Daily News Archive
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August 15,
2012 by in UnCategorized 
By Home Furnishings Business in Business Strategy on August 16, 2012
The Next Generation-NOW home furnishings networking group has will host its first online "NGN Huddle" on August 22 at 11 a.m. PDT.
The first NGN Huddle, "Generation2Generation," will offer advice from two successful retail stores on how they are handling the generational transition. The skills and knowledge passed from generation to generation can help businesses grow, succeed and thrivebut the transition between generations isn't always a simple one. Family-business owners from Gates Home Furnishings, Grants Pass, Ore.; and Coconis Furniture, South Zanesville, Ohio, will be on hand to answer questions provided by the Next Generation-NOW membership. Both stores currently have two generations working side-by-side.
There is always so much you can learn from talking to others, and this first NGN Huddle will focus on an issue that many of us are dealing with in the industry, said Nick Gates. Succession of a business isnt easy. I am excited to share our businesses success when it comes to transitioning from generation to generation. My dad transitioned into the business in 1977, and has built a successful business for me to continue. I know that Coconis Furniture has also had great success at surviving multiple successions over the last 85 years. I have already learned so much from the Coconis family, and I know attendees will too.
Utilizing the next generations tech-savviness, the NGN Huddle will be conducted through Google Hangouts and social media. To attend, members simply create a profile on the Next Generation-NOW social site, log-in and then they can start watching the panel discussion live. To ask questions, members simply post to the Social pages wall, or Tweet @ngnow on Twitter.
Next Generation-NOW, an incubator for those new to the industry, is a hosted community of the National Furnishings Association and Western Home Furnishings Association. To sign-up for Next Generation-NOW Social page, visit social.ngnow.org. For more information, visit ngnow.org.
August 15,
2012 by in UnCategorized
By Home Furnishings Business in Outdoor Furniture on August 16, 2012
Luxury outdoor furniture vendor Gloster has announced changes in sales representation for several territories.
Craig Welsh, an important member of the Gloster sales team for the past 14 years, has been named the new Gloster retail sales rep for the state of Florida. Gloster is confident that Welsh will build upon his successes he previously achieved as its retail sales rep in New York and New Jersey.
Gloster has named Justin Welsh the new rep for New York and New Jersey, effective immediately. Having worked with his father for several years as he learned Gloster and the industry, Welsh is now fully responsible for this growing and important territory.
Headquartered in England and with own companies around the world, Gloster was established in the United States in 1994. Gloster designs and manufactures a range of industry-leading traditional and contemporary outdoor furniture in a variety of materials including: outdoor lounge, teak, all-weather wicker, stainless steel, aluminum and vinyl sling.
August 14,
2012 by in UnCategorized
By Home Furnishings Business in Rugs on August 15, 2012
Rug supplier Oriental Weavers will mark the opening of a new showroom during the upcoming New York Home Fashions Market.
The new showroom is almost double the size of its current space with more than 10,000 square feet, and will feature space for Oriental Weavers USA, Sphinx by Oriental Weavers, as well as the OW Hospitality division. The showroom is located on the seventh floor of the 295 5th Avenue Textile Building suite 719.
Oriental Weavers' divisions will showcase its machine-woven, printed, and hand-crafted accent and area rugs, broadloom, Axminster, rug pad and all other product segments for the company.
"With the breadth of our current area rug assortment, and tremendous growth in other segments of our business, such as OW Hospitality, the new expanded showroom was essential for us to showcase our existing product line and new market introductions," said Michael Riley, president of Oriental Weavers USA. "The New York Home Fashions Market is the premier market for the largest retailers in North America and New York City is also a key hub for the global A & D community and plays a pivotal role for OWH by having a hospitality presence there. We are excited about our new expanded showroom, and our commitment to the Global Marketplace."
August 14,
2012 by in UnCategorized
By Home Furnishings Business in Executive Changes on August 15, 2012
Furniture retailer Havertys' (NYSE: HVT) board has elected Clarence H. Smith chairman, succeeding L. Phillip "Phil" Humann who was elected lead director.
