Furniture Business News

Tossed furniture a mistake: officials

BY SUSAN DeMAR LAFFERTY The Star

An apology and a suggested list of donations were offered to Summit Hill School District 161 officials at last week’s meeting after a Dumpster full of furniture was tossed out.

Construction manager Jim Clumpner, of Architectural Resources, said he thought he was “doing the right thing” by throwing out lunch tables and chairs from the former junior high building.


“It was a misunderstanding on my part. I did what I thought I had to do to get this project ready for (asbestos) abatement,” he told the board.

Carlene McGill said she wants to turn this “huge negative into a positive.”

If her school district no longer needs the furniture, she wants it donated to places that could use it, such as the Chicago Public Schools, which have such items on their wish list. She believes churches and shelters also could benefit. Another option would have been to sell the goods at a community auction to raise money for the district or a charitable organization, she said.

“Where do we get off being so arrogant that we ignore the needs of the less fortunate?” she asked. “It’s bureaucratic laziness.”

With the opening of the new junior high, the former building is being remodeled as an elementary school.

Outdated materials, such as bleachers, toilets and sinks are being tossed but it was not their intention to throw away usable furniture, Superintendent Keith Pain said. He blamed the incident on “miscommunication,” and thanked McGill for alerting the district.

School officials said it will be stored until they decide what to do with it.

McGill, who lives across the street from the old school, called the district office Monday morning when she saw a Dumpster filled with “useable” furniture being hauled away.

“I was sickened,” she said.

Dean Gerdes, director of finance and support services, visited the site Monday with McGill.

“I understood that they were starting with bleachers and lockers. I had no idea they would be moving furniture Monday. I was completely surprised that they put any furniture in that Dumpster,” he said later.

He said he explained to McGill that they were looking for ways “to properly dispose of the equipment.” Two other school districts looked at it, but were not interested, he said.

There are many other unanswered questions about this incident, said former board of education member Denise Wildeveld.

“If that furniture was good enough to be used in June, why is it trash now? If they were truly saving it, why didn’t they have storage bins out there before Wednesday? Wouldn’t it be cheaper to haul it to the Chicago Public Schools than store it?” she asked. She said there was material in the Dumpster Wednesday that appeared to be broken up desks and relatively new lockers.

Wildeveld, who stepped down from the board this spring, said the issue of what to do with this furniture was “never discussed” by the board.

Add comment August 13th, 2007

Furniture group gets behind members

Daily Journal
Mississippi Furniture Association

- For more information or to join, call (662) 489-5874 or (601) 362-8900
By Dennis Seid
Daily Journal

TUPELO - For months, Mississippi Furniture Association President Ken Pruett has said the state’s $4 billion furniture industry needs to work together for the benefit of all. He helped reorganize the organization to do just that.


Pruett backed up those words Friday, when he and the MFA board agreed to send a letter to the Foreign-Trade Zones Board of the U.S. Department of Commerce to support the efforts of Lane, Bauhaus and H.M. Richards to get tariff relief on some fabric that is used in their furniture production.

The companies are asking the federal government for Foreign Trade Zone status for its Tupelo-area plants, which reside inside Foreign Trade Zone 158.

Their applications request that they be able to receive foreign-made microdenier suede fabrics duty-free. Duties run as much as 17 percent on the material.

The FTZ Board has asked for public comment by Oct. 2, and Pruett said it only made sense to support fellow furniture makers, even though Lane and Bauhaus are among the largest companies in the industry.

“We need to set a precedent,” he said. “Unless we can eliminate the tariff, there’s nothing we can do for our smaller companies.”

The application would apply only to the microdenier suede fabric, but Pruett said if duty-relief is given, it will be far easier in the future to ask for relief on other fabrics later.

“We’re not supporting one member over another and giving them an advantage over the rest of us,” Pruett insisted. “But we have to build a framework and go from there. We eventually want Foreign Trade Zone status, or at last the benefits of membership, for all of Northeast Mississippi because the furniture industry is across the region.”

Said board member Jim Sneed, who also is CEO of Affordable Furniture in Algoma: “We need it to help all of us.”

Meeting with officials

The MFA is planning a meeting Sept. 27 at 6 p.m. at the Tupelo Furniture Market for manufacturers, vendors, suppliers and other industry stakeholder. It has invited state legislators, political candidates and other leaders for a “non-political” meeting.

“This is not a political speaking event,” Pruett said. “This is chance for us to outline our goals and plans to our industry and to our elected officials - and ones who want to get elected.”

Pruett also asked board members to spread the word about the association and its need to have more members.

“It’s going to take all of us to protect the industry,” he said. “Nobody can do it alone, but together, we can have a voice. We’ve been quiet for too long or not speaking with the same voice.”

 

Appeared originally in the Northeast Mississippi Daily Journal, 8/11/2007, section B , page 5

Add comment August 13th, 2007

Your next sofa may be cushioned with soy

By Stacy Downs

The Kansas City Star

/ MCCLATCHY NEWSPAPERS
Soy-based foam has become the upholstery-cushion standard at stores that carry Norwalk Furniture. Shown here is the Cabo sectional starting at $4,224.

Environmental advantages
• For every 1 million pounds of BiOH polyols that replace petroleum polyols in flexible foams, 2,200 barrels of crude oil are saved.


• Manufacturing soy-based polyol requires 61 percent less nonrenewable energy.

• Soy polyol produces 36 percent fewer emissions than traditional polyols.

Source: BiOH, Cargill

There’s something “green” hidden in the seat cushions.

Soybean-based foam is cropping up in sofas and chairs. The new product reduces the amount of petroleum used in polyurethane foam, the core material in cushions. The innovation comes at a time of rising concern over petroleum prices and the availability of raw materials.

