Archive for August 14th, 2007
Furniture Brands International Removed From Standard & Poor’s Credit Watch List
WASHINGTON (AP) — Credit ratings agency Standard & Poor’s on Monday removed furniture manufacturer Furniture Brands International Inc. from a watch list, citing new financing arrangements.
S&P said it affirmed the “BB-” corporate credit rating for St. Louis-based Furniture Brands. The rating remains at junk-bond status, three notches below investment grade.
The rating was put on S&P’s watch list with negative implications on Feb. 28 because of weak business trends and lower-than-expected credit protections.
Furniture Brands, which sells furniture under the Broyhill, Thomasville and Lane brands, earlier this month reported a 66 percent drop in second-quarter profit as the furniture industry slumped.
Standard & Poor’s credit analyst Rick Joy said in a statement that short term concerns about the company’s liquidity have been removed due to new financing.
S&P said its outlook was negative. The company’s outstanding debt was about $300.8 million as of June 30, S&P said.
Shares of Furniture Brands rose 14 cents to $12.18 in after-hours electronic trading after falling 26 cents to close at $12.04.
August 14th, 2007
Martin Crutsinger
WASHINGTON (AP) - U.S. consumers went shopping for everything from clothes to furniture last month, helping to calm fears that a key segment of the economy might be faltering.
Retail sales rose 0.3 per cent in July, the Commerce Department said Monday in a report that showed strength in a wide array of areas outside of autos.
The rebound came after a 0.7 per cent decline in June, the sharpest decline in 16 months. It was originally reported as an even bigger 0.9 per cent fall and had raised concerns that soaring gasoline prices and a slumping housing market were beginning to take their toll on consumer spending, which is closely watched by economists because it accounts for two-thirds of the total economy.
August 14th, 2007
By news-press.com
Nearly $3,500 worth of lawn furniture was stolen from Island Cove Condominiums in Cape Coral over the weekend.
Property managers first noticed the missing items Friday, and said the theft occurred sometime between Aug. 1 and 7.
According to officer W.F. Columbia, three patio sets (including a table with four chairs) and 21 lounge chairs were taken.
The front entrance to the condominum complex is broken, as is the gate to the pool.
The Lee County Sheriff’s Office is working security for the complex until the gate can be fixed.
August 14th, 2007
– Furniture Today,
Deal would involve N.J.-based National Starch and Chemical Co.
AMSTERDAM, Netherlands — Global wood coatings supplier Akzo Nobel today made a formal offer to acquire Britain’s Imperial Chemical Inds. for $16 billion.
London-based ICI, the maker of Delux paints, had twice rejected informal bids from Akzo. Last week, Britain’s Takeover Panel, at ICI’s behest, said that Akzo had until today to make a formal bid.
Akzo’s proposal is being made in partnership with German home products maker Henkel. If the deal goes through, Henkel would acquire the adhesives and electronic materials businesses of National Starch and Chemical Co. of Bridgewater, N.J., an ICI subsidiary.
About a third of ICI’s more than $9 billion in sales last year was in emerging markets in Asia and Latin America, with 29% in Europe and over 40% in the Americas, according to investor filings.
Earlier this year, Akzo Nobel acquired wood coatings maker Chemcraft International, a Winston-Salem, N.C.-based, privately owned company with 2006 revenues of $145 million and customers such as casual dining producer Canadel.
August 14th, 2007
Furniture Brands International Removed From Standard & Poor’s Credit Watch List
WASHINGTON (AP) — Credit ratings agency Standard & Poor’s on Monday removed furniture manufacturer Furniture Brands International Inc. from a watch list, citing new financing arrangements.
S&P said it affirmed the “BB-” corporate credit rating for St. Louis-based Furniture Brands. The rating remains at junk-bond status, three notches below investment grade.
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The rating was put on S&P’s watch list with negative implications on Feb. 28 because of weak business trends and lower-than-expected credit protections.
Furniture Brands, which sells furniture under the Broyhill, Thomasville and Lane brands, earlier this month reported a 66 percent drop in second-quarter profit as the furniture industry slumped.
Standard & Poor’s credit analyst Rick Joy said in a statement that short term concerns about the company’s liquidity have been removed due to new financing.
S&P said its outlook was negative. The company’s outstanding debt was about $300.8 million as of June 30, S&P said.
Shares of Furniture Brands rose 14 cents to $12.18 in after-hours electronic trading after falling 26 cents to close at $12.04.
August 14th, 2007
— Furniture Today
$550 million agreement will give manufacturer-importer more flexibility
ST. LOUIS — Furniture Brands International has closed on a new $550 million long-term debt facility.
The big furniture maker and importer began negotiating for looser debt covenants earlier this year. The new facility allows for the issuance of letters of credit of up to $100 million.
Under the new facility, FBI said it has paid existing debt of $150 million and $150 million in corporate bonds. The new debt agreement is with J.P. Morgan Chase Bank.
