Archive for May 18th, 2006
OWNERS of a Capital family furniture store have made a bid to pay back their carbon debt by planting 20 trees for every customer.
Scott Mackay, managing director of the Richard F Mackay shop on Stevenson Road, Murrayfield, decided to cancel out some of the damage caused by air and road travel by donating more than 2300 trees to the Central Scotland Forest Trust. He came across the idea while reading an article about rock group U2 in a magazine.
“I saw the article and Bono was talking about how the band plants a certain number of trees for every air trip they take,” said Mr Mackay, whose grandfather, Richard, founded the store on Brunswick Place in 1931. “So, I decided it would be a good idea to donate enough money to plant 20 trees for every customer who bought something in the shop during a three-week period.”
Customers who bought something from the shop between April 20 and May 7 also got their own cherry tree to plant at home.
The trees are to be planted in forestry areas to be regenerated around Scotland’s Central Belt.
Last updated: 16-May-06 12:55 BST
May 18th, 2006
Hooker Furniture Lowers 2nd-Quarter Sales Forecast, Cites Energy Prices
MARTINSVILLE, Va. (AP) –
Hooker Furniture Corp. said it expects lower fiscal second-quarter sales than it previously forecast, sending shares down in after-hours trading.
The company — which sells furniture — said it expects sales for the quarter ending May 31 to be flat to down 2 percent for the period. Previously, Hooker was expecting a revenue gain of 3 percent to 7 percent from the year-ago quarter’s sales of $88.7 million.
“A softening in business at retail has dampened our expectations for the current quarter,” said Paul B. Toms Jr., chairman and chief executive, in a statement. “We believe this decline has been precipitated by rising energy prices and a decrease in housing activity.”
He added that new products “should help spur an upturn in business heading into the fourth quarter.”
Shares slipped 99 cents, or 5 percent, to $18.01 in after-hours trading. The stock closed down 14 cents at $19 on the Nasdaq.
May 18th, 2006
y Ylan Q. Mui
Washington Post Staff Writer
Mastercraft Interiors Ltd., a furniture store based in Beltsville that specialized in 18th- and 19th-century reproductions, filed for Chapter 11 bankruptcy protection yesterday in the face of declining sales and changing consumer tastes.
According to documents filed in federal bankruptcy court, the company has $10.6 million in assets. Liabilities total $25.5 million. Revenue fell by $5.2 million to $45.3 million last year.
Mastercraft Vice President of Merchandising Carolyn Gomez, wife of owner and founder Douglas Gomez, said the chain’s four stores will continue operating during the bankruptcy proceedings.
The company employs about 150 people in Rockville, Annapolis, Fairfax and Alexandria and at a warehouse and clearance center in Beltsville. It recently closed its store in Leesburg.
The company was founded in 1977 by Douglas Gomez and his brother Dan at a time when chain retailers such as Crate & Barrel and Pottery Barn had yet to dominate the market. Carolyn Gomez said that shoppers’ tastes have shifted away in recent years from Mastercraft’s traditional styles.
The company’s largest creditor is Bank of America, which is owed $10.3 million on the company’s line of credit. Gomez said Mastercraft will be liquidated but gave no timeline.
“It’s one day at a time,” she said.
May 18th, 2006
HOLLAND, MI –
Haworth Inc. inaugurated its India manufacturing facility in Pune, Maharashtra, India today. Haworth is the first global manufacturer of office furniture to invest in a 100% owned manufacturing facility in India.
The facility was inaugurated by Richard G. Haworth, Chairman, Haworth Inc. in the presence of Haworth’s global management team, including Franco Bianchi, President & Chief Executive Officer; John Mooney, Vice President of Global Finance; and Frank Rexach, Vice President & General Manager of Haworth Asia Pacific among several other customers, guests and dignitaries.
Over the last year, Haworth has invested in India with the Pune manufacturing facility and showrooms in Mumbai, Bangalore and New Delhi. This investment positions Haworth as a market leader by providing a seamless experience for its global and local customers with high quality products that can be supplied quickly and with a service and support structure unmatched in the industry.