Norwalk Furniture, a custom upholstery maker and retailer based in Norwalk, Ohio, recently made the switch to foam containing soy for its standard sofas and chairs.

“It’s a major part of our green journey,” said Reyna Moore, director of sales and marketing for Norwalk, which also uses recycled wire and steel for its machine-tied coil seating systems, and natural fibers for its covers. “We know customers are becoming more environmentally aware.”

Another large furniture manufacturer, Lee Industries of Newton, N.C., recently began using foam with soy in its natural Lee line, which also includes back and throw pillows made entirely of fibers from recycled bottles.

Other furniture makers such as Lane Home Furnishings also are beginning to use soy foam in their cushions. The new type of foam was born after Cargill, the agricultural products giant in Minnesota, and the Kansas Polymer Research Institute developed the product BiOH, a soybean oil.

Foam manufacturers such as Hickory Springs in Hickory, N.C., are now using BiOH. Hickory Springs’ soy-based foam, Preserve, is used in Norwalk Furniture and Lee Industries’ upholstered pieces. Flexible foam such as Preserve is made of two primary petroleum-based ingredients, polyol and toluene diisocyanate, that are mixed with water.

The first generation of Preserve foam uses 10 percent to 20 percent soy product, about 1 to 2 pounds of soy in a standard-size sofa. Foam made with larger amounts of soy emitted an odor, said Bobby Bush, Hickory Springs’ vice president of foam and environmental technology.

“It smelled like burnt popcorn,” Bush said. “Some people thought it smelled like burnt motor oil.”

But research continues, and soon the company expects to introduce odorless second-generation Preserve products that have a higher soy percentage. They will include a high-resiliency foam and memory foam, which can be used for mattresses.

Preserve performs similarly to traditional polyurethane foam, Bush said, meaning it breaks down at roughly the same rate.

This means Preserve is not totally green, but it is more environmentally friendly because it is made partly from soybeans, a renewable resource.

At this point it’s not cheaper to produce Preserve, Bush said. But as prices for petroleum continue to increase, the soy-based product is expected to be less expensive to make than traditional foam.
Copyright © 2007 The Seattle Times Company

Add comment August 13th, 2007

Furniture retailer to open Greenwich Ave. store

By Peter Healy
Staff Writer

A high-end furniture store is set to replace longtime clothier Razooks at 45 E. Putnam Ave. in downtown Greenwich’s prime shopping area.

The Mitchell Gold + Bob Williams chain expects to open the 5,200-square-foot store in November after renovations. The furniture space has 80 feet of street frontage and a full basement.


“We’ve always had an interest in Greenwich and our loyal customers have expressed interest in having our brand represented there,” Mitchell Gold, co-founder and chairman of the privately held $100 million chain, said in a statement. “Greenwich has become the ultimate retail experience, not only for the local Greenwich market, but for the surrounding areas as well. We wanted to be a part of it.”

The Keleshian family, owner of the building at East Putnam Avenue and Church Street, sought a tenant other than a clothing store, of which it has several.

“The landlord was determined to find the best possible synergy with the other tenants at the property, among them Cashmere Inc., Elsebe, J. McLaughlin, Patricia Gourlay and Vision Consultants of Greenwich,” said Cory Gubner, president and chief executive officer of GVA Williams of Connecticut commercial real estate.

GVA Williams had been marketing the former Razooks space. Razooks closed about a year ago.

Furniture stores rarely come to pricey, fashionable retail strips such as East Putnam Avenue near Greenwich Avenue, said Thomas Torelli, managing partner of Allied Property Group in Greenwich. He said furniture shopping usually is a planned trip, not an impulse buy.

“They certainly are welcome, and they definitely will diversify the town’s retail base,” Torelli said of Mitchell Gold + Bob Williams.

The company operates 14 stand-alone, or “signature,” stores in Atlanta; Boston; Los Angeles; Washington, D.C.; Seattle; Palm Springs, Calif.; Portland, Ore.; Miami; and other cities. Mitchell Gold + Bob Williams also has three stores within other merchants’ properties.

About 60 retailers sell Mitchell Gold + Bob Williams furniture in their stores. They include Crate & Barrel, Pottery Barn and Restoration Hardware, which has a store on Greenwich Avenue. Design Solutions in New Canaan and Lillian August Designs in Norwalk also sell Mitchell Gold + Bob Williams products.

Mitchell Gold + Bob Williams plans to add signature stores this year in New York City, Houston and Nashville, Tenn.

Its factory headquarters is in Taylorsville, N.C.

Robert Draizen, managing director of New York City-based Robert K. Futterman & Associates commercial real estate, represented Mitchell Gold + Bob Williams in negotiations for its long-term lease.

Gubner, Scott Lifschultz and Deirdre Corcoran Foote of GVA Williams of Connecticut represented the landlord.

Copyright © 2007, Southern Connecticut Newspapers, Inc.

Add comment August 13th, 2007

Our furniture set arrived incomplete; want money back

ASK ACTION LINE

• Q: On May 25, we bought a living room set from El Dorado Furniture for $3,553.49. It consisted of a leather sofa, two end tables, a coffee table, a wooden bench and two matching leather chairs.

On delivery June 2, the sofa and one of the chairs arrived damaged. The delivery men took them back. Days later, the sofa was delivered once more, but, again, was damaged.


The following week, the sofa arrived again with no damages, but we were told the chair wouldn’t be in till the end of August.

I asked that they come pick up the other chair and have $815.34, the amount of the two chairs, credited to my account. They said no but offered a loaner chair from the showroom until mine was ready.

All I want is my money back.

Can Action Line help?

Rafael and Caridad Rodriguez,

Miami
• A: You’re being credited $831.63, a little more than you asked for, according to Miguel Delgado, El Dorado’s general manager in Kendall.

