Archive for August 6th, 2007
Furniture Brands Names Richard Isaak Principal Financial Officer
ST. LOUIS (AP) — Furniture manufacturer Furniture Brands International Inc. named Richard Isaak principal financial officer, the company said in a Friday regulatory filing.
Isaak, 39, has been in the company’s financial department since April. He has served as controller and chief accounting officer since May.
Furniture Brands’ chief financial officer resigned in May to become CFO at ITT Corp.
Furniture Brands shares fell 46 cents, or 3.9 percent, in afternoon trading to $11.21. The stock has ranged from $10.78 to $20.96 over the past year.
August 6th, 2007
Clint Engel
Covers more than 250,000 sq ft BECKER, Minn. — Becker Furniture World here has completed its transformation into Becker Furniture World Home Center.
The company, with its main store about a 40-minute drive from Minneapolis, is now a more than 250,000-square-foot home improvement destination. It has partnered with other companies to offer everything from building supplies and kitchen appliances to cabinetry and countertops.
Among its crown jewels is an in-store, two-story, 4,300-square-foot Idea House, showcasing a recreation room, home theater, fully functioning kitchen and landscaped grounds with an in-ground swimming pool.
“Whether building, remodeling or just improving their homes, customers can make all of their choices under one roof in this … one-of-a-kind selection center,” the retailer said in a release.
In addition to furniture, rugs and accessories, the Home Center features paints, stains and finishes by Benjamin Moore; lighting, fans and home accents by Lights on Broadway; appliances from Maytag, Jenn-Air, Whirlpool and Kitchen-Aid; window treatments by Hunter Douglas; flooring, including carpet, wood, laminate and vinyl by Clearwater Interiors; tile and stone by Rubble Tile; and home theater and electronics by Robert Paul TV.
Other categories include countertops and cabinetry, fireplaces, building supplies, plumbing fixtures, landscaping, pools and spas, game tables, garage and closet organization systems and a design studio. Specialists work in all departments.
The complex has remained open during its remake. To celebrate the completion, Becker held grand-opening events in July, including a public ribbon cutting and party, said Jim Huseby, co-owner of the family-run business.
The retailer contracted with Horich, Parks and LeBow advertising agency to work with Becker and its partners on a cohesive marketing campaign, he said. In addition to a private mailer, the grand opening promotion includes television and circular advertising.
Huseby said Becker is getting a great reaction from consumers who appreciate the concept of efficient whole-home shopping under one roof with best-of-class resources and businesses.
They’ve also been amazed by the full-scale Idea House, where they can see functioning home furnishings and other goods, then go to the departments selling the products.
“We’re saying what you see is what you can get,” Huseby said. “You can literally buy your entire house here.”
Huseby declined to project sale figures. As with many retailers across the country Becker has been affected by the challenging business conditions, but he said Fourth of July sales were strong and he is looking for a continuing uptick this month.
“We believe this, being different and significant, will be able to break through the clutter and help drive business,” he said.
Becker Furniture World was founded by the Huseby family in 1978 in a 500-square-foot building that has expanded to its current size. It also operates an outlet in St. Cloud, Minn.
Becker was listed among the “stores to watch” in Furniture/Today’s 2006 Top 100 report, with estimated furniture, bedding and accessory sales of $49 million in 2005.
August 6th, 2007
Furniture Brands to Pay Third-Quarter Dividend of 16 Cents
ST. LOUIS (AP) — Furniture manufacturer Furniture Brands International Inc. on Thursday declared a third-quarter dividend of 16 cents.
The dividend is be payable on Aug. 24 to shareholders of record on Aug. 13.
August 6th, 2007
Move into components, new collections pay off
LAC-MEGANTIC, Quebec – Getting into the component business has paid off for ready-to-assemble furniture producer Bestar as sales for both the second quarter and first half of the year have improved dramatically.
Revenue for the quarter ending Jun. 30, totalled C$11.1 million, a 67.6% gain over the C$6.6 million generated for the same period of 2006. For the six months of 2007, revenue reached C$22.3 million, up from C$15.2 million for the comparable period last year – an increase of 47.2%.
“This increase is due mostly to the success of our diversification into the components market as well as the success of new furniture collections in our traditional market,” said Paul Tardif, president and CEO.
Net earnings for the second quarter were C$79,000 or one Canadian cent per share, compared to a net loss of C$599,000 or five cents per share for the second quarter last year. For the six months, net earnings were C$183,000 or one cent per share, compared to a net loss of C$596,000 or five cents per share.
Tardif noted that in 2006, Bestar’s profitability was hampered by decreasing sales to a major account and interruptions in the supply chain following a fire suffered by its primary source for particle board and melamine.
Important challenges to growth remain, Tardif said, “especially in the context of the continually rising Canadian dollar versus its U.S. counterpart. We continue to strive for increased productivity, flexibility and competitiveness which should improve profitability and ensure the company’s viability.”
August 6th, 2007
By Mike Perry, Rome News-Tribune Staff Writer
The Swanns are saying farewell to their 55-year-old family store, Jack Robbins Furniture.
Jack Robbins, affectionately remembered as “Bargain Jack” by his customers, first opened the business on Avenue C in 1952 and later moved to Broad Street.
“He gave away a live monkey,” Dale Swann, one of the present owners, recalled of his father-in-law’s first opening. “It came with the store, so he gave it away. The funny thing is, the woman who got it came back two weeks later and wanted to give it back.”
Beth Swann, Robbins’ daughter, and her husband say their decision to cease operations at the 110 Broad St. spot arrives at a time of increasing competition with major retailers and an offer they cannot refuse.
The couple said Friday they have a buyer for the building. “It definitely helped our decision-making,” Dale Swann said.
Local businessman John Massey, who owns The Diamond Store on Glenn Milner Boulevard, confirmed Friday that he is buying the building.
“I am going to move my jewelry store there,” he said. “I needed a bigger building. I like Broad Street. And that block still has some available parking.”
Massey said he plans to subdivide the 16,000-square-foot space to allow for an undisclosed retailer and another tenant that he “can’t reveal yet.”
But for the Swanns, the closure of their family store is bittersweet.
Beth Swann said she worked for her parents for more than 40 years. She recalled playing in the store as a child when it was located at 510 Broad St.
“Daddy sold tricycles. I can remember riding tricycles down the aisle,” she said.
“Bargain Jack” moved the family business five blocks down on Broad Street more than a decade later.
The Swanns took it over more than a decade ago, with her handling the bookkeeping and furniture buying and Dale Swann working the showroom sales.
The couple decided to retain the store’s name to honor her father.
“One of the special things about it was always being able to work with my family,” Beth Swann said. “We never considered that we had customers. We had friends who came here over the years.”
“It’s definitely an emotional move,” she added. “It’s been a lot of work. But it’s been a lot of fun.”
August 6th, 2007
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