail spending over the $100 billion threshold.”
Twelve days during the holiday shopping season ranging from Nov. 27 to Dec. 15 topped the $600 million mark. Wednesday, Dec. 13 was the heaviest online shopping day with sales hitting $666.9 million. In comparison, only six days during the 2005 holiday shopping season reached $500 million.
January 3,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on January 2007
Pier 1 reported sales for the five-week period ended Dec. 30 declined 10.9 percent to $242.5 million from $272.3 million during the same period in 2005.
In addition, same-store sales declined 10.7 percent. Year-to-date sales of nearly $1.4 billion were down 9.8 percent from $1.5 billion last year, and comparable-store sales declined 11.4 percent.
“Although early December sales trends, driven primarily by holiday-related items, were better than we had experienced in prior months, sales of our core home furnishing related items did not improve,” said Marvin Girouard, the specialty retailer’s chairman and chief executive officer. “Overall, sales were very promotional, resulting in the strong sell-through of seasonal merchandise and continued inventory control.”
Girouard said the retailer has started its January clearance and is focused on keeping inventory levels “on plan as we being to receive the new spring merchandise.”
January 2,
2007 by in UnCategorized
By Home Furnishings Business in Las Vegas on January 2007
High-end design-trade vendor Kreiss will use a collaboration with international husband-and-wife international tennis stars Andre Agassi and Stefanie Graf to highlight its debut to the furniture retail channel at this month’s Las Vegas market.
In addition to the new collection and showroom, Kreiss looks to expand distribution in select markets by offering exclusive gallery opportunities to a limited number of retailers.
The “Agassi Graf Collection” is the centerpiece of Kreiss’ new showroom at the World Market Center’s Building B, located in space 100 of the new building’s first floor. The 68-year-old, family-owned company already has 20 existing trade-only showrooms. Typically known for a “California Look” blending classic elegance with casual comfort, Kreiss will offer Las Vegas market buyers a mix of custom handmade furniture, unique accessories, fabrics and fine linens. Other style themes will include contemporary, Neoclassical, Mediterranean for a diverse, transitional offering.
The Kreiss family will co-host a ribbon cutting ceremony in the new showroom Monday, Jan. 29, with Agassi and Graf, both residents of Las Vegas, and the company’s partners in the new Agassi Graf Collection. Designers are invited to attend the opening and preview the new pieces.
The new collection combines Agassi and Graf’s design sensibilities, and features pieces for the dining room, living room and poolside; complete with a novelty tennis-ball chair for indoor-outdoor use.
Kreiss, Agassi and Graf go back a ways. The first piece of furniture Andre Agassi bought after he won his first major tournament, Wimbledon in 1992, was a Kreiss sofa. In the following years, he and his wife, Stefanie Graf, became ardent devotees of the Kreiss aesthetic. The couple had long discussed designing a custom collection with Kreiss for their own home. Instead Agassi, Graf and the Kreiss family decided to launch a furniture line for the public, together as partners.
“It felt like a natural extension of our long-standing relationship,” says Mike Kreiss, president of Kreiss. The collection’s goal? Capture a dynamic couple’s indomitable energy and spirit while remaining true to the classic Kreiss style.
“When looking at furniture, I look for comfort and subtle elegance, something that’s luxurious but not opulent,” Agassi said. “Stefanie likes streamlined design, modular pieces that define symmetry. We love the softness of the woven leather and the strength of the steel and synthetic rattan. The color palette is distinctly us--the chocolate brown and ecru hues are contemporary and warm. While the collection is chic and sophisticated, the strength and texture of the materials lend themselves to an indoor-outdoor lifestyle. In fact, Kreiss upholsteries are known for their refined quality so we trusted that they could work with us to develop an indoor and outdoor collection that would stand the test of time, weather and children.”
The entire collection is currently available for pre-order in Kreiss’ 20 other showrooms.