Daily News Archive
Brought to you by Home Furnishings Business
May 24,
2007 by in UnCategorized 
By Home Furnishings Business in Case Goods on May 2007
Akzo Nobel has agreed to acquire Chemcraft Holdings Corp., North America’s largest privately-owned manufacturer of industrial wood coatings.
Louisville, Ky.-based Akzo Nobel, a supplier of wood coatings for furniture, views the acquisition as a way to increase its North American business.
“This is a strategically important acquisition which will enable us to add scale and value in a number of key North American wood coatings markets,” said Akzo Nobel CEO Hans Wijers. “Chemcraft is a perfect fit with the activities of our Industrial Finishes business and will considerably enhance our presence in several complementary markets.”
Established in 1976, Chemcraft operates nine manufacturing facilities across the United States, Canada and Brazil, employing around 500 people. The company’s 2006 revenues were $145 million.
Subject to receipt of regulatory approvals the acquisition is expected to be completed in the third quarter of 2007.
“This transaction is an excellent fit with our strategic goals, and supports our long-term commitment to the North American market,” said Robert Taylor, president and general manager of Akzo Nobel’s Global Industrial Finishes business. “Chemcraft is a dynamic, customer-focused organization which is perfectly aligned with the way we do business. Bringing these two successful businesses together will enhance our ability to better serve our wood customers.”
May 24,
2007 by in UnCategorized
By Home Furnishings Business in High Point on May 2007
Thirty-six hotels in the Piedmont Triad North Carolina region around High Point are now booking rooms at discounted rates secured through the High Point Market Authority for fall market, which takes place Oct. 1-7.
Some restrictions and minimum-night stays apply, and discounted rates will be available until August 31.
“We expect these discounted hotel rooms to book very quickly and encourage all attendees to book their hotel rooms early to ensure the best availability,” said Brian Casey, president and chief executive of the High Point Market Authority.
Most of the participating hotels are in Winston-Salem and Greensboro. Market Authority Vice President of Operations pointed out that both cities are convenient for marketgoers.
“For one thing, our free, comprehensive transportation system serves all of these properties, and you’ll save considerably on parking and rental car fees,” she said. “For another, there are plenty of dining options at area restaurants which tend to be less crowded in the adjoining cities.”
While lodging rates at High Point Market are moving in the right direction through the efforts of the Market Authority’s hotel task force, Casey said the problem “is complex and remains one of our more difficult, high-priority issues.”
“The situation will continue to improve as more new hotels come on line and we expect four new properties to open in time for Fall Market” he said. “Certainly, we will keep market attendees apprised as those rooms become available.”
To obtain information on discounted hotel rooms click
here, or contact the High Point Market Authority’s housing specialist, Dawn Smith, at (800) 874-6492 or (336) 869-1000, extension 231.
Room rates under the Market Authority’s agreement with area hotels range from $65/$80 at the Microtel Hanes Mall in Winston Salem to $279 for Embassy Suites in Greensboro. The two participating High Point hotels are Ashford Suites, $199; and Biltmore Suites $99/$159.
May 24,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
The Bombay Company, Fort Worth, Texas, announced Thursday that it has been notified the the New York Stock Exchange that it is not in compliance with continued listing requirements. According to Bombay’s filing Thursday, the company’s stock price had fallen below $1 over a 30-day trading period, and its 30-day average market capitalization and stockholders’ equity had both fallen below $75 million.
The company intends to notify the exchange that it plans to cure the deficiencies and will submit a business plan to demonstrate its ability to comply with the listing standards. The company’s filing noted that if its unable to comply, it would seek to move its stock to another exchange.
The company, whose stock price opened at 62 cents Friday, was scheduled to report its first-quarter earnings Friday morning. In March, Bombay reported a $52.8 million net loss for its 2006 fiscal year as revenues declined 5.1 percent to $536.3 million. In its fourth quarter, revenues increased 0.7 percent to $188.2 million. It posted a fourth-quarter net loss of $1.7 million.
The company operates more than 419 home furnishings stores in the United States and internationally.
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
Spring Air President Jim Nation took over Tuesday as chairman of the International Sleep Products Association; and Charlie Eitel, chairman, president and chief executive officer of Simmons, took over as vice chairman of ISPA’s board.
