Archive for August 10th, 2007
– Furniture Today,
Liquidation begins today
ST. LOUIS — Longtime high-end retailer Lammert Furniture and Gift is shutting down after more than 145 years in business.
Liquidation begins today at the fifth-generation family business, according to a report by the St. Louis Post-Dispatch.
For the story, go to http://www.stltoday.com/stltoday/business/columnists.nsf/joewhittington/story/1D2799D2951DA0908625733200072B1F?OpenDocument
August 10th, 2007
Hillsborough County, Florida- A furniture store north of Tampa on Dale Mabry Highway is heavily damaged following a late night three alarm fire Wednesday evening. Hillsborough County Fire Rescue spokesman Ray Yeakley says the fire started just before 11:15 inside the Exotic Furniture Store at 7214 Dale Mabry Highway. When crews arrived they immediately called for extra manpower and shut down the highway in both directions.
Yeakley told reporters around 20 units were eventually dispatched to the scene including trucks from Tampa Fire Rescue. In all, around 50 firefighters assisted, as flames eventually shot from the second floor roof.
Dale Mabry remained closed for about 6 hours in both directions between Sligh Avenue and Kirby Street including the stretch in front of University Community Hospital. But authorities have now ropened it.
Several customers shopping at a nearby CVS Pharmacy were unable to drive out of the parking lot because fire hoses blocked the roadway.
The State Fire Marshal is investigating what started the fire. There is no financial estimate on how much the damage will cost, but from the road it appeared much of the store was destroyed.
Beau Zimmer, Tampa Bay’s 10 News
August 10th, 2007
WSLS NewsChannel 10
Give your opinion on this story
There’s a fire burning at a furniture re-finishing company in Henry Co.
The Henry County Sheriff’s Office says the fire started at Piedmont Finishing Compnay, located on Clyde Prillaman Street near Route 220 in Fieldale.
There are 18 different trucks from six different companies fighting the fire. There are so many crews on the scene because the heat has made fighting the fire so much harder.
Police say no one has been hurt.
August 10th, 2007
But home furnishings sales drop 10.1%
— Kids Today,
MONTREAL – While total sales climbed moderately for consumer goods giant Dorel Inds. in both the second quarter and the first half of the year, its home furnishings segment continued to under-perform as weakness at retail caused several customers to reduce their order levels.
Total revenue for the period ending June 30 was $459 million, up 5.3% from the $435.9 million recorded for the second quarter last year. Net income fell 39.5% to $10.8 million or 32 cents per diluted share, compared to last year’s $17.9 million or 55 cents per diluted shares.
Dorel reports its results in U.S. dollars.
Included in those results are restructuring costs incurred by both Dorel Europe and by Ameriwood, the company’s RTA furniture division.
Revenue for the six months also ending June totalled $914.7 million, a 3.1% gain from the $886.9 million a year ago. Net income was $38.8 million or $1.17 per share, a 7.9% decline from the $42.1 million or $1.28 per share, including restructuring costs.
Martin Schwartz, president and CEO, attributed the sales gains primarily to juvenile specialist Dorel Europe and Pacific Cycle.
“While we are pleased with those results, we are disappointed in the earnings at our home furnishings segment,” he told analysts. “Each of the divisions within this segment has challenges that they are dealing with.”
The recent closing of ready-to-assemble furniture producer Ameriwood’s plant in Dowagiac, Mich., will result in total restructuring costs of $11.5 million, $9.7 million of which was incurred as a pre-tax charge in the second quarter.
During the second quarter, the home furnishings segment saw its revenue drop 12% to $105.6 million although adjusted earnings from operations increased 16.8% to $5.7 million. Year-to-date revenues were $228.2 million, down 10.1% from last year’s $253.8 million.
“A number of the divisions within the segment were adversely affected as two major customers attempted to lower their on-hand quantities of furniture inventory,” the company said in a statement. “Ameriwood and Dorel Asia were the most affected by these customers reducing their order levels in the quarter.”
Dorel told analysts that while it expects overall growth to be modest for the year, earnings improvement, excluding restructuring costs, will outpace revenue increases. But it anticipates the home furnishings segment will continue to lose ground.
“Due to the furniture inventory reduction initiatives at some major customers, revenue in the home furnishings segment is now forecast to be less than 2006 levels,” Schwartz said.
August 10th, 2007
Staff — Kids Today,
Bananafish, manufacturer of upscale baby bedding and nursery decor and newest division of The Betesh Group, has teamed up with Skip Hop. Under license, Bananafish will produce better crib bedding and coordinating room decor for Skip Hop, best known for its urban and modern diaper bag designs. This marks the first licensing venture for Skip Hop.
“We are very excited about the new infant bedding line we’re producing in partnership with Bananafish,” said Ellen Diamant, co-founder of Skip Hop. “We know that our customers are looking to Skip Hop for modern infant bedding that speaks to the Skip Hop customer — this is the new mom who wants to maintain her sense of style even after becoming a parent.”
Jonathan Breiter, executive vice president of The Betesh Group, said, “We are extremely proud to partner with the Skip Hop team as their first licensee. It’s very exciting to bring Skip Hop bedding to retail and design a line that will fill a void in the market for affordable luxury bedding with a clean, modern look.”
The collection of Skip Hop infant bedding and accessories will make its debut at the ABC Kids Expo in Las Vegas, September 7–10.
In keeping with the Skip Hop spirit, the line will be modern, functional and relevant for the lives of today’s contemporary parents. Product categories will include crib bedding sets, comforters, blankets, crib sheets, bumpers, window valances, diaper organizers, decorative pillows, mobiles and more. Suggested retail prices for four-piece bedding sets will start at $210.
Skip Hop infant bedding and room decor will be available Spring 2008.
Targeted channels of distribution are specialty stores and e-commerce.
August 10th, 2007
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