May 24,
2006 by in UnCategorized 
By Home Furnishings Business in Upholstery on May 2006
Sofa-sleeper specialist Claude Gable Co. will shutter its factory after 34 years in business.
The shutdown will cut about 200 jobs in High Point where the family-run business has operated since being started by Claude Gable in 1971.
The company has started an “orderly liquidation of its assets” and attributes the decision to difficulties with domestic production costs and the impact of foreign competition.
“Despite these economic realities, the management and owners of the company have fought to keep the business going and to help keep our employees in their livelihood,” the company said in a statement. “Unfortunately, we are not longer able to do so.”
May 23,
2006 by in UnCategorized
By Home Furnishings Business in Case Goods on May 2006
Mark Copping has joined La-Z-Boy Inc. to become vice president, corporate controller and chief accounting officer when the position is vacated later this year.
Mike Riccio Jr. currently holds the position, and he will be succeeding David Risley as chief financial officer. Risley plans to retire following the completion of the company’s year-end reporting this summer.
In his new position, Copping will report to Riccio and will be responsble for corporate accounting, accounting consolidations, the company’s internal and external financial reporting, payroll and internal control compliance in addition to special projects and analysis.
“We are delighted Mark is joining La-Z-Boy,” Riccio said. “He brings with him significant financial expertise and a wealth of relevant experience which will allow him to quickly make a meaningful contribution to our organization.”
Most recently, Copping was vice president and controller of Agrium, Inc., where he was responsible for internal and Securities and Exchange Commission reporting, business planning and analysis, internal control compliance, operations finance and business process improvement. Before that, he was the chief financial officer for Blue Bird Corp.
May 23,
2006 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2006
After speeding past the $100-billion mark just three years ago, online sales will likely top $200 billion this year.
That’s according to the 2006 State of Retailing Online, the ninth annual Shop.org study conducted by Forrester Research of 174 retailers. The survey reports that 2006 online sales (including travel) are expected to rise 20 percent to $211.4 billion. Sales excluding travel will reach $138 billion.
The largest non-travel categories this year will include computer hardware and software ($16.8 billion), autos and auto parts ($15.9 billion), and apparel, accessories, and footwear ($13.8 billion). Pet supplies and cosmetics and fragrances are expected to experience growth rates over 30 percent, more than any other categories.
According to the report, online sales last year rose 25 percent to $176.4 billion. Excluding travel, online retail sales rose 28 percent to $113.6 billion, representing 4.7 percent of total retail sales in 2005. The survey takes into account home furnishings sales, in addition to computers, automobiles, apparel, consumer electronics and other smaller ticket items.
Recognizing the importance of online shopping, retailers are investing in Web sites to capture those customers who preshop, according to the survey.
As customers increasingly use the Internet to compare prices, find gift ideas, and research products, retailers are relying on Web sites to increase sales in their stores. To create a true multichannel environment, retailers are employing a variety of different strategies. More than two-thirds of retailers have consistent pricing across channels and almost half—46 percent—allow their customers to buy and redeem gift cards online and in stores.
“By encouraging different channels to work together, instead of in isolation, everybody wins,” said Scott Silverman, executive director of Shop.org. “Retailers have been focusing on integrating their Web sites and stores to better serve their customers, which is paying off for companies in the form of higher sales.”
Retailers recognize the importance the online channel plays in overall sales. In fact, retailers reported that 22 percent of offline sales are influenced by the Web. Web sites can also give retailers an opportunity to reach out to an entire new customer base, as 38 percent of online customers are new to a company’s entire business.
Shop.org is the association for retailers online. Founded in 1996, Shop.org became a division of the National Retail Federation in 2001. The association’s membership includes interactive executives from store-based retailers, catalog-based retailers, Web-based retailers, and retail solution providers.
May 23,
2006 by in UnCategorized
By Home Furnishings Business in Case Goods on May 2006
Wesley Miller has been named plant manager of Broyhill Furniture’s chair plant #5 facility in Lenoir, N.C., succeeding Dwight Davis who left the company to pursue other interests.
Miller has has been with the company for nearly 28 years, with the majority of his career spent at its Harper facility where he served in a number of management positions including division manager and production manager.
“Wesley’s years of experience with Broyhill will be a strong asset for this position as we continue to grow this important area of our business,” said Jim Price, senior vice president of upholstery manufacturing. “We are glad to have him leading our team at plant five.”
May 22,
2006 by in UnCategorized
By Home Furnishings Business in Bedding on May 2006
Specialty bedding producer Tempur-Pedic International has increased the total authorization under the company’s share repurchase program by an additional $40 million for a total of $220 million.
Since inception of the Tempur-Pedic’s repurchase program through yesterday, the company has repurchased more than 15 million shares at a total cost of $180 million, resulting in it having repurchased the full amount of its prior authorization under the share repurchase program.
“We are very confident in the company’s future, our superior products and our ability to remain the market leader in the viscoelastic, premium mattress and premium pillow categories,” said Thomas Bryant, chief executive officer. “We are focused on driving our business model and optimizing our capital structure to improve the overall return to our shareholders. We continue to believe the share repurchase program is an attractive vehicle to significantly increase shareholder value over the long term, particularly in light of the strong cash flow generated by the company’s business model.”
Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management and a committee of the board of directors deem appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, financing and regulatory requirements and other market conditions.