“I am honored to have been selected as chair of the ISPA board. ISPA is an outstanding institution that has done a very good job in representing the interests of the mattress industry for nearly a century,” said Nation. “I look forward to continuing the fine work of the many industry leaders who have preceded me in expanding the market for mattress sales, advocating on behalf of bedding manufacturers, and charting a course that will benefit the interests of ISPA’s 705 member companies.”
Newly elected trustees to the 2007 board include: Rick Anderson of Tempur-Pedic International; Michael Crowell, Flexible Foam Products Inc.; David Karr, Comfortaire; and Tom Taylor, Western Nonwovens Inc.
Trustees who are rotating off the Board include David Orders of the Park Place Corp.; Marvin Hamilton, Fibex Inc.; Tom LeDuc, Spring Air West LL; and Bob Steelman, Carpenter Co.
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
Home furnishings retailer Gardner-White, Warren, Mich., has contracted Alliance Data Systems Corp. to provide private label credit card services. Gardner-White has six stores in Michigan with a seventh opening this summer, and also sells merchandise through its Web site.
Dallas, Texas-based Alliance Data’s services will include account acquisition and activation; receivables funding; card authorization; private label credit card issuance; statement generation; remittance processing; customer service functions; and marketing services for Gardner-White. Alliance Data’s platform will also integrate with Gardner-White’s inventory management system, which tracks all merchandise inventory, delivery, and purchases in real time, including purchases made with the Gardner-White private label credit card.
“We continually strive to enhance the experience of our customers across all channels at Gardner-White stores or through our website,” said Barbara Tronstein, vice president of Gardner-White Furniture. “Alliance Data’s marketing expertise and flexibility makes them the perfect partner. Finance- based promotions are a critical component of our marketing strategy. Alliance Data’s offering allows merchants to customize their program. Equally important, they think like a retailer and understand the need to satisfy the consumer, and to drive sales.”
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Bedding on May 2007
An affiliate of private investment firm Sun Capital Partners Inc., Boca Raton, Fla., has acquired a majority controlling interest in International Bedding Corp., Fort Lauderdale, Fla., for an undisclosed amount.
International Bedding manufacturers and markets private-label and limited-distribution brand mattresses and mattress foundations; and has nine plant locations operating in seven states. The Ellman family, which founded International bedding, wanted to pursue other interests, said former President Neil Ellman.
“We are confident that the deep operating experience Sun Capital and its affiliates have within the furniture and mattress industries will be instrumental in ensuring the future success of International Bedding,” he said in a press release issued Thursday.
Jason Neimark, managing director, Sun Capital Partners Inc., said, “International Bedding is a well-established, nationally-recognized manufacturer of quality mattresses and mattress foundations. We look forward to working with the company’s employees in their efforts to continue to grow and enhance the great business that the Ellman family has built over the last 33 years.”
May 23,
2007 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on May 2007
Contending with tough business conditions, especially in the United States, Natuzzi reported a 18.3 percent decline in revenues during its first quarter and an operating loss during the period. Net sales in the Americas declined 27.3 percent, Italy’s largest furniture manufacturer reported Wednesday.
“As previously anticipated, first-quarter 2007 turnover performance was affected by the challenging business environment in all the major markets,” said CEO Ernesto Greco. “In the U.S., the business level was even more depressed, as confirmed by other major players, mainly due to the low consumer confidence and to the sharp decline” in home sales, he said. “(Despite) the persistence of such tough business conditions, we remain committed in investing in the Natuzzi brand repositioning encouraged by the favorable acceptance of our new models presented during the last International Milan (Furniture) Fair. We are continuing the reorganization process of the retail activities as well as our ongoing restructuring process of our production to better match our cost structure with the pace of incoming orders.”
For the quarter ended March 31, total net sales were EURO 153.8 million, down from EURO 188.2 the previous year. The company posted a net loss of EURO 4.7 million versus net earnings of EURO 6.8 million the previous year.
Furniture retailers operate more than 547 Natuzzi galleries worldwide. In addition the company sells through 125 Divani & Divani by Natuzzi stores in Italy and 158 licensed stores in the rest of the world.