September 18,
2006 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on September 2006
This year’s holiday season may not be as bright and cheery for retailers as past years.
That’s according to the National Retail Federation’s latest prediction for holiday sales. The organization is predicting a 5 percent increase in retail sales bringing holiday spending to $457.4 billion during the months of November and December. That’s compared to last year’s holiday sales of $435.6 billion, which climbed 6.1 percent from 2004’s sales.
“Consumers have faced a number of economic challenges this year and have taken them in stride,” said Rosalind Wells, NRF chief economist. “Although sales gains will not be as robust as last year, retailers can still expect above-average holiday sales growth.”
Over the last 10 years, the average percentage increase in sales for the holiday season is 4.6 percent. One-fifth of retail industry sales, or 19.9 percent, occur during the holiday season, making it the most important time period of the year for the industry.
“Consumers make small sacrifices all year so they can splurge a little during the holidays,” said Tracy Mullin, NRF president and chief executive officer. “If gas prices continue to fall, shoppers will find a little something extra in their wallets, giving them even more reason to celebrate.”
September 18,
2006 by in UnCategorized
By Home Furnishings Business in Upholstery on September 2006
The Rowe Cos., along with subsidiaries upholstery producer Rowe Furniture and retailer Storehouse, have filed for Chapter 11 protection.
The company said the move will allow Rowe to “complete its ongoing restructuring plans and initiatives including the sale of Storehouse, which will enable Rowe to focus on its core manufacturing business.”
In documents filed in the U.S. Bankruptcy Court in the Eastern District of Virginia, The Rowe Cos. listed assets of between $50 million and $100 million with debts of between $10 million and $50 million. Rowe Furniture’s listed assets were the same, and Storehouse listed assets of between $10 million and $50 million with debts of between $10 million and $50 million.
“Rowe Furniture has been one of the country’s leading manufacturers of upholstered furniture for decades, said Jerry Birnbach, president and chief executive. “Our upholstered furniture has been famous for its high quality and craftsmanship and we have employed the finest and most valuable group of associates who have maintained this tradition with utter dedication. We expect that the restructuring steps we are taking, while difficult, will ensure the future of our enterprise and our people.”
Subject to court approval, Rowe will continue to operate in the normal course of business. The company has also asked the court to permit it to continue to maintain payroll and employee benefits.
The top 20 unsecured creditors listed in the documents for Rowe Furniture, include: Carpenter Co. for $793,250; Quaker Fabric for $727,810; Hickory Springs for $653,373; Bluelinx Corp. for $389,872; Morgan Fabrics for $320,906; MS Warehouse for $297,836; Richloom Fabrics for $212,859; Tietex International for $210,751; Penske Logistics for $185,371; Barrow Inds. for $182,713; Hartford Financial Services for $176,639.36; Pacific Coast Feather Cushion Co. for $164,757; Diversified Packaging Corp. for $146,872; Quality Sample Co. for $133,276; Mastercraft Fabrics for $124,262; Gregory Logistic for $115,472; Smurfit Stone Container for $111,640; Furniture Transportations Systems for $108,863; Universal Spring Co. for $107,262; and FedEx for $96,799.
The top 20 unsecured creditors listed for Storehouse are: d-Scan for $977,983; Shermag for $825,091; DeCoro for $428,304; Spencer Press for $413,072; Buying & Design, USA for $386,072; Hartford Financial Systems for $366,508.40; D.C.Ecker Construction for $362,894; Ryder Transportation for $297,881; Mitchell Gold for $279,881; Four Hands for $239,976; Barcalounger for $204,286; Carolina Mattress Guild for $108,749; Padma’s Plantation for $144,819; Curvet USA for $141,973; Directions for $133,946; Purnell Furniture Services for $126,474; Sitcom for $125,761; Midtjydsk Mobelfabrik for $122,442; Sam Moore Furniture for $122,429; and Chase Paymentech for an unknown amount.
September 17,
2006 by in UnCategorized
By Home Furnishings Business in Bedding on September 2006
Tempur-Pedic International will present at the Merriman Curhan Ford Third Annual Investor Summit.
Thomas Bryant, president and chief executive officer, and Dale Williams, chief financial officer, will provide an overview of the company, strategy, products and financials. Management will also be available for questions following the presentation, which is set for Tuesday at 10:15 Pacific time.
Tempur-Pedic will provide a live webcast link on the Investor Relations section of its Web site for the conference. Replays of the company’s presentation will also be available through the Investor Relations section of the company’s Web site, tempurpedic.com.
September 17,
2006 by in UnCategorized
By Home Furnishings Business in Case Goods on September 2006
Lorri Kelley has joined Wynwood as vice president of sales.
Prior to joining Wynwood, Kelley was vice president of Schnadig Furniture where she handled numerous sales and marketing responsibilities, including key account management. In addition, she has 20 years of experience including sales positions with Bernhardt and Thomasville, as well as management positions in sales, marketing, merchandising and retail development with Rowe Furniture and Pennsylvania House.
With the addition of Kelley to the company’s senior management team, Wynwood will increase its customer focus throughout the country. Kelley will be responsible for managing the company’s sales and marketing efforts in the western United States while Marc Abrams, vice president of sales, will be responsible for the eastern portion of the U.S.
September 17,
2006 by in UnCategorized
By Home Furnishings Business in Home Office on September 2006
Masco Corp. has declared a quarterly dividend of $.22 per common share payable on Nov. 6 to shareholders of record on Oct. 6.
Headquartered in Taylor, Mich., Masco is one of the world’s leading manufacturers of home improvement and building products. The company also owns Tvilum-Scanbirk.