Smith will continue to serve as Havertys' president and chief executive officer, a position he has held since 2003. Smith was elected a director in 1981. During his 38 years' tenure with Havertys he has worked in a variety of roles both in the corporate and retail operations. He also serves as a director of Oxford Industries Inc. and is a member of the board of trustees of Marist School.
Humann has served on Havertys' board since 1992 and was elected chairman in 2010 upon the retirement of Clancy H. Ridley. Humann retired from SunTrust Banks Inc. in 2009 where he served as chairman of the board for 10 years, during eight of which he was also CEO. He currently is presiding director of Equifax Inc. and Coca Cola Enterprises Inc.
"It has been a privilege to serve as chairman of a company with such a long history of integrity and success," Humann said. "Clarence's leadership, strategic decision-making and dedication to Havertys' mission during these challenging years is confirmation of his abilities to direct the company's course in the future."
"Phil's experience as a former chairman and chief executive of a Fortune 500 company, great business acumen and temperament made him an excellent chairman during a transitional period as Havertys has improved its financial strength and reignited its growth," said Smith. "I look forward to his personal guidance and his continuing service on our board in the important role of lead director. Havertys has had six chairmen since its founding in 1885 and I am honored to be chosen by the board to continue to lead the company forward."
The directors also declared a quarterly cash dividend to be paid on the two classes of $1 par value common stock of the company, payable Sept. 12 to stockholders of record at the close of business on August 27, 2012, at a rate of $0.04 per share on the outstanding shares of Common Stock and $0.0375 per share on the outstanding shares of Class A Common Stock.
Havertys, which has 120 showrooms in 17 states in the Southern and Midwestern regions, has paid a cash dividend in each year since 1935.
August 14,
2012 by in UnCategorized
By Home Furnishings Business in Acquisition on August 15, 2012
La-Z-Boy Inc. (NYSE: LZB) will acquire nine La-Z-Boy Furniture Galleries stores and a supporting distribution center in southern Ohio.
Included in the acquisition are four stores in Cincinnati, three in Columbus and two in Dayton, with combined revenue in 2011 of approximately $30 million. The transaction is a result of the planned retirements of two owners and the mutually agreed-upon decision that selling the stores to La-Z-Boy Inc. would be in the best interest of their employees while providing for the greatest stability and continuity of the long-standing southern Ohio business. The nine stores and distribution center will become part of La-Z-Boy's retail operation and will bring the total company-owned store count to 94. The transaction is expected to close in October, subject to customary closing conditions.
"We look forward to adding the southern Ohio market to our company-owned store portfolio," said Chairman, President and Chief Executive Officer Kurt Darrow. "Throughout their tenure as part of the La-Z-Boy Furniture Galleries® system, the owners did an excellent job building the brand and business in their markets over more than 35 years. The enterprise has consistently been a solid performer, and we expect it to be accretive to our earnings. Additionally, with our long-range strategic initiative to service more stores from company-owned distribution centers, the location of the southern Ohio-based facility will fill a void in our current footprint, allowing us to provide distribution center resources for approximately 25 to 30 La-Z-Boy Furniture Galleries® stores over time, including the three new Pittsburgh, Pennsylvania stores we plan to open over the next 12 months."
Chuck Hausfeld, a 25-year veteran with the southern Ohio operation will become the market sales manager for the area, reporting to Dan King, vice president of La-Z-Boy's retail business. Hausfeld will be responsible for overseeing sales, staffing and training for the nine-store operation, which will operate similarly to La-Z-Boy's company-owned retail markets in terms of roles and responsibilities.
"With a solid retail team in place, we anticipate a smooth transition of the business," Darrow added. "Further, we expect it to be seamless to consumers who will continue to enjoy the pleasant, comfortable and professional shopping experience they have come to expect in a La-Z-Boy Furniture Galleries store."