Daily News Archive
Brought to you by Home Furnishings Business
August 28,
2012 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on August 29, 2012
Sleeper sofa and upholstery retailer Sleepers in Seattle has made the 2012 Inc. 5000 list of America's fastest-growing private companies.
Sleepers In Seattle, which came in number 2,453 on the list, has a retail outlet in West Seattle and a thriving e-commerce presence.
"Receiving this award is an honor and a testament to our dedication to providing superior customer service both in our retail store and on our three company websites," said President Carlos Alcabes. "With continuous development to our online platform and newly formed partnerships with some of the industry's topmanufacturers, we look forward to many more years of sustained growth."
Inc. Magazine will recognize Sleepers In Seattle and the other honorees at the 2012 Inc. 500/5000 Conference & Awards Ceremony in Phoenix, Ariz., in October. The event brings together current honorees and alumni to recognize the achievements of these top entrepreneurs and the contributions they have made to the global economy.
Click here for the complete 2012 Inc. 5000 list.
August 28,
2012 by in UnCategorized
By Home Furnishings Business in Financial Reports on August 29, 2012
The board of Bassett Furniture Inds. (NASDAQ: BSET) has declared a special dividend of $1.25 per share.
The dividend is payable on Oct. 26 to holders of record of common stock on Oct. 12.
For the past two quarters Bassett has paid a quarterly dividend to shareholders of $0.05 per share. As previously announced, the Company's third quarter dividend will be paid later this week at the $0.05 per share level. Previously this year, on Jan. 3, shareholders received a special dividend of $0.50 per share. Today's announcement of the latest special dividend means that by the end of October, Bassett will have paid shareholders $1.995 per share since the sale of its interest in the International Home Furnishings Center in May 2011, totaling approximately $22 million.
"We are pleased to be in the position to announce another significant special dividend to our shareholders in fiscal 2012," said Robert H. Spilman Jr., president and CEO. "Although growing our top line sales and further improving our operating results remain the best means of enhancing shareholder value, we believe that our present level of liquidity warrants the additional distribution to shareholders that our Board of Directors has just approved. We also believe that after this distribution in October the Company has adequate financial means to execute future growth strategies in both its wholesale and retail segments."
August 27,
2012 by in UnCategorized
By Home Furnishings Business in Mattresses on August 28, 2012
Mattress manufacturer and licensor Comfort Solutions and its Shanghai-based licensee plan to open as many 50 new King Koil retail outlets in China next year.
The licensee, King Koil-China, and Comfort Solutions, Willowbrook, Ill., have signed a new perpetual agreement for King Koil-China to make, market and sell King Koil mattresses throughout China and in new King Koil-branded retail stores the licensee plans to open in 2013. The licensee plans to establish a total of 500 stores across China over the next five years.
King Koil-China is opening a third manufacturing facility to increase its capacity and to prepare to supply next year's retail expansion.
King Koil-China has been an exceptionally strong and growing presence overseas since 2000, when the original license agreement was signed, said Comfort Solutions President and COO Dave Roberts. The decision to create a perpetual relationship and to begin leveraging the King Koil brand at retail demonstrates the high level of interest and trust in our name that exists overseas today.
Were very excited about this new partnership and about King Koil-Chinas intention to significantly extend and expand the distribution of the brand in the years ahead.
A global mattress company, Comfort Solutions is the sixth-largest bedding producer in the United States and has 37 international licensees serving 80 countries. Under its Never Stop Dreaming brand message, the company markets multiple sleep collections including iMattress, Laura Ashley, Natural Response and The Dr. Breus Bed, in addition to King Koil products.
August 27,
2012 by in UnCategorized
By Home Furnishings Business in Community/Charitable Support on August 28, 2012
Morris Furniture Co.'s recent charity golf benefit raised more than $125,000 for The Children's Medical Center of Dayton, Ohio.
During the vendor appreciation breakfast preceding the event, one vendor and one sales representative were recognized for outstanding service, dedication and support. Todd Ille of Albany Inds. was on hand to accept the Vendor of the Year award; and Jeff Cempre of Lane Furniture was awarded Vendor Representative of the Year.