Speaking at the inauguration of the facility in India, Richard Haworth said, “Our investment here reinforces our commitment to India and is in line with our global plans to develop India as a key strategic market for the company.”
The Pune facility expects an ISO 14,000 environmental certification by 2007. It has been designed as a ‘green’ building and is expecting Silver LEED certification.
The Pune facility will produce workspace solutions for customers throughout India and support Haworth’s growing operations in the Middle East. With India and China operations now in place, Haworth is the only global office furniture company that has made a commitment to 100% owned manufacturing facilities in the two fastest growing markets in the world. The investment aligns with customers’ own expansion plans in the Asia Pacific region.
The 65,000 sq feet facility – which began initial operations in December 2005 - is already manufacturing ergonomically designed chairs and has supplied around 5000 chairs from this facility to its customers across India. Approximately 100 people will be employed when the plant is fully operational.
May 18th, 2006
By TAMI K. PHILLIPS, Times Staff Writer
FOREST–Moncrief Furniture has recently expanded to offer more space and a better shopping experience for customers.
Business owner Bingham Moncrief purchased a building adjacent to Moncrief Furniture on First Street and added approximately 1,800 square feet to the existing business.
The building previously housed Wanda’s Cut N Stuff.
The expansion allowed Moncrief Furniture to add a dining section to the business. Moncrief said a lot of work was required to get the new area ready for showcasing. A new roof had to be put in as well as a new storefront.
“It had to be rebuilt totally,” he said.
But Moncrief says it was worth the effort as many customers have stopped in to browse after noticing the new addition.
“People driving by have noticed it,” he said. “We’ve got a lot of good compliments on it. It gives us more room to be able to show more furniture.”
The expansion was completed about a month ago. A variety of dining room suits and accessories are now housed in the roomy expansion for convenient customer browsing.
In all, Moncrief Furniture includes over 16,000 square feet of furniture, including dining, bedroom, mattresses and living room.
The business currently has in inventory over 100 recliners to fit any size person in a variety of colors.
Moncrief Furniture has been in business since 1992 when Moncrief purchased the business from Jim’s Furniture.
Forest has had a furniture store since the mid-1950s when Stegall Furniture was in business. The store changed hands through the years before Moncrief purchased it in 1992.
Moncrief later purchased Forest Furniture in 2004 and combined it with Moncrief Furniture.
Over the years, the business has strived to keep customers shopping locally with “low prices” and “friendly, hometown service.”
“Our goal is to have better prices than anybody around,” Moncrief said. “We’ve got good prices and a good selection of furniture.”
May 18th, 2006
MARTINSVILLE, Va.–(BUSINESS WIRE)–May, 2006–
Hooker Furniture (NASDAQ: HOFT - News) is revising its 2006 second quarter sales forecast to a range of flat to 2% lower than its 2005 second quarter sales.
Previously, the Company had said it expected sales in the March 1 to May 31 time period to increase in a range of 3% to 7% when compared to 2005 second quarter sales of $88.7 million.
“A softening in business at retail has dampened our expectations for the current quarter,” said Paul B. Toms Jr., chairman and chief executive officer. “We believe this decline has been precipitated by rising energy prices and a decrease in housing activity.” Toms added, “We had a solid April International Home Furnishings Market. The new products we introduced there will begin to ship in late summer, which should help spur an upturn in business heading into the fourth quarter.”
Ranked as the nation’s sixth largest publicly traded furniture provider based on 2004 shipments to U.S. retailers, Hooker Furniture is an 82-year-old importer and manufacturer of residential wood, upholstered and metal furniture. The Company’s principal customers are retailers of residential home furnishings who are broadly dispersed throughout North America. Major furniture categories include home theater and entertainment units and office, dining, occasional, bedroom and upholstered leather furniture for the home. With approximately 1,400 employees, the Company operates manufacturing plants, distribution centers and warehouses, showrooms and a corporate office in Virginia and North Carolina. Please visit us at www.hookerfurniture.com.