“We made the decision several months ago to change our long-term debt structure to more closely match our long-term strategy and financial goals,” said FBI Chairman and CEO Mickey Holliman. “Our new facility was well over-subscribed by our participating financial institutions, and we are pleased to have brought it to conclusion. We expect this new facility to give us the capital structure and the flexibility we need to respond to market conditions and to accommodate our growth initiatives.”
FBI is the parent of Broyhill, Lane, Thomasville, Henredon, Drexel Heritage and Maitland-Smith.
August 14th, 2007
Office Furniture and Services Company Hosts Chair Races at Colorado Springs Event
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Business Furniture Systems (BFS), the premier office furniture and services company on the Front Range, announces the first ever BFS Office Chair 500. The chair races will be held at 11:00 am to 1:00 pm at the BFS VIP Tailgate Party in the Pavilion Area during the Colorado Balloon Classic, from Saturday, September 1, through Monday, September 3.
“The races are a great way to be active and involved in the Balloon Classic,” says Michael Ward, president of BFS. “It also provides an opportunity to get company staff together outside of work, and for customers to check out our huge selection of office furniture and services. We are excited to be a part of such a fun tradition here in Colorado Springs.”
The Colorado Balloon Classic was first organized in 1977, and has grown to be the largest and longest continuously running hot air balloon festival in the Rocky Mountain Region, as well as the State of Colorado. The Colorado Balloon Classic is an annual family event - admission is free - held in Colorado Springs each Labor Day weekend in Memorial Park. Mass ascensions of approximately 90 balloons are scheduled for Saturday, Sunday and Monday mornings with the Balloon Glo® scheduled for Saturday and Sunday evenings.
Business Furniture Systems
Business Furniture Systems, founded in 1989, provides quality new and used furniture, as well as many office-related services to Colorado companies. The Colorado Springs-based company is committed to providing top-notch customer service and personalized assistance for any budget, and has a 20,000-square-foot facility to showcase its extensive inventory. In addition to desks, cubicles, chairs, files and office furniture, BFS offers services such as delivery, assembly, installation, design and consultation. For more information, please visit www.BusinessFurnitureSystems.com.
All trademarks property of their respective owners.
Contact:
Origin Communications
Jil Goebel or Jessica Seybold, 719-785-9900
jil.goebel@origincom.com
jessica.seybold@origincom.com
Source: Business Furniture Systems
August 14th, 2007
By: Furniture World Magazine
From a past issue of FURNITURE WORLD Magazine by contributing editor Joe Capillo
Let’s look at salespeople this time. Rather, let’s look at what we expect from our salespeople. How do we hire them and train them to do what we expect of them? Then how much do we pay them to do it? Well, there I go again - not exactly how do we pay them, but how do we allow them to pay themselves? In the June/July issue, I wrote about how disconnected many salespeople are from what it takes in performance to earn the money they say they want to earn (For those of you who missed this article, it can be found in the “sales management article archives” on the www.furninfo.com website.) These people seem to be part of generation-S, where S stands for somnambulistic (sleep-walking). This really bugs me, but I’ve concluded that it’s not their fault. It’s our fault – us, the older generation – the one I’m part of. The one that doesn’t have a letter.
Our business requires a lot of highly consultative selling. This means that good salespeople need to exhibit high-level communications, engagement, evaluation and analytic skills. They also must have the ability to listen to customers, and use that information to help them use the products you sell to solve their home decorating problems, and enhance their quality of life.
That’s some pretty high-minded stuff, don’t you agree? I’ll bet that’s the kind of help your customers would like to receive. But Wait! Your salespeople also have to expertly describe the features and benefits of all the products in your store. Not just one or two categories (like your buyers), but all of them. You expect them to be experts in upholstery (and all of the fabrics and leathers), bedroom furniture, dining room furniture, home office, occasional, bedding, motion, juvenile, accessories, lamps, rugs, different species of woods, different construction methods, and on and on.
We expect them to not just know these products, but also how to put them together to make a beautiful room – which is what customers are trying to achieve. This is the real reason why customers come to your store in the first place.
Wow! Look at all they have to know. But, Wait! They also have to know how to use your computer system, which is probably as user-friendly, and intuitive to most of them as an abacus. They have to understand your finance plans and be able to explain them to your customers, not to mention (though I will) warranties, fabric and leather treatment plans, delivery systems, factory order processing systems and… international relations (so they can explain where the hell the container is).
But wait! On top of this we want salespeople to be “relationship builders”, developing and maintaining long-term, professional and personal relationships with customers so they keep coming back. To make sure they can do this, we give them one phone for every 10 salespeople, and at least a couple of computers, that are also used for inventory lookup and sales order entry. This really bugs me!
Now, think about your salespeople. If they’re like all of the thousands I’ve encountered over the decades, they earn between…
CLICK HERE to read the rest of this article from a past issue of FURNITURE WORLD Magazine by contributing editor Joe Capillo.
August 14th, 2007
The Salvation Army and Barron & Co. Furniture Gallery in Callaway are teaming up to help giveaway back to school supplies and uniforms to children of those in the Salvation Army’s Domestic Violence and Rape Crisis Program.
For more details listen to an interview with News 13’s Deanna Lambert, Kimberly Swanson, and