Daily News Archive
Brought to you by Home Furnishings Business
June 7,
2012 by in UnCategorized 
By Home Furnishings Business in on June 8, 2012
Specialty bedding supplier Tempur-Pedic International Inc. (NYSE: TPX) said it is actively repurchasing shares in the open market under its current share repurchase authorization.
The company had $200 million remaining available under its share repurchase authorization as of June 6, and stock repurchases under the company's share repurchase 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 approve.
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. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.
Separately, Tempur-Pedic also provided background information with respect to filings with the Securities and Exchange Commission http://www.sec.gov/ expected to be made by certain executive officers and directors.
The company acknowledged that certain executives and directors have notified the company of their intent to exercise and hold a portion of their vested stock options. Tempur-Pedic expects that these executives and directors may sell shares to pay for the exercise price and the resulting tax liability. In addition, the company has been notified by certain executives of their intent to purchase shares in the open market.
June 7,
2012 by in UnCategorized
By Home Furnishings Business in Acquisition on June 8, 2012
Luxury furniture vendor Theodore Alexander has acquired high-end upholstered furniture manufacturer TRS Furniture & Textiles.
Terms of the sale were not disclosed.
Theodore Alexander will continue to have TRS upholstery made at the TRS manufacturing facility in Thomasville, N.C.; and will retain all TRS employees.
TRS' sales force will transition to the Theodore Alexander sales force in the coming months the sales. The TRS product line as well as a major introduction of new styles will be shown and marketed in Theodore Alexander showrooms beginning with the October 2012 High Point Furniture Market.
Integrating TRS into our portfolio of premier home furnishings products provides a balanced complement of handcrafted, bench made goods across all our categories for both our U.S. and global customers, said Theodore Alexander CEO Harvey Dondero. It is also key for us to have high levels of service for our special order customers in the USA and Canada.
Thomas Woller, president of Theodore Alexander Upholstery, will lead the newly expanded operations from the companys US headquarters in High Point.
We are excited to provide luxury upholstered seating with the same exacting high standards Theodore Alexander has always been known for, said Woller, Our customers can expect an unrivaled level of workmanship from the talented and experienced craftsmen and women, as well as comfort in our products, flexibility and responsiveness in our service, and styling second to none.
Theodore Alexander and TRS upholstery sales in North America will be led by Tom Burke, who has served as vice president of sales and marketing for TRS since 1992. Burke will report to Russell Towner, president of Theodore Alexander USA. Sales outside North America will be directed by David Parker, vice president, international sales for Theodore Alexander.
Customer service operations will be managed from the Theodore Alexander North American headquarters in High Point.
The domestically based Theodore Alexander Upholstery division will now create and produce designs for the companys Althorp Living History and Keno Bros. collections in addition to Theodore Alexander and TRS brands; and custom-designed products for a worldwide clientele.
June 7,
2012 by in UnCategorized
By Home Furnishings Business in Markets on June 8, 2012
Four new showrooms will debut in The Range at Dallas Market Center during the Dallas Total Home & Gift Market .
Located on the World Trade Center's sixth floor and featuring western home accents, The Range adds new exhibitors EZ Design, WTC 6-6848; Fireside Lodge Furniture, WTC 6-6854; Gaucho Sheep & Leather, WTC 6-6892 and Moon Rein, WTC 6-6848.
The Range provides western-inspired home accent lines to buyers that add a unique aesthetic to any home or store, said Cindy Morris, COO, Dallas Market Center. We are thrilled to see more exhibitors taking permanent spaces in this growing neighborhood.
The Range also includes the following showrooms: Always Unique, Artisans Gallery (doubled in size since January debut), Cripple Creek Creations, Great Blue Heron, Indian Creek Leather, Indigo Furniture Imports, Rustic Iron Stone, Rustic Log Furniture, San Miguel Trading Company, Silverado Home Fine Furnishings and Southwest Looms/Persian Carpets.
In addition, The Range Café & Bar will debut an upgraded design during Market. The Café offers an assortment of grab-and-go options including salads and sandwiches each day until 6 p.m. The food outlet will host live country music during Market, Wednesday through Saturday, 3-5 p.m.
June 7,
2012 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on June 8, 2012
Swedish home furnishings retail giant Ikea has completed the expansion of its Central Texas furniture store in Round Rock.
Ikea Round Rock, which opened November 2006 with 252,000 square feet, has added nearly 54,000 square feet for at total of around 306,000 square feet, allowing the store to house larger quantities and selections of home furnishings. Construction work began in October 2011, and throughout the outfitting process, the store remained open and operational.
"Ikea is thrilled with the success of Ikea Round Rock since its opening five-and-a-half years ago," said Gerd Diewald, store manager. "This expansion will help us improve the shopping experience, meet our customers' needs more easily, and enhance our ability to keep lowering prices." Increased goods availability and the opportunity for the store to inventory more stock will result in transport savings continually passed on to customers.
This summer, a planned solar energy system will be installed atop the store's roof.
June 7,
2012 by in UnCategorized
By Home Furnishings Business in Retail Closings on June 8, 2012
Taylor's Furniture has held a going-out-of business sale at the Calais, Me., furniture store.
Profit Management Promotions conducted the sale, which generated two months worth of volume in the first five days; sold off the entire existing inventory; and generated a profit for the owners to invest in future opportunities.
Founded in 1958 by George Taylor Sr., Taylor's Furniture passed to his son, George Jr. and daughter-in-law after Taylor senior's death. George Jr. was a successful optometrist, so the duty of the store fell on the daughter-in-law. For three years, the couple pushed aside their dreams of traveling in order to carry on the traditions and responsibilities of running the family business.
When they made the decision to close the store, the Taylor's met with PMP to create an exit strategy that would leave the stores legacy in tact.