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to: domestic and international competition in the furniture industry, including price competition from lower-priced imports; general economic or business conditions, both domestically and internationally; the cyclical nature of the furniture industry; achieving and managing growth and change and the risks associated with acquisitions, restructurings, strategic alliances and international operations; risks associated with manufacturing operations, such as fluctuations in the price of key raw materials, including lumber and leather, and environmental matters; supply, transportation and distribution disruptions or delays affecting imported and domestically manufactured products; adverse political acts or developments in, or affecting, the international markets from which the Company imports products, including duties or tariffs imposed on products imported by the Company; changes in domestic and international monetary policies and fluctuations in foreign currency exchange rates affecting the price of the Company’s imported products; risks associated with distribution through retailers, such as non-binding dealership arrangements; and capital requirements and costs.
May 18th, 2006
By: Furniture World Magazine
Continuing to expand, BERMANFALK has acquired the rights to California-based LDC Design Studio (LDC). The acquisition adds several popular and proven contemporary collections to the BERMANFALK brand.
LDC has been designing and manufacturing contemporary furniture for over 10 years. Specializing in clean, modern lines, their designs clearly complement the existing BERMANFALK collections. In addition, the two companies share a mutual understanding of the importance of using high-quality materials, superior finishing techniques and excellent craftsmanship.
“We were approached by the LDC team because of our commitment to high-quality craftsmanship,” says Gary Berman, Vice President of BERMANFALK. “And we were interested in the LDC product line because of their commitment to unique and beautiful contemporary designs. It was a natural fit.”
Over the next few months, manufacturing of the LDC collections will be moved to BERMANFALK’s state-of-the-art manufacturing facility in Langley, British Columbia, Canada. All LDC collections will be marketed under the BERMANFALK name.
Located near Vancouver, BERMANFALK designs and manufactures a variety of collections for luxurious living. Described as transitional elegance, BERMANFALK is ideal for those who want to create emotive, enduring interiors that define individual style.
May 18th, 2006
Clint Engel —
Washington-area retailer says “shifting dynamics” drove down sales
BELTSVILLE, Md. — High-end Washington-area retailer Mastercraft Interiors has filed for bankruptcy and will shut its five remaining stores, citing mounting debt, a liquidity crisis, poor sales, new competition and its inability to find a buyer for the business.
The former Top 100 company filed for Chapter 11 bankruptcy protection Monday, listing assets of $10.6 million and liabilities of $25.5 million.
Sales in 2005 were $45.3 million, down $5.2 million from the previous year, court documents said.
According to a list of its 20 largest unsecured creditor claims, it owes its top industry suppliers nearly $5 million, led by Stickley with two claims totaling nearly $1.8 million. (Click here to see list of creditors.)
Also among the unsecured creditors is Dan Gomez, company President Douglas Gomez’s brother and co-founder of the business, who left in 2004. He is the second largest unsecured creditor with a $1.2 million claim related to consulting contract.
The retailer has asked the bankruptcy court for approval to bring in liquidators Planned Furniture Promotions and Great American Group to sell inventory at four stores and the distribution center, and to approve a $225,000 break-up fee to Gordon Brothers Retail Partners, the original “stalking horse” bidder to run the liquidation.
The early court documents don’t refer to Mastercraft’s fifth store — M Boutique by Mastercraft Interiors, which opened in March in Leesburg, Va. But according to a spokeswoman, that small concept store closed Saturday. A store in Gaithersburg, Md., closed earlier this year.
“We are deeply saddened by this decision,” Douglas Gomez said in a press release.
“In recent months we have experienced a dramatic drop in sales levels, which can be attributed to a variety of factors,” he said. He cited weak consumer confidence, changing buying habits of Mastercraft customers and “shifting dynamics” of the retail furniture business “with the expansion of new home furnishing concepts.”
