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Natuzzi Group COO Resigns

By Home Furnishings Business in Executive Changes on December 20, 2010 Umberto Bedini, chief operations officer for Natuzzi Group, (NYSE: NTZ) has resigned to take a sabbatical citing family reasons.

Bedini has been COO of the company for almost two years.

"It is with great regret and sad emotion that I resigned from Natuzzi," Bedini said. "I take this opportunity to thank all colleagues for the availability and support they always provided me with. I thank all the members of the board of directors and shareholders for the esteem and understanding demonstrated to me. A special thanks goes to the chairman and CEO and to his family -- of which I grew fond during these two years of permanence in this extraordinary company -- for the great professional and personal experience they offered me and my family. From my side, I hope I have given a small contribution in order to put the basis for the re-launch of the company. A re-launch that I am sure will arrive very soon as a result of the new strategies."

Giuseppe Clemente will take over the position of COO of Natuzzi Group. Giuseppe, joined Natuzzi more than 16 years ago, and has gained additional responsibilities.

He started as quality plant manager, then as plant director. In January 2006 he held the position as logistics manager until January 2009 when he was appointed Italy manufacturing director. In addition, Clemente has been collaborating with Bedini over the last two years on a reorganization and introduction within the operations process.

"I respect Umberto's decision and I thank him for the passion and professionalism with which he has covered the position of chief operations officer during these two years," said Pasquale Natuzzi, chairman. "In line with the company decision to give value to the human resources present in the group and to recognize the professional skills achieved in all these years, I have decided to appoint Giuseppe Clemente as Chief Operations Officer of the group who will also maintain an interim the position of Italy manufacturing director".

Police: Man, 12-Year-Old Boy Rob Furniture Shop

By Aggregated Content in Furniture Retailing on December 20, 2010 from http://c.moreover.com/click/here.pl?z3852633458&z=1250249030 The Hamilton County Sheriff's Office said Sunday a 30-year-old man and 12-year-old boy robbed the Mattress and Furniture Express in Green Township.

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Contents of Moosehead Furniture Co. Plant Auctioned

By Aggregated Content in Bankruptcy on December 18, 2010 from http://c.moreover.com/click/here.pl?r3849504160&f=10761 "Will ya give me $500?" an auctioneer asked a bidder as the auctioneer's rapid-fire flow of numbers wound down on a piece of equipment Saturday at the former Moosehead Furniture Co. plant in Monson.

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Stanley Prepays $15 Million Debt

By Home Furnishings Business in Business Strategy on December 17, 2010 Stanley Furniture Co. (NASDAQ: STLY) has  pre-paid in full an outstanding note with Prudential Insurance Co. of America and other lenders.

The amount prepaid was $15 million plus accrued interest.

In connection with the payment, the lenders agreed to waive the yield-maintenance premium due on prepayment provided under the agreement. The company's cash on hand after the payment was about $19 million.

Stanley also noted that it expects to receive $2.3 million prior to the end of the year from the sale of machinery and equipment no longer needed because of the factory closure in its Stanleytown, Va., facility.

"The successful completion of our rights offering announced last week, together with the equipment sale and our progress with the previously announced restructuring program, allows us to eliminate our outstanding debt and the associated $1.2 million of annual interest expense,€ said Micah Goldstein, chief operating and financial officer. €œWe believe we have sufficient liquidity to complete our transition and have avoided a significant prepayment penalty otherwise required under the note agreement. This prepayment also provides us additional flexibility to execute our strategy without restrictive debt covenants.€

Magniflex Adding Organic Linens

By Home Furnishings Business in Bedding on December 17, 2010

High-end mattress manufacturer Magniflex's Winter Las Vegas Furniture Market offerings will include a new line of organic linen bedding.

The new Linen Experience line (retailing for $1,799 in queen) is certified by Global Organic Textile Standard and Oeko Tex and features a brand new, soft and durable linen fabric in the covering. Magniflex's exclusive linen comes from flax, a rapidly renewable plant which requires little fertilization, and the fabric is exceptionally soft and absorbent. The linen is quilted to a temperature neutral aloe-based memory foam layer and supported by plant-based memory foam core.

The company also will introduce three natural and organic mattress lines, bed bug repellent mattress, and a full accessory merchandising program featuring premium Coolmax pillows.
 
"Magniflex's continued focus on green for this market caters to specialty sleep retailers looking for new eco-friendly bedding options," said Magniflex Global Sales Director Marco Magni. "We have experienced steady growth in sales across our entire dealer network in recent months, which is why coming into this show we wanted to bring more new products, as well as more promotions, incentives and merchandising programs, to excite and support our retailers."
 
Magniflex shows in WMC-C1350 in the Specialty Sleep Association exhibit.

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