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March 25,
2013 by in UnCategorized 
By Home Furnishings Business in Bedding on March 26, 2013
Tempur-Pedic International (NYSE: TPX) has provided an update on paying off the debt it incurred to acquire Sealy Corp.
Sealy's $235 million aggregate principal amount of 10.875 percent of senior secured notes due 2016 have been called for redemption and will be redeemed in full April 15. Sealy's $268.9 million aggregate principal amount of 8.25 percent senior subordinated notes due 2014 have been called for redemption and will be redeemed in full April 22.
With respect to the 8 percent senior secured third lien convertible notes due 2016, the Sealy Convertible Notes are now convertible only into cash, in an amount that adjusts during the Make-Whole Period, and then becomes fixed thereafter. The Make-Whole Period effectively expires on April 12.
As of the close of business Monday March 25, holders of about $183 million in accreted principal amount of Sealy Convertible Notes had converted into cash, representing approximately 80 percent of all the Sealy Convertible Notes outstanding at the closing of the acquisition.
Holders of Sealy Convertible Notes who converted March 19, received about $2,325.43 per $1,000 accreted principal amount of Sealy Convertible Notes being converted. The amount that a holder will receive upon conversion will decline slightly every day during the Make-Whole Period, and holders of Sealy Convertible Notes who convert after April 12, will receive $2,200 per $1,000 accreted principal amount of Sealy Convertible Notes being converted.
March 25,
2013 by in UnCategorized
By Home Furnishings Business in Acquisition on March 26, 2013
The acquisition of Carls Patio by an investor group that includes Weinberg Capital Group and Paul Otowchits, the retailer's president.
The company will operate nine locations on the East and West coasts of Florida, along with its national Web site.
Otowchits, who previously served as vice president at Carls Patio under its prior ownership, is now a shareholder, along with Weinberg Capital Group, and will serve as the new company's president.
"The entire team at the company is excited over this opportunity to take Carls to the next level," Otowchits said. "Our management has long been at the forefront of the casual furniture evolution and we are now poised to aggressively enhance our Internet presence and roll out a number of new ideas for our retail locations."
Otowchits said he is "gratified" by the industry support throughout the acquisition process.
Carls Patio will remain headquartered in Southeast Florida and has announced plans to move its warehouse and headquarters into a single facility. New store expansion is also planned, coupled with increased emphasis on categories that support today's outdoor casual lifestyle, including pillows, tabletop, cooking grills, and other unique items. The company will continue with its current furniture brand names, alongside its newly created "Ship 'n Shore" collections.
The transaction was led by Weinberg Capital Group, which structured the transaction as a purchase of the business and assets of the former Carls Patio from within a Delaware bankruptcy proceeding.
Weinberg Capital Group is headquartered in Cleveland, Ohio and its partner Ron Weinberg will serve as chairman of Carls Patio. Weinberg Capital Group is a private investor in a portfolio of businesses, including the Advanced Sleep Concepts of Rome, Ga., a mattress manufacturer, and Channel Products, an Ohio-based manufacturer of igniters for outdoor grills. Weinberg has also been involved as an investor and producer of feature length movies.
March 25,
2013 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on March 26, 2013
Art Van Furniture has been named the exclusive Michigan retailer for the HGTV Home Furniture collection.
"HGTV is the world's most trusted home and lifestyle network and its viewers are passionate about style and design," said Art Van Elslander, founder and chairman of Art Van Furniture. "The HGTV Home Furniture collection, created by an award-winning design team that includes some of the furniture industry's top talents, is fresh, sophisticated and expertly-crafted. I am thrilled that our Art Van Furniture guests will have the opportunity to experience the smartly styled and timeless designs found in these signature collections and to enjoy them in their own homes."
The HGTV collection is now available in 10 Art Van stores.
"Art Van Furniture's reputation as a leader and innovator in the furniture industry is well-known," said Ron Feinbaum, general manager consumer products, HGTV. "The company's foundation is built on its commitment to consumer loyalty and its unyielding pursuit of quality, creativity and design. We are absolutely delighted to have Art Van Furniture become the official home of HGTV Home Furniture collection in the state."
March 25,
2013 by in UnCategorized
By Home Furnishings Business in Executive Changes on March 26, 2013
Donnie Lesley has been name vice president of merchandising and marketing for home furnishings supplier Stein World.
Lesley joined the company last year as director of merchandising. He is now responsible for the company's marketing initiatives in addition to his merchandising duties.
Lesley reports to Steve Kosmalski, president and CEO.
"Donnie has done a stellar job of creating a winning product strategy for our dynamic marketplace," Kosmalski said. "His work developing and delivering consumer-driven looks-while expanding and improving our sourcing-has resulted in measurable growth. We are pleased to recognize his contributions with this well-deserved promotion."
March 25,
2013 by in UnCategorized
By Aggregated Content in economic news on March 26, 2013
from http://www.livetradingnews.com/us-consumer-confidence-dives-in-march-108703.htm#.UVLuq1tNY9U
Consumer confidence took a tumble for March and dropped to 59.7 from a reading of 68 in February. Dow Jones was looking for a 67.1 for the month.
The Present Situation Index fell to 57.9 in March from 61.4 in February. The Expectations Index was the real catalyst, with it falling all the way to 60.9 in March from 72.4 last month.
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