Daily News Archive
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April 29,
2012 by in UnCategorized 
By Aggregated Content in Executive Changes on April 30, 2012
from http://www.chicagobusiness.com/article/20120430/NEWS07/120439970/founders-son-takes-over-as-ceo-of-brook-furniture-rental
Brook Furniture Rental Inc. has named Bob Crawford Jr. its new CEO, taking over for his father and company founder Bob Crawford Sr.
"This is about the long-term succession plan," Mr. Crawford said, adding that his 73-year-old father is healthy and will remain active in the business as chairman. "It's a natural transition point where my leadership and my experience are called on to help lead the company to the next level."
Mr. Crawford's father founded the Lake Forest-based company in 1979.
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April 29,
2012 by in UnCategorized
By Aggregated Content in Legal on April 30, 2012
from http://www.4-traders.com/JPMORGAN-CHASE-CO-4831/news/JPMorgan-Chase-Co-JPMorgan-to-pay-$1-9-million-over-auction-rate-sales-14304645/
Securities regulators ordered JPMorgan Securities LLC, a unit of JPMorgan Chase & Co, to pay a client $1.9 million in damages related to sales of auction-rate securities, a fraction of what the client had sought.
Ashley Furniture Industries, a manufacturer based in Arcadia, Wis., had claimed $26.7 million in actual damages and asked for an equal amount in punitive damages.
An arbitration panel of the Financial Industry Regulatory Authority awarded Ashley just $1.9 million in compensatory damages and required both parties to bear their own arbitration expenses.
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April 29,
2012 by in UnCategorized
By Home Furnishings Business in Delivery on April 30, 2012
In an effort to meet growing demand in the Northeast, specialized furniture carrier and international logistics provider Zenith Global Logistics has added 25 regional and OTR trucks plus 50 trailers to its fleet, and is commencing operations at a new LTL freight hub in Elkton, Md., 50 miles northeast of Baltimore.
"These investments are designed to enable us to provide quicker, more targeted service to our customers in the Northeast and Mid-Atlantic states," said Jack Hawn, president and CEO. "We've seen growth of more than 35 percent in the Northeast over the last year, and our commitment to consistent, timely, accurate service demanded we expand our operations."
Initially the hub will offer service to Pennsylvania, New Jersey and New York, and over time will expand into remaining states in the Northeast, which it already services from its North Carolina facilities.
Hawn said the new location offers multiple benefits to shippers.
"For customers that use our split container program, the Elkton hub is an ideal location for them flow product destined for their customers throughout the Northeast," he said. "The location also helps our company remain CSA compliant by having the ability to hire regional drivers to operate within this market. Shippers and brokers are increasingly monitoring and selecting carriers based on CSA scores. We're a safety-focused organization and are proud of our consistently high ratings."
Since 2009, Zenith Global Logistics has opened seven regional freight and home delivery hubs throughout the U.S., including Texas, Arkansas, Mississippi, Georgia, Florida, Virginia and Kentucky. Last year it expanded its North Carolina storage and handling capacity by more than 30 percent with the acquisition of the former Boyles Furniture facility in Conover, N.C., as its new corporate headquarters.
April 29,
2012 by in UnCategorized
By Home Furnishings Business in economic news on April 30, 2012
New retailer orders for furniture rose 11 percent in February compared with February 2011, according to the latest Furniture Insights survey.
High Point accounting and consulting firm Smith Leonard conducts the monthly survey of residential furniture manufacturers and distributors.
Year-to-date, new orders are up 12 percent following Januarys 13 percent increase. February marked the sixth consecutive month with double digit increases in orders.
February 2012 shipments rose 17 percent over the same month last year, when they were down slightly from 2010. Year-to-date shipments are up 13 percent over the first two months of last year.
"A very strong 92 percent of the participants reported increased shipments over February a year ago," said Smith Leonard Managing Partner Ken Smith in the survey report. "It has been a long time since we have seen that high a percentage."
With orders, in dollars, exceeding shipments, backlogs increased again, up 6 percent from January and up 20 percent from last year.
"With that in mind, we expect that March shipments will be higher when we report next month," Smith said.
February receivable levels remained level with January despite increased shipments, and increased only 5 percent over January.
Inventories fell 6 percent from January, in line with the increase in shipments. Inventories were up 1 percent from February 2010 levels.
"As with receivables, inventory levels remain in very good shape from our perspective," Smith noted.
Factory and warehouse employment rose 6 percent over last February, up from January 2012's 4 percent increase; and the number of employees increased 1 percent in February over January.
Payrolls were up 13 percent over last February, which appears to mean more people were working more hours. Year-todate, payrolls were up 12 percent, in line with the increase in orders and sales.
"February results of our survey continued the streak of good news," Smith said in summary. In addition to the sixth consecutive month that orders were up double digits, February orders also marked the 11th out of the last 12 months that orders exceeded the prior year comparison. (May of 2012 was flat with May of 2011.)
"From what we have heard, we expect March results to be favorable as well," Smith said. "We just finished what we perceived to be a very good High Point Market. Most everyone we talked to said attendance was up, and the streets and parking lots and buses seemed to prove that. We also heard that room occupancy at the local hotels was the best in some time with reports of more people finding rooms in our sister cities."
The only negative news Smith heard was that retail activity slowed in April, perhaps due to the early Easter holiday, better weather earlier in the year and spring breaks.
"While we have had a streak of good results, these numbers are just making a good dent in all that was lost since 2007," Smith noted. "For the first two months of 2012, orders were down in dollars still some 15 percent from the first two months of 2006 (price increases not considered). But the good news is that we do appear to be recovering.
"The consumers also appear to be coming back after this long recession. We do not expect to gain it all back at once, but we are at least seeing some really positive results for an extended period. Lets hope the enthusiasm from Market continues."
April 29,
2012 by in UnCategorized
By Home Furnishings Business in Mattresses on April 30, 2012
Mattress specialty retailer Sleepy's will launch the Hotel Maison mattress line by Sealy on May 10 at its 5th Avenue store in New York City.
The launch party, set for 5:30-8 p.m., will feature Hotel Maison founders Judy George and Kim Salmela.
Along with cocktails and hors d'oeuvres, guest will have the chance to enter a contest to win a Hotel Maison mattress for their home.