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March 17,
2013 by in UnCategorized 
By Home Furnishings Business in Acquisition on March 18, 2013
Bedding supplier Tempur-Pedic International's (NYSE: TPX) acquisition of Sealy Corp. (NYSE: ZZ) is complete, and the company plans to change its corporate name to Tempur Sealy International.
"We are pleased to announce the completion of our acquisition of Sealy and are very excited about our future as Tempur Sealy International," said Mark Sarvary, CEO. "We remain confident that our shared know-how and expected efficiencies will result in tremendous value. Our focus now is on ensuring that our integration process remains on track and is as seamless as possible for all of our employees, customers and other stakeholders."
The combination of Tempur-Pedic and Sealy creates the world's largest bedding provider. Together, Tempur-Pedic and Sealy have a strong brand portfolio with with highly recognized brands in the industry, including Tempur, Tempur-Pedic, Sealy, Sealy Posturepedic, Optimum and Stearns & Foster.
The company will seek stockholder approval for the proposed name change at its annual meeting of stockholders in May. The company's portfolio of brands and consumer-facing marketing will not be affected by the name change and will continue to be represented in the market as they are today. The company's global corporate headquarters will be in Lexington, Ky., and will continue to trade on the NYSE under the symbol TPX.
Under the deal, Tempur-Pedic acquired all of the outstanding common stock of Sealy for $2.20 per share and assumed or will repay all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of about $1.3 billion. As previously disclosed, the company funded the transaction and the refinancing of its existing credit facility with $1.770 billion senior secured facilities and $375 million of senior notes.
The company will provide updated guidance for the combined company when it releases first quarter 2013 earnings in May.
March 17,
2013 by in UnCategorized
By Home Furnishings Business in on March 18, 2013
Ashley Alford has been named design manager for rug and decorative accessories vendor Momeni, a new position for the company.
In her new role, Alford is responsible for developing and coordinating all creative aspects relating to the Momeni brand. This includes product design, marketing, promotion and sourcing duties for the company. Alford reports to Reza Momeni, president, and Katy Repetto, head designer.
Alford joined Momeni in 2012 and has participated in several key marketing campaigns and product introductions since joining the company.
"We are fortunate to have a young, talented member like Ashley Alford on our team," Momeni said. "She has the vision, enthusiasm and ability to keep Momeni on the forefront of design, innovation and technology for many years."
March 17,
2013 by in UnCategorized
By Home Furnishings Business in Furniture Retailing on March 18, 2013
Furniture retailer Furnitureland South has unveiled its online store allowing consumers across the world to buy its wares online.
"Traditionally a brick-and-mortar home furnishings retailer, Furnitureland South understands that the shopping habits of those in the market for furniture are changing," said Pat Wakins, director of marketing. "More and more people are researching products and pricing, and shopping online than ever before."
With more than 500 manufacturing partners and a low price guarantee, Furnitureland South is bringing its buying power and selection to those beyond store reach. The ability to shop bedrooms, living rooms, dining rooms, home accents and more is now easier than ever.
"The ultimate goal is to become the number one resource for all things related to home décor and design," said Susie Nester, e-commerce manager. "This is just the beginning. Our online product offering is evolving and growing every day with the addition of new manufacturers, categories and styles."
This e-commerce endeavor offers more than just a click-to-cart purchase experience. Customers are encouraged to contact a design consultant for full-service design expertise; from space planning to color coordination and fabric selection, expert consultants work to create a turnkey service for clients free of charge. In addition, furnishings are delivered with care by Furnitureland South's in-house, white glove delivery team.
"It was important to consider our location in the 'Furniture Capital of the World' and the reputation we've built as the resource for quality furniture, selection and value," said Jeff Harris, executive vice president. "The online store overcomes geographical limitations; our customers now have access to the same full-circle buying experience, incredible savings, design services and white-glove delivery-all from the comfort of home."
March 14,
2013 by in UnCategorized
By Aggregated Content in Business Strategy on March 15, 2013
from http://www.journalgazette.net/article/20130315/BIZ/303159929/-1/BIZ09
Smith Brothers of Berne has been bucking the trends for years.
When its competitors were moving production to China, the custom furniture maker kept building one upholstered sofa at a time in Adams County.
When others cut quality to lower prices, Smith Brothers didn't apologize for being the most expensive option in some showrooms.
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March 14,
2013 by in UnCategorized
By Aggregated Content in economic news on March 15, 2013
from http://www.cnbc.com/id/100557282
U.S. Treasurys prices rose on Friday as lower stock prices and an unexpected drop in March U.S. consumer sentiment enhanced the allure of safe-haven U.S. government debt.
With $66 billion of new debt supply out of the way this week, investors were also moving to take advantage of yields hovering near the highest in almost a year, analysts said.
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