Great American President Jeff Yellen said Planned Furniture Promotions will run the going-out-of-business sales while Great American provides financial support. The sale is expected to be approved Thursday and would begin to three weeks later, he said.
Yellen said the GOB will continue until all inventory is sold, estimating it would take four to six weeks. He roughly estimated the debtor will receive $8 million to $10 million from the furniture liquidation, and could get more if other non-furniture assets are sold.
May 18th, 2006
— Furniture Today,
Set for May 20-23 at Javits Center
OLD WESTBURY, N.Y. — Interior design students from the New York Institute of Technology (NYIT) will debut their Furniture for a Solar Home exhibit at the 18th annual International Contemporary Furniture Fair (ICFF), from May 20 - 23, at the Jacob K. Javits Convention Center in Manhattan.
Each year, editors from several design magazines select what they feel are the most innovative student-designed projects to present at the ICFF. NYIT’s exhibit will feature six original prototypes developed by over 45 undergraduate interior design students.
Working with Assistant Professors Martha Siegel and Robert Allen, the furniture was created for NYIT’s entry into the 2005 Solar Decathlon, an international competition sponsored by the U.S. Department of Energy that challenges students to design, build and operate the most energy-efficient solar-powered home.
The six high-tech furniture pieces challenge many assumptions of current sustainable design thinking by advancing a new model that suggests interior furnishings become principal participants in the overall energy and material strategy – both for solar and non-solar homes.
Students began by questioning the current satisfaction in the sustainable community with architect and author William McDonough’s “cradle-to-cradle” approach to sustainable design. “Being sustainable in an expanding world population model just isn’t enough. There is no provision for the additive consumption of resources that results from expanded growth,” said Allen. “We felt that we had to go beyond the ‘cradle-to-cradle,’ no-impact model and probe some of the assumptions often taken in consideration of function, planning and material choices to affect bigger end results.”
Three principles formed the team’s new model: First, they proposed that the consumer, think smaller and exploit local efficiencies rather than rely on larger more consumptive systems, i.e., create “micro-environments.” Second, focus on using less; create overlap, multi-functional capabilities and consolidation whenever possible. Finally, begin incorporating “smart materials,” or materials that amplify desirable effects or utilize not only recycled or re-used product, but are made from material others discard and find useless from the onset.
NYIT’s sofa, for example, has photovoltaic panels on the back that collect the sun’s energy, which is used to power two lamps and a high-pressure fan system integrated beneath its cushions, providing for the user’s own heating or cooling needs. The Plug n’ Play station provides a sanctuary for relaxation – a place to read or listen to music – by also allowing the user to again create a micro-environment to provide for their own immediate personal comfort and privacy.
The dining table, bedroom and work area are all designed to meet multiple functional needs and consolidate in a space-saving way. For example, the dining chairs have special casters that allow for mobility enabling them to double as supplemental chairs for other areas of a house. In addition, when not in use, the chairs nest under the eating surface to form a beautiful drum-table.
The team members felt the interior of a home and its furnishings have been critically overlooked in the potential contribution they can have in impacting the overall energy and material equation for the home. Their new model suggests a far-reaching impact on the way we potentially look at homes in the future.
For more information about ICFF, please visit www.icff.com. For more information about NYIT’s designs, contact Robert Allen at 203.434.5610 or e-mail rallen01@nyit.edu.
May 18th, 2006
Buyers attending this summer’s Western New York Gift Show in Rochester or the Pittsburgh Gift Show in Monroeville will find a new division, Baby Blvd., featuring an array of baby products like clothing, bedding, accessories, furniture, toys, jewelry and more.
The Western New York Gift Show takes place July 30–Aug. 2 at the Dome Center and Minett Hall, Rochester, N.Y.; the Pittsburgh Gift Show is Aug. 26–29 at the Pittsburgh Expomart, Monroeville, Pa.
May 18th, 2006