The award presentation was held at NCR Country Club. Guests of Morris Furniture Co., Fairborn, Ohio, also heard a presentation about the companys recent growth and future expansion plans prior to playing on the course. CEO Larry Klaben announced that the companys second Morris Home Center recently opened in Florence, Ky.' and additional store openings are planned in current trading areas.
Each of the vendors honored today, has changed with the times and continues to provide Morris with quality products, great sales tools and ideas to help us grow our business," Klaben said. "We are proud to work together to achieve sales success in a true partnership with both Lane and Albany.
The 5th Annual Gem City Jam golf outing was held at the NCR Country Club, in Kettering, Ohio. More 190 golfers, representing more than 50 company vendors and media partners, participated. As a result of sponsorship, golfer registrations and auctions over $125,000 was raised for The Childrens Medical Center of Dayton. The proceeds from this event will benefit the Pediatric Cancer Care Endowment and provide life-saving medical equipment for the hospital. This makes the 2012 event the most successful to date and surpasses the half-million dollar mark for the Gem City Jam over the past five years.
Morris Furniture Co. thanked all its vendor partners for participating in this golf event and supporting The Childrens Medical Center of Dayton.
A number of companies have been with us since we started the Gem City Jam," Klaben said. "Committing to helping sick children for five years in a row is admirable and these companies deserve our thanks for their generosity year after year.
A highlight of the Gem City Jam was the live auction of three original artworks created by Dayton Childrens cancer patient Dakota Cody Stonerock. Cody is pictured with his mother, Shannon, and Tony Kenney, president of Enon-based Speedway SuperAmerica, the recipient of one of Codys drawings that raised $7,200 for Dayton Childrens during the live auction.
Attendees of the event met Justin Skinner, a Dayton Childrens Ambassador and his father, David. Since his first surgery for spina bifida five hours after birth, Justin has had more than 30 surgeries. Spina bifida is a birth defect that involves the incomplete development of the spinal cord or its coverings.
Today, thanks to the amazing staff at Dayton Childrens, Justin is doing just fine, said David Skinner.
Justin is a very active teenager who has tried nearly any sport. Justin loves wheelchair basketball and currently plays for a varsity team.
I am so proud of all that Justin has experienced in life," David Skinner added. "I am thankful for Dayton Childrens staff desire to treat the child and care for the family.
The support from our vendors and media partners has been outstanding as we continue our mission of Making Homes Great," Klaben said. "The Childrens Medical Center of Dayton is the regions premier childrens hospital and our community will benefit from the generosity of our vendor partners. This non-profit organization serves our entire community with no child ever turned away.
Morris Furniture Co. started in 1947 in downtown Dayton. Morris is one of the largest privately owned furniture stores in Ohio and is owned by Larry Klaben. The company currently employs more than 380 associates in Dayton, Cincinnati, Columbus and most recently Northern Kentucky.
August 27,
2012 by in UnCategorized
By Home Furnishings Business in Retail Technology on August 28, 2012
The Furniture Industry Data Exchange has developed a standard Microsoft Excel spreadsheet to simplify e-commerce for use non-customizable catalog items.
While processing transactions in e-commerce has been relatively simple, building the electronic catalogs has been more difficult. A number of years ago, in order to accommodate the complex configurations associated with custom ordered products (primarily upholstery), FIDX developed a robust standard using XML technology. Unfortunately, more robust means more complex, which resulted in limited use within the industry. The new spread sheet, available for download here, is designed is to increase the use of industry standards, thereby reducing time and cost associated with building and implementing a companys e-catalog.
By using more common Microsoft Excel technology instead of XML, it should allow more flexibility within a company rather than being forced to get support from the companys IT department. The MS Excel solution can be used only for simple, non-customizable products. The XML solution should still be used for the more complex, configured-to-order products.
Representatives from AHFA, Ashley Furniture, Furnituredealer.net, Grey Suit Retail, HFIA, MicroD, NHFA, and Wayfair.com participated in the discussion about the Excel electronic catalog standard.
FIDX is a working group that is jointly sponsored by the American Home Furnishings Alliance, the Home Furnishings Independents Association and the National Home Furnishings Association.