Daily News
From Home Furnishing Business
September 16,
2013 by in Industry, Obituaries
Robert S. Fogarty, Jr. died in the company of his family on Sept. 11 due to complications from Myasthenia Gravis and cancer.
He was a loving husband and family man, a loyal patriot, a scholar, an accomplished basketball player, and a titan of American industry. He was pre deceased by his sister Catherine F. Whalen and his parents Robert S. and Christine Fogarty. His wife Harriett, daughters Paula and Lea, and son Dean survive him.
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Source: South Hill Enterprise
September 13,
2013 by in Economic News, Industry
U.S. retail sales rose less than expected in August even as demand increased for automobiles and other big-ticket items, the latest sign that economic growth slowed in the third quarter.
The Commerce Department said on Friday retail sales increased 0.2 percent last month as Americans bought automobiles, furniture and electronics and appliances.
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Source: Yahoo! News
September 13,
2013 by in Industry, Special Events
Organizers of Saturday's 20th annual Bassett Heritage Festival had the bands hired and the details plotted out: For the first time, the festival would be held on land where the first Bassett Furniture Inds. factory once stood, back when it was this small unincorporated town's reason for being.
Old-timers still call that 1902 plant "Old Town," even though it closed in 1989, the first Bassett factory to fall as imports from Asia decimated Southern furniture- and textile-making, wiping out almost half of the jobs in Martinsville and Henry County alone.
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Source: The Roanoke Times
September 12,
2013 by in Bankruptcy, Industry
Furniture Brands International won court approval of as much as $115 million in bankruptcy financing to help fund operations as it pursues a sale of most of its assets to Oaktree Capital Management for about $166 million.
A rival bidder-KPS Capital Partners-appeared in court Wednesday saying it would be interested in buying Lane as part of the deal. An attorney for KPS said the company would stay active as the bankruptcy proceeded and could come forward with a better DIP plan.
An Oct. 2 hearing is set to determine approval of the full $140 million plan.
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Source: Bloomberg
September 12,
2013 by in Industry, Retail Closing
Grapevine Furniture is closing.
The new and used furniture business that became a landmark at 829 Portage St. was to close this Saturday after 25 years in business without a going-out-of-business sale or any fanfare.
But with nearly all its inventory gone, owner Scott Jett may close the business sooner.
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Source: Kalamazoo Gazette
September 11,
2013 by in Financial Reports, Industry
Restoration Hardware's second-quarter guidance beat expectations, but the retailer's shares still retreated.
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Source: Yahoo! Finance
September 10,
2013 by in Furniture Retailing, Industry, Licensing
Martha Stewart Living Omnimedia (MSLO) has denied recent reports suggesting the company's relationship with JC Penney was ending.
In a statement issued by MSLO the company stated, "J.C. Penney remains one of our many retail partners. Our agreement with them is in full force, and we have no intention of ending it."
A recent report in the New York Post indicated that JC Penney had decided to end its relationship with Stewart, suggesting that disappointing sales and a legal battle with Macy's, had made the continued relationship between the retailer Stewart untenable.
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Source: Homeworld Business