Daily News Archive
Brought to you by Home Furnishings Business
August 24,
2006 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on August 2006
Deb McKirahan has rejoined Norwalk Furniture as director of retail merchandising, a new position responsible for developing new product programs for the company’s franchises.
With her heightened level of energy and experience, Deb has a keen eye for home fashion and great insight into customer buying habits—including what’s hot, right now,” says Jim Gerken, Norwalk’s president and chief executive officer. In the new post, McKirahan reports to Joan Ferman, the company’s new president of retail.
McKirahan will set the merchandising program for Norwalk’s franchise stores in the U.S. and Canada, focusing on expanding production assortment with additional categories. New categories will include lighting, wall art, decorative accessories and soft goods. She will also be in charge of sourcing these categories domestically and internationally, as well as assist in fabric buying.
McKirahan left her merchandising post with Norwalk about two years ago when husband Rick McKirahan, now Norwalk’s vice president of strategic planning and operations, was asked to relocate to Singapore as part of his job with UPS.
August 24,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2006
The board of directors of The Home Depot has authorized an additional $3.5 billion to repurchase outstanding shares, bringing the total authorized share repurchase program to $17.5 billion. As of the end of the second quarter of fiscal 2006, the company had repurchased $12.5 billion under this authorization. The board also approved a second quarter dividend of 15 cents.
“The board’s decision today reinforces our confidence in the company’s strategic growth plans and our commitment to generate shareholder returns,” said Bob Nardelli, chairman, president and chief executive officer. “Our strong financial discipline and clear growth strategy allow us to balance capital allocation between investing in our business and returning cash to our shareholders. In 2006 we will invest approximately $3.8 billion back into the business, with over 90 percent to be invested in our retail stores. Since 2001, we have invested $19 billion back into the business, while also returning over $16 billion to shareholders in the form of share repurchases and dividends.”
The company increased its quarterly dividend by 50 percent in January. In addition, since 2002, the company has repurchased 349 million shares, or 17 percent of outstanding shares.
The dividend is payable on September 21to shareholders of record on the close of business on September 7.
August 24,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2006
The owner of Internet furniture retailer iFurn.com is looking to purchase 10 acres of land in Bel Aire, Kan., for a future warehouse and headquarters, the Wichita Eagle reported.
Tracy Norris owns iFurn.com and painreliever.com, which sells medical equipment on the Web. Norris recently quit his chiropractic practice to devote himself to the Internet business, which has won local business awards for fast growth.
Plans call for a 30,000-square-foot office and warehouse, but the parcel will allow for future expansion. Norris looks to close on the land within six months, and open the new facility in around a year and a half.
Currently, Norris doesn’t store any furniture, which is shipped from the manufacturer after he takes the order. The report said he may build a warehouse big enough to store furniture and open a retail store in order to sell more name-brand furniture.
August 23,
2006 by in UnCategorized
By Home Furnishings Business in High Point on August 2006
The International Home Furnishings Market now operates under the name everyone in the industry calls it--the High Point Market.
The High Point Market Authority, which also switched its name to reflect the branding initiative, also introduced a pair of new logos for the show and the authority during its Board of Directors meeting yesterday in High Point.
“While a logo was developed for the authority around the time of its inception, none has existed for the market itself,” said Brian Casey, High Point Market Authority presiden. “In reevaluating market’s brand, we have been faced with two challenges: The first, and most critical, is the official name, which we found few industry executives actually using. Both in this country and beyond, people refer to our bi-annual event as ‘High Point,’ or ‘High Point Market,’ just as they say, ‘Cologne,’ ‘Shanghai,’ ‘Paris,’ ‘New York,’ and so on.”
The authority and the market essentially share the same logo symbol, a multi-branched tree. Casey said it made no sense for the authority to have a logo disconnected from the market itself.
“At the same time,” Casey continued, “we did not believe it made sense for the Authority to have a logo that is disconnected from that of the Market itself. Therefore, the logos we’ve developed now inextricably link the High Point Market with the High Point Market Authority, which is exactly as it should be.”
The tree speaks to the High Point Market’s early history and the case goods makers who essentially planted the seed for market years ago; and as a growing organism, also symbolizes ongoing growth.
The logos are designed to change color in time with the spring and fall Markets.
In addition to announcing the re-branding initiative, the High Point Market Authority elected two new members to its board of directors. They are: Jeff Scheffer, president and chief executive officer of case goods major Stanley Furniture Co.; and Lynn Davis, president of upholstery and case goods supplier Davis International. In addition to running his company, Davis has emerged in recent years as an important showroom developer, especially in the South Centennial area of High Point.
August 23,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on August 2006
Badcock Home Furniture & More will hold its Fall 2006 Dealer Meeting Sept. 15-18 at the Sheraton Hotel and Convention Center in Myrtle Beach, S.C.
During a general business session Saturday, Badcock executive will discuss the year’s achievements and future goals. Highlights for 2006 include growth in the Mid-Atlantic region, particularly North Carolina and Virginia; and increased same-store sales comparing year-over-year performance.
Monday will feature a breakdown of fall merchandise dealers will be seeing in their stores.
Mulberry, Fla.-based Badcock has more than 330 locations, 75 percent of which are dealer-owned and -operated.