May 8,
2012 by in UnCategorized 
By Home Furnishings Business in Furniture Retailing on May 9, 2012
Luxury home furnishings and decor flash-sale site LuxeYard has acquired LeatherGroups.com, the online division of Solana Beach, Calif., furniture retailer homeLOFT.
Terms of the deal were not disclosed.
LuxeYard will assume all assets of LeatherGroups.com, including its existing inventory, customer base and multiple domain names, including SofaGroups.com and PatioFurnitureGroups.com.
The transaction coincides with the creation of an acquisitions team, which will be based in LuxeYard's New York office. The company is pursuing several other acquisitions as part of its effort to consolidate the flash-sale category and to spread social and mobile e-commerce with its Concierge Buying and Group Buy technologies.
LeatherGroups.com was created by LuxeYard CTO Jerry Wilkerson in 2002 and the company has since shipped thousands of orders to every state in the U.S. The first site to specialize in sales of leather furniture on the Internet, LeatherGroups.com was designed to reduce excess inventory by offering clearance pricing on discontinued styles of leather sofas, loveseats, chairs and ottomans.
"LeatherGroups is the perfect complement to our core home furnishings flash sale business and demonstrates our ability to make the strategic acquisitions necessary to achieve our long-term objectives," said Tony Winders, executive vice president of revenue. "Not only does the acquisition add to our topline revenue, it extends the reach we can deliver to our suppliers and provides a wider selection of quality furniture at the best prices for our members."
"Having helped build the quality team and technology at LuxeYard, I'm confident our vendor relationships and customer base are in great hands," said Wilkerson. "I'm proud to apply my ten-year investment in LeatherGroups.com to the bigger opportunity afforded by bringing these two innovative companies together."
May 8,
2012 by in UnCategorized
By Home Furnishings Business in Acquisition on May 9, 2012
Home retailer Bed Bath & Beyond (NASDAQ: BBBY) will acquire specialty home décor retailer Cost Plus (NASDAQ: CPWM) for more than $517 million.
Under the agreement, Bed Bath & Beyond will buy all outstanding shares of Cost Plus common stock at a price of $22 per share, followed by a merger in which all shareholders that have not tendered would receive the same consideration.
The boards of directors of both companies have approved the terms, and the acquisition is expected to close during Bed Bath & Beyond's fiscal second quarter.
The deal will be funded by Bed Bath & Beyond with available cash. Bed Bath & Beyond continues to model completion of its current share repurchase authorization by the end of fiscal 2012, which may be influenced by several factors, including business and market conditions.
A special committee of the Cost Plus board has recommended the transaction following receipt of a fairness opinion from its financial advisor. In addition, Bed Bath & Beyond has entered into agreements with Red Mountain Capital Partners LLC and Stephens Investment Holdings LLC, the two largest shareholders of Cost Plus, Inc. pursuant to which each shareholder has committed to tender all of their shares, which in aggregate comprise about a 26 percent interest in Cost Plus into the offer, subject to certain conditions.
"We are thrilled about the prospects of welcoming the Cost Plus team and their customers and vendors to the Bed Bath & Beyond family," said Steven H. Temares, CEO and member of the board of Bed Bath & Beyond. "Through the combination of the highly talented Cost Plus organization with our own dedicated associates, we expect to be able to do even more for, and with, our collective customers."
Barry J. Feld, CEO of Cost Plus, said the deal will offer immediate value to the retailer's shareholders and employees.
"Our successful merchandising and product collaborations over the last two years have demonstrated that our organizations work well together, and that we can make key contributions to the continued success of the combined company," Feld said.
May 8,
2012 by in UnCategorized
By Aggregated Content in Upholstery on May 9, 2012
from http://www.chicagotribune.com/news/watchdog/flames/ct-met-flames-science-20120509,0,2480120.story
The Chicago Tribune is currently running an amazing four-part series entitled "Playing with Fire" that examines the role tobacco and chemical companies played during the 1980s in creating the furniture industry's current flammability standards for upholstery.
The seriestoday is the third installmentis a fascinating read that questions whether the chemicals currently used to snuff out upholstery fires really work.
Take the time to read today's story, but then be sure to go back and read the entire series. The news stories are eye-opening and questions the entire industry battle between fire marshals and the CPSC 25 years ago.
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May 8,
2012 by in UnCategorized
By Aggregated Content in Furniture Retailing on May 9, 2012
from http://business.blogs.starnewsonline.com/20070/two-long-standing-wilmington-furniture-stores-to-close/?tc=ar
Wilmington is losing two locally owned, independent furniture stores that have been in business a combined 128 years.
Tysinger Furniture, at 6508 Market St., is going out of business after 38 years and liquidating its inventory. Its owner, Joe Tysinger, said business has been good, but at 64 years old it was time to retire.
But business has not been so good at Carolina Furniture Co., 315 Red Cross St.
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May 8,
2012 by in UnCategorized
By Aggregated Content in on May 9, 2012
from http://c.moreover.com/click/here.pl?z6454668523&z=1250249027
Wilmington is losing two locally owned, independent furniture stores that have been in business a combined 128 years. Tysinger Furniture, at 6508 Market St., is going out of business after 38 years and liquidating its inventory. Its owner, Joe Tysinger, said business has been good, but at 64 years old it was time to retire. But business has not been so good at Carolina Furniture Co., 315 Red Cross St. Its a bad location, said Daniel Retchin, the stores owner. We should have moved years ago. I havent made any money for a long time. Both situations are typical
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