 

Add comment August 13th, 2007

Arnold Van Den Berg Buys Walgreen Co., YRC Worldwide, Inc., Office Depot Inc., Sells Whirlpool Corp., Dow Jones & Co. Inc., Kaman Corporation

Arnold Van Den Berg likes to buy quality stocks when they have the lowest rolling 10-year price to sales (P/S) ratios. That is how he achieved more than 20% a year over the past 20 years. Arnold Van Den Berg owns 57 stocks with a total value of $3.7 billion. These are the details of the buys and sells during the second quarter.


Arnold Van Den Berg buys Walgreen Co., YRC Worldwide, Inc., Office Depot Inc., Williams-sonoma Inc., Arkansas Best Corp., Ethan Allen Interiors Inc., Rogers Corp., Aaron Rents Inc., Furniture Brands International, Target Corp., Lawson Products Inc., Dun & Bradstreet Corp., Pepsico Inc., sells Whirlpool Corp., Dow Jones & Co. Inc., Kaman Corporation, Robbins & Myers Inc., Powell Industries Inc., Berkshirehathaway Inc. Cl B, Fossil Inc., Cdw Corp., Usec Inc., Paxar Corp. during the 3-months ended 06/30/2007, according to the most recent filings of his investment company, Century Management. Arnold Van Den Berg owns 57 stocks with a total value of $3.7 billion. These are the details of the buys and sells.

• New Purchases: ABFS, DNB, ETH, FBN, LAWS, ODP, PEP, RNT, ROG, TGT, WAG, WSM, YRCW,
• Added Positions: IMN, INTC, IVC, JNJ, LEG, LZB, MAS, PG, WFC, WPL,
• Reduced Positions: EL, GLW, GWW, NWL,
• Sold Out: BRK-B, CDWC, DJ, FOSL, KAMN, POWL, RBN, USU, WHR,

Added: Leggett & Platt Inc. (LEG)

Arnold Van Den Berg added to his holdings in Furnishings company Leggett & Platt Inc. by 88.34%. His purchase prices were between $21.6 and $24.32, with an estimated average price of $23.3. The impact to his portfolio due to this purchase was 1.39%. His holdings were 5,235,901 shares as of 06/30/2007.

Leggett & Platt, Incorporated engages in the design and production of a range of engineered components and products worldwide. It operates in five segments: Residential Furnishings, Commercial Fixturing & Components, Aluminum Products etc. Leggett & Platt Inc. has a market cap of $3.47 billion, its shares were traded at around $20.77 with with P/E ratio of 11.76 and P/S ratio of 0.67.

Added: Imation Corp. (IMN)

Arnold Van Den Berg added to his holdings in Computer Hardware company Imation Corp. by 124.37%. His purchase prices were between $37.03 and $41.15, with an estimated average price of $38.2. The impact to his portfolio due to this purchase was 1.16%. His holdings were 2,611,075 shares as of 06/30/2007.

Imation Corp. engages in the development, manufacture, sourcing, marketing, and distribution of removable data storage media products and accessories worldwide. Imation Corp. has a market cap of $1.32 billion, its shares were traded at around $29.47 with with P/E ratio of 19.65 and P/S ratio of 0.71.

Added: Masco Corp. (MAS)

Arnold Van Den Berg added to his holdings in Building Materials & Fixtures company Masco Corp. by 111.96%. His purchase prices were between $26.65 and $30.26, with an estimated average price of $28.5. The impact to his portfolio due to this purchase was 0.99%. His holdings were 2,637,953 shares as of 06/30/2007.

Masco Corporation manufactures, distributes, and installs home improvement and building products primarily in North America. It operates through five segments: Cabinets and Related Products, Plumbing Products, Installation and Other Services. Masco Corp. has a market cap of $9.65 billion, its shares were traded at around $26.03 with with P/E ratio of 25.13 and P/S ratio of 0.79.

Added: WP Stewart & Co. Ltd. (WPL)

Arnold Van Den Berg added to his holdings in Investment Services company WP Stewart & Co. Ltd. by 32.07%. His purchase prices were between $9.66 and $10.67, with an estimated average price of $10. The impact to his portfolio due to this purchase was 0.84%. His holdings were 13,032,152 shares as of 06/30/2007.

WP Stewart & Co. Ltd is a privately owned investment manager with approximately $8.4 billion ($8.34 billion) assets under management. The firm provides its services to high net-worth individuals, trusts, partnerships, private corporations. WP Stewart & Co. Ltd. has a market cap of $470.27 billion, its shares were traded at around $9.7 with with P/S ratio of 3.87.

Added: Wells Fargo & Co. (WFC)

Arnold Van Den Berg added to his holdings in Banks company Wells Fargo & Co. by 34.96%. His purchase prices were between $33.87 and $36.1, with an estimated average price of $35.2. The impact to his portfolio due to this purchase was 0.74%. His holdings were 3,060,526 shares as of 06/30/2007.

Wells Fargo & Company, through its subsidiaries, provides banking and financial products and services in the United States. The company operates in three segments: Community Banking, Wholesale Banking, and Wells Fargo Financial. Wells Fargo & Co. has a market cap of $114.98 billion, its shares were traded at around $34.16 with with P/E ratio of 13.19 and P/S ratio of 3.27.

Added: Invacare Corp. (IVC)

Arnold Van Den Berg added to his holdings in Medical Supplies company Invacare Corp. by 122.81%. His purchase prices were between $17.76 and $18.98, with an estimated average price of $18.3. The impact to his portfolio due to this purchase was 0.59%. His holdings were 1,700,112 shares as of 06/30/2007.

Invacare Corporation engages in the design, manufacture, and distribution of medical equipment for the non-acute health care markets. It offers rehab, standard, respiratory, institutional, and other products. Invacare Corp. has a market cap of $725.54 billion, its shares were traded at around $22.99 with with P/S ratio of 0.48.

Added: La-Z-boy Inc. (LZB)

Arnold Van Den Berg added to his holdings in Furnishings company La-z-boy Inc. by 252.89%. His purchase prices were between $11.5 and $12.46, with an estimated average price of $11.9. The impact to his portfolio due to this purchase was 0.34%. His holdings were 1,814,446 shares as of 06/30/2007.

La-Z-Boy Incorporated manufactures and markets upholstered furniture and casegoods furniture products in the United States and Canada. It operates in three groups: Upholstery Group, Casegoods Group, and Retail Group. La-Z-Boy Inc. has a market cap of $542.18 billion, its shares were traded at around $9.45 with with P/E ratio of 130.88 and P/S ratio of 0.30.

Added: Intel Corp. (INTC)

Arnold Van Den Berg added to his holdings in Semiconductors company Intel Corp. by 32.08%. His purchase prices were between $19.39 and $24.13, with an estimated average price of $22.1. The impact to his portfolio due to this purchase was 0.34%. His holdings were 2,117,455 shares as of 06/30/2007.

Intel Corporation engages in the manufacture and sale of semiconductor chips, as well as in the development of advanced integrated digital technology platforms for the computing and communications industries worldwide. Intel Corp. has a market cap of $140.04 billion, its shares were traded at around $23.92 with with P/E ratio of 24.65 and P/S ratio of 3.88.

Added: Procter & Gamble Co. (PG)

Arnold Van Den Berg added to his holdings in Nondurable Household Products company Procter & Gamble Co. by 86.2%. His purchase prices were between $60.69 and $63.13, with an estimated average price of $62.3. The impact to his portfolio due to this purchase was 0.01%. His holdings were 9,658 shares as of 06/30/2007.

The Procter & Gamble Company and its subsidiaries engage in the manufacture and marketing of various consumer products worldwide. It operates in seven segments: Beauty; Health Care; Fabric Care and Home Care; Pet Health, Snacks and Coffee. Procter & Gamble Co. has a market cap of $205.91 billion, its shares were traded at around $64.97 with with P/E ratio of 21.50 and P/S ratio of 2.68.

Added: Johnson & Johnson (JNJ)

Arnold Van Den Berg added to his holdings in Pharmaceuticals company Johnson & Johnson by 29.65%. His purchase prices were between $60.73 and $64.7, with an estimated average price of $62.6. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 7,399 shares as of 06/30/2007.

Johnson & Johnson engages in the manufacture and sale of various products in the health care field worldwide. Its Consumer segment offers products used in the baby and kids care, skin care, oral care, wound care, and women’s health care fields. Johnson & Johnson has a market cap of $177.12 billion, its shares were traded at around $60.83 with with P/E ratio of 16.94 and P/S ratio of 3.08.

New Purchase: Walgreen Co. (WAG)

Arnold Van Den Berg initiated holdings in Drug Retailers company Walgreen Co.. His purchase prices were between $43.53 and $46.16, with an estimated average price of $45. The impact to his portfolio due to this purchase was 2.64%. His holdings were 2,052,035 shares as of 06/30/2007.

Walgreen Co. operates a chain of drugstores in the United States. These drugstores sell prescription and non-prescription drugs, and general merchandise. Walgreen Co. has a market cap of $46.13 billion, its shares were traded at around $47.14 with with P/E ratio of 22.80 and P/S ratio of 0.89.

New Purchase: YRC Worldwide, Inc. (YRCW)

Arnold Van Den Berg initiated holdings in Trucking company YRC Worldwide, Inc.. His purchase prices were between $37.31 and $44.62, with an estimated average price of $39.9. The impact to his portfolio due to this purchase was 2.36%. His holdings were 2,763,067 shares as of 06/30/2007.

YRC Worldwide, Inc., through its subsidiaries, provides transportation services for the shipment of industrial, commercial, and retail goods in the United States and internationally. YRC Worldwide, Inc. has a market cap of $1.88 billion, its shares were traded at around $31.28 with with P/E ratio of 9.56 and P/S ratio of 0.18.

New Purchase: Office Depot Inc. (ODP)

Arnold Van Den Berg initiated holdings in Specialty Retailers company Office Depot Inc.. His purchase prices were between $31.81 and $36.26, with an estimated average price of $34.8. The impact to his portfolio due to this purchase was 1.41%. His holdings were 2,320,059 shares as of 06/30/2007.

Office Depot, Inc. provides various office products and services worldwide. The company sells an assortment of merchandise, including brand name and private brand office supplies, business machines and computers, computer software, etc. Office Depot Inc. has a market cap of $6.38 billion, its shares were traded at around $22.2 with with P/E ratio of 12.30 and P/S ratio of 0.39.

New Purchase: Williams-sonoma Inc. (WSM)

Arnold Van Den Berg initiated holdings in Specialty Retailers company Williams-sonoma Inc.. His purchase prices were between $31.59 and $36.27, with an estimated average price of $34.1. The impact to his portfolio due to this purchase was 1.38%. His holdings were 1,574,526 shares as of 06/30/2007.

Williams-Sonoma, Inc. operates as a specialty retailer of home products in the United States and Canada. It offers culinary and serving equipment, including cookware, cookbooks, cutlery, informal dinnerware, glassware, table linens, etc. Williams-Sonoma Inc. has a market cap of $3.39 billion, its shares were traded at around $32.09 with with P/E ratio of 17.32 and P/S ratio of 0.95.

New Purchase: Arkansas Best Corp. (ABFS)

Arnold Van Den Berg initiated holdings in Trucking company Arkansas Best Corp.. His purchase prices were between $35.97 and $40.93, with an estimated average price of $38.9. The impact to his portfolio due to this purchase was 0.82%. His holdings were 852,261 shares as of 06/30/2007.

Arkansas Best Corporation, through its subsidiaries, provides motor carrier transportation services in the United States. The company offers national, inter-regional, and regional transportation of general commodities, including food, textiles, etc. Arkansas Best Corp. has a market cap of $912.52 billion, its shares were traded at around $35.05 with with P/E ratio of 13.11 and P/S ratio of 0.48.

New Purchase: Ethan Allen Interiors Inc. (ETH)

Arnold Van Den Berg initiated holdings in Furnishings company Ethan Allen Interiors Inc.. His purchase prices were between $34.14 and $36.89, with an estimated average price of $35.3. The impact to his portfolio due to this purchase was 0.66%. His holdings were 724,528 shares as of 06/30/2007.

Ethan Allen Interiors, Inc. engages in manufacturing and retailing home furnishings and accessories. It operates in two segments: Wholesale and Retail. Ethan Allen Interiors Inc. has a market cap of $1.04 billion, its shares were traded at around $33.54 with with P/E ratio of 15.45 and P/S ratio of 1.04.

New Purchase: Rogers Corp. (ROG)

Arnold Van Den Berg initiated holdings in Specialty Chemicals company Rogers Corp.. His purchase prices were between $37.21 and $46.77, with an estimated average price of $41.7. The impact to his portfolio due to this purchase was 0.59%. His holdings were 483,446 shares as of 06/30/2007.

Rogers Corporation develops, manufactures, and distributes specialty material-based products and components for original equipment manufacturers and contract manufacturers worldwide. Rogers Corp. has a market cap of $740.73 billion, its shares were traded at around $44.31 with with P/E ratio of 20.98 and P/S ratio of 1.70.

New Purchase: Aaron Rents Inc. (RNT)

Arnold Van Den Berg initiated holdings in Specialty Retailers company Aaron Rents Inc.. His purchase prices were between $26.02 and $29.88, with an estimated average price of $28.2. The impact to his portfolio due to this purchase was 0.12%. His holdings were 177,020 shares as of 06/30/2007.

Aaron Rents, Inc. engages in the lease ownership, rental, and retail sale of consumer electronics, computers, residential and office furniture, household appliances, and accessories in the United States and Canada. Aaron Rents Inc. has a market cap of $1.36 billion, its shares were traded at around $25.25 with with P/E ratio of 15.82 and P/S ratio of 0.98.

New Purchase: Furniture Brands International (FBN)

Arnold Van Den Berg initiated holdings in Furnishings company Furniture Brands International. His purchase prices were between $14.01 and $16, with an estimated average price of $14.8. The impact to his portfolio due to this purchase was 0.07%. His holdings were 193,125 shares as of 06/30/2007.

Furniture Brands International, Inc., through its subsidiaries, designs, manufactures, markets, and distributes residential furniture products in the United States. Furniture Brands International has a market cap of $594.68 billion, its shares were traded at around $12.51 with with P/E ratio of 35.96 and P/S ratio of 0.27.

New Purchase: Target Corp. (TGT)

Arnold Van Den Berg initiated holdings in Broadline Retailers company Target Corp.. His purchase prices were between $58.13 and $64.27, with an estimated average price of $61.4. The impact to his portfolio due to this purchase was 0.06%. His holdings were 33,550 shares as of 06/30/2007.

Target Corporation engages in the operation of general merchandise and food discount stores in the United States. It offers an assortment of general merchandise, including consumables and commodities; electronics, entertainment, sporting goods, etc. Target Corp. has a market cap of $53.1 billion, its shares were traded at around $62.52 with with P/E ratio of 18.70 and P/S ratio of 0.88.

New Purchase: Lawson Products Inc. (LAWS)

Arnold Van Den Berg initiated holdings in Diversified Industrials company Lawson Products Inc.. His purchase prices were between $35.02 and $39.09, with an estimated average price of $36.6. The impact to his portfolio due to this purchase was 0.05%. His holdings were 49,634 shares as of 06/30/2007.

Lawson Products, Inc. engages in the distribution and marketing of systems, services, and products to the industrial, commercial, and institutional maintenance, repair, and replacement marketplace. Lawson Products Inc. has a market cap of $316.08 billion, its shares were traded at around $35.29 with with P/E ratio of 37.13 and P/S ratio of 0.58.

New Purchase: Dun & Bradstreet Corp. (DNB)

Arnold Van Den Berg initiated holdings in Business Support Services company Dun & Bradstreet Corp.. His purchase prices were between $90.07 and $103.64, with an estimated average price of $96.2. The impact to his portfolio due to this purchase was 0.02%. His holdings were 7,000 shares as of 06/30/2007.

The Dun & Bradstreet Corporation (D&B) provides business information and tools in the United States and internationally. The company offers various solutions, including Risk Management Solutions, Sales and Marketing Solutions, Supply Management. Dun & Bradstreet Corp. has a market cap of $5.41 billion, its shares were traded at around $92.55 with with P/E ratio of 20.29 and P/S ratio of 3.47.

New Purchase: Pepsico Inc. (PEP)

Arnold Van Den Berg initiated holdings in Soft Drinks company Pepsico Inc.. His purchase prices were between $63.33 and $69.09, with an estimated average price of $66.3. The impact to his portfolio due to this purchase was 0.01%. His holdings were 4,241 shares as of 06/30/2007.

PepsiCo, Inc. operates as a snack and beverage company. Its Frito-Lay North America division manufactures, markets, sells, and distributes branded snacks, including Lay’s potato chips, Doritos tortilla chips, Tostitos tortilla chips, etc. Pepsico Inc. has a market cap of $109.79 billion, its shares were traded at around $68.5 with with P/E ratio of 19.06 and P/S ratio of 3.02.

Reduced: Newell Rubbermaid Inc. (NWL)

Arnold Van Den Berg reduced to his holdings in Durable Household Products company Newell Rubbermaid Inc. by 44.18%. His sale prices were between $29.12 and $31.51, with an estimated average price of $30.4. The impact to his portfolio due to this sale was 0.65%. Arnold Van Den Berg still held 1,302,427 shares as of 06/30/2007.

Newell Rubbermaid, Inc. engages in the design, manufacture, packaging, and distribution of consumer and commercial products worldwide. It operates in four segments: Cleaning, Organization & Decor; Office Products; Tools & Hardware; etc. Newell Rubbermaid Inc. has a market cap of $7.26 billion, its shares were traded at around $26.46 with with P/E ratio of 18.01 and P/S ratio of 1.16.

Reduced: Ww Grainger Inc. (GWW)

Arnold Van Den Berg reduced to his holdings in Business Support Services company Ww Grainger Inc. by 57.41%. His sale prices were between $76.88 and $92.56, with an estimated average price of $85.1. The impact to his portfolio due to this sale was 0.6%. Arnold Van Den Berg still held 408,161 shares as of 06/30/2007.

W.W. Grainger, Inc., together with its subsidiaries, supplies facilities maintenance and other-related products in North America. It operates in three segments: Grainger Branch-Based, Acklands ?Grainger Branch-based, and Lab Safety. WW Grainger Inc. has a market cap of $7.29 billion, its shares were traded at around $84.61 with with P/E ratio of 18.49 and P/S ratio of 1.16.

Reduced: Estee Lauder Companies Inc. (EL)

Arnold Van Den Berg reduced to his holdings in Personal Products company Estee Lauder Companies Inc. by 86.95%. His sale prices were between $45.42 and $50.9, with an estimated average price of $47.7. The impact to his portfolio due to this sale was 0.11%. Arnold Van Den Berg still held 168,750 shares as of 06/30/2007.

The Estee Lauder Companies, Inc. engages in the manufacture, marketing, and sale of skin care, makeup, fragrance, and hair care products primarily under stee Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, American Beauty, etc. Estee Lauder Companies Inc. has a market cap of $8.38 billion, its shares were traded at around $43.25 with with P/E ratio of 22.67 and P/S ratio of 1.22.

Reduced: Corning Inc. (GLW)

Arnold Van Den Berg reduced to his holdings in Telecom Equipment company Corning Inc. by 68.18%. His sale prices were between $23.48 and $26.34, with an estimated average price of $24.6. The impact to his portfolio due to this sale was 0.01%. Arnold Van Den Berg still held 11,600 shares as of 06/30/2007.

Corning Incorporated provides technology-based products in the United States. It operates in four segments: Display Technologies, Telecommunications, Environmental Technologies, and Life Sciences. Corning Inc. has a market cap of $37.02 billion, its shares were traded at around $23.59 with with P/E ratio of 19.72 and P/S ratio of 6.93.

Sold Out: Powell Industries Inc. (POWL)

Arnold Van Den Berg sold out his holdings in Electrical Components & Equipment company Powell Industries Inc.. His sale prices were between $27.77 and $36.99, with an estimated average price of $31.5. The impact to his portfolio due to this sale was less than 0.01%.

Powell Industries, Inc., together with its subsidiaries, engages in the development, design, manufacture, and service of equipment and systems for the management and control of electrical energy and other critical processes worldwide. Powell Industries Inc. has a market cap of $391.17 billion, its shares were traded at around $35.74 with .

Sold Out: Dow Jones & Co. Inc. (DJ)

Arnold Van Den Berg sold out his holdings in Publishing company Dow Jones & Co. Inc.. His sale prices were between $33.89 and $60.92, with an estimated average price of $49.9. The impact to his portfolio due to this sale was less than 0.01%.

Dow Jones & Company, Inc. provides global business and financial news, information, and insight through newspapers, newswires, magazines, the Internet, indexes, television, and radio. Dow Jones & Co. Inc. has a market cap of $5.02 billion, its shares were traded at around $58.48 with with P/E ratio of 14.51 and P/S ratio of 2.60.

Sold Out: Fossil Inc. (FOSL)

Arnold Van Den Berg sold out his holdings in Clothing & Accessories company Fossil Inc.. His sale prices were between $26.58 and $31.24, with an estimated average price of $29.9. The impact to his portfolio due to this sale was less than 0.01%.

Fossil, Inc. engages in the design, development, marketing, and distribution of fashion watches and accessories. The company offers fashion watches, as well as small leather goods, belts, handbags, sunglasses, jewelry, and apparel. Fossil Inc. has a market cap of $1.85 billion, its shares were traded at around $26.27 with with P/E ratio of 29.46 and P/S ratio of 1.60.

Sold Out: Robbins & Myers Inc. (RBN)

Arnold Van Den Berg sold out his holdings in Electronic Equipment company Robbins & Myers Inc.. His sale prices were between $40.08 and $47.84, with an estimated average price of $44.2. The impact to his portfolio due to this sale was less than 0.01%.

Robbins & Myers, Inc. engages in the design, manufacture, and marketing of equipment and systems for the pharmaceutical, energy, and industrial markets worldwide. Robbins & Myers Inc. has a market cap of $840.34 billion, its shares were traded at around $47.05 with with P/E ratio of 20.07 and P/S ratio of 1.20.

Sold Out: Kaman Corporation (KAMN)

Arnold Van Den Berg sold out his holdings in Business Support Services company Kaman Corporation. His sale prices were between $23.36 and $31.87, with an estimated average price of $27.3. The impact to his portfolio due to this sale was less than 0.01%.

Kaman Corporation, together with its subsidiaries, engages in distributing industrial components in North America, Europe, Asia, South America, and Australia. Kaman Corporation has a market cap of $847.38 billion, its shares were traded at around $34.09 with with P/E ratio of 22.10 and P/S ratio of 0.67.

Sold Out: Cdw Corp. (CDWC)

Arnold Van Den Berg sold out his holdings in Business Support Services company Cdw Corp.. His sale prices were between $61.2 and $85.07, with an estimated average price of $76.7. The impact to his portfolio due to this sale was less than 0.01%.

CDW Corporation provides multi-branded information technology products and services to business, government, and education customers in the United States and Canada. CDW Corp. has a market cap of $6.66 billion, its shares were traded at around $83.78 with with P/E ratio of 23.33 and P/S ratio of 0.89.

Sold Out: Usec Inc. (USU)

Arnold Van Den Berg sold out his holdings in Electricity company Usec Inc.. His sale prices were between $17.53 and $23.91, with an estimated average price of $21.4. The impact to his portfolio due to this sale was less than 0.01%.

USEC, Inc., together with its subsidiaries, supplies low enriched uranium (LEU) for commercial nuclear power plants worldwide. It sells separative work units (SWU) component of LEU, the SWU and uranium components of LEU, and uranium. USEC Inc. has a market cap of $1.36 billion, its shares were traded at around $13.52 with with P/E ratio of 17.90 and P/S ratio of 0.72.

Sold Out: Whirlpool Corp. (WHR)

Arnold Van Den Berg sold out his holdings in Furnishings company Whirlpool Corp.. His sale prices were between $85.94 and $114.7, with an estimated average price of $106.2. The impact to his portfolio due to this sale was less than 0.01%.

Whirlpool Corporation engages in the manufacture and marketing of home appliances worldwide. Its principal products include laundry appliances, refrigerators and freezers, cooking appliances, dishwashers, room air-conditioning equipment, etc.Whirlpool Corp. has a market cap of $7.41 billion, its shares were traded at around $96.78 with with P/E ratio of 14.98 and P/S ratio of 0.40.

Sold Out: Berkshirehathaway Inc. Cl B (BRK-B)

Arnold Van Den Berg sold out his holdings in Property & Casualty Insurance company Berkshirehathaway Inc. Cl B. His sale prices were between $3578 and $3668, with an estimated average price of $3626.6. The impact to his portfolio due to this sale was less than 0.01%.

Add comment August 13th, 2007

Wood Finish contributes to LEED certification.

Applied using environmentally friendly process, Clarity(TM) Finish includes wash, sealer, and top coats. Since it is water-based, wood casegood product is Indoor Advantage(TM) certified for indoor air quality. Finish allows repairs to top coat should damage occur, and provides consistency and clarity that allow natural look of wood to come through.

Steelcase Introduces Clarity(TM) Wood Finish
New Water-Based Finish Contributes to LEED(TM) Certification

GRAND RAPIDS, Mich.Steelcase Inc. (NYSE:SCS), a global office environments manufacturer, today introduced Clarity(TM), a water-borne wood finish applied using an environmentally- friendly process.

Clarity is a wood finish that includes the wash, sealer and top coats. Metro was the first Steelcase company to finish its wood products with Clarity. Now Steelcase joins Metro to achieve a major milestone in the transition it began in 2001 to eliminate solvents from its wood furniture finishing processes.

Clarity provides a number of benefits to customers and to the environment. For instance, since it is water-based, wood casegood products are now Indoor Advantage(TM) certified for indoor air quality by Scientific Certification Systems. This certification validates that many Steelcase wood products conform to the Business and Institutional Furniture Manufacturer’s Association (BIFMA) and the US Green Building Council’s Leadership in Energy and Environmental Design (LEED) low-emitting product criterion. Because this finishing process is used in standard production, all of the standard casegood products manufactured in our wood plant meet those criterion.

The Clarity water-based clear top coat is also more durable than solvent finishes. Typically the trade off for durability is limited reparability, but the Clarity finish is different. It allows for repairs to the topcoat, should damage occur. And the finish consistency and clarity allow the natural beauty of the wood to come through. Wood products with the new finish are shipping now.

“Not only is the Clarity finishing process beneficial to customers, it is better for the environment, as it enables us to decrease the total amount of hazardous waste in the manufacturing process,” said Jim Keane, president, Steelcase Group.

Steelcase wood products are manufactured in the first LEED certified manufacturing facility in the world.

About Steelcase Inc.
Steelcase, the global leader in the office furniture industry, helps people have a better work experience by providing products, services and insights into the ways people work. The company designs and manufactures architecture, furniture and technology products. Founded in 1912 and headquartered in Grand Rapids, Michigan, Steelcase (NYSE:SCS) serves customers through approximately 13,000 employees and dealers at over 550 locations worldwide. Fiscal 2007 revenue was $3.1 billion. Learn more at www.steelcase.com.

CONTACT: Jeanine Holquist of Steelcase Inc., jholquis@steelcase.com,
+1-616-698-3765
Contacts:

General Information:
Jeanine Holquist
USA
Phone: 616-698-3765
  E-mail this person
Company Information:
Name: Steelcase, Inc.
Address: P.O. Box 1967
City: Grand Rapids
State: MI
ZIP: 49501
Country: USA
Phone: 616-247-2710
FAX: 616-246-9188
http://www.steelcase.com/

Add comment August 13th, 2007

Furniture styles mirror top fashion trends once again

By Jan McClure/For the Sun-News

Having just returned from the Las Vegas World Furniture Market, I noticed a furniture trend that definitely reflects fashion industry trends. In fact, several showrooms had clothing that coordinated with the furniture displayed with their products, and presented a direct correlation with the fashion industry. The furniture industry has really hopped on board the fast train of becoming a fashion industry in its own right.


One color choice that was prevalent was the pairing of graphic black-and-whites with twists of red.

The combination of blues and browns, along with greens, was still abundant. The blues came in a variety of shades, including both warm and cool tones, as well as more gray tones. Chocolate was still the dominant brown shade, but some of the more understated and subtle colors of tan and copper were also shown.

Yellow and gold were being introduced in more subtle and serene tones.

The ever-popular reds were introduced in darker cranberry shades, as well as tones inspired by paprika and other spices.

The fabric choices featured soft chenilles, velvets, pebble looks and lots of texture. Ribbed weaves, menswear looks and details were reflected in the composition of the pieces, with prevalent top stitching,
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welting and trims. Leather introductions included a stronger variety of color with an emphasis on reds and buttercreams.

The dominant style trend was a contemporary look. There was an abundance of straight lines and cleaner designs. Also, the combination of several fabrics could be seen. Leather with upholstery, microfibers combined with leather looks. These combinations were found whether it was contemporary or a more traditional look.

All the style of sofas being shown had more boxy shapes. Higher arms and track arms for sofas were everywhere. Larger cocktail tables were shown, often in square designs, as sectionals seem to have come back around in a big way.

Theater seating seems more popular, along with other furniture to accommodate the larger, flat-screen televisions. It seems that the emphasis is on comfort and style.

Poster beds and panel beds, following the trends of the sofas in their boxier style, dominated the bedroom furniture shown.

In dining rooms, pub-height tables are still making a strong showing, with a wide variety of styles, as well as a wide selection of shapes and materials.

In order to understand the furniture trends of this year, take a look at your clothing stores. What you see this season in clothing will most likely show up on your sofa by next season!

Jan McClure is an independent marketing specialist with Ashley Industries Inc. For information, visit the Ashley Furniture Web site at www.ashleyfurniture.com

Add comment August 13th, 2007

Furniture Brands close to completing critical refinancing deal

By Jeremiah McWilliams

Furniture Brands International Inc. wants to borrow from Peter to pay Paul.

Trying to ward off a default on its debts, the Clayton-based seller of Lane and Broyhill furniture on Thursday was close to making final a deal to tap a new credit line so it can repay bondholders early.

Carrying through a plan broadly outlined earlier this summer, the company hoped to arrange a $550 million credit line and to repay $150 million in principal on corporate bonds — plus a $14.2 million “make-whole premium” and $2.5 million in interest.


Furniture Brands, which had warned of imminent default if refinancing was unavailable, hoped to finish the deal late Thursday.

“We haven’t broken out the bottles of Champagne yet,” Senior Vice President Lynn Chipperfield said in a late-morning telephone call. But “everything is basically where it needs to be…”…. There’s no last-minute hang-ups.”

In response to questions later in the day, Chipperfield referred to a Securities and Exchange Commission filing expected today confirming the transaction.

Earlier this year, the company alerted investors that it probably would break the terms of the covenants attached to $150 million in corporate bonds and a $400 million credit line. The covenants imposed restrictions on Furniture Brands, such as limits on debt per dollar of earnings.

For months, the company has tried to get more-permanent financing, as weak retail sales and competition from lower-cost importers erode profits.

Furniture Brands twice was able to negotiate loosened covenants, gaining breathing room and allowing it to avoid default. But the modifications were temporary. On Tuesday, the company had promised to repay the bondholders on Thursday. In a filing with the SEC on Wednesday, the company laid out — in bold type — a warning of dire consequences if a deal was not completed on Thursday.

“If we are unable to complete the refinancing of our debt obligations on Aug. 9, 2007, we will be unable to satisfy our repayment obligations under the Senior Notes and will be in default,” the company told the SEC.

That would have left the company vulnerable to demands that it speed up its payments of principal and interest.

In early July, as Furniture Brands worked to hammer out a new line of credit, the company said it would pledge its inventory, accounts receivable and cash deposits as collateral. In its SEC filing on Wednesday, the company said those assets would back the planned $550 million credit line.

“While the new line contains less restrictive covenants, the cost to equity investors was high,” John Baugh, an analyst with Stifel, Nicolaus & Co. of St. Louis, wrote in a research note last week.

Still, shares of Furniture Brands have rebounded after touching an 11-year low of $10.91 on July 30. Since then, the shares have gained 14.7 percent, closing Thursday at $12.51.

Furniture Brands continues to attract the interest of SCSF Equities LLC of Boca Raton, Fla., an affiliate of private investment firm Sun Capital Partners. Sun Capital’s affiliates have invested in or acquired furniture companies, including sofa and love seat maker Berkline BenchCraft Holdings and Rowe Furniture, a manufacturer of upholstered pieces.

When SCSF Equities bought a 5 percent stake in Furniture Brands earlier this year, the firm hinted that it might seek an active role in the company.

In a bout of trading between July 30 and Monday, the firm raised its holding in Furniture Brands by nearly 493,000 shares, boosting its stake to 6 percent and making it Furniture Brands’ fifth-largest shareholder.

SCSF Equities executives did not return a message seeking comment on Thursday. Chipperfield said Furniture Brands’ interaction with the firm has been routine.

jmcwilliams@post-dispatch.com

314-340-8372

Add comment August 13th, 2007

Residents Could Be Out Of Apartments For Another Week

Many residents at Parma’s Westfield Apartments spent the day cleaning out water-logged belongings — soaked couches, clothing, furniture.

Several families with first-floor apartments were spending another night with either friends or at local hotels after they had to evacuate from Tuesday’s heavy rains.


Officials said it could be another week before they are allowed back home.

People living on the second and third floors were able to go back home.

Local flood victims can now get money from the state. Gov. Ted Strickland freed up $5 million for Cuyahoga County residents.

Applications can be dropped off at the Cuyahoga County Department of Job and Family services, or you can call 216-987-7000 for more information.

Add comment August 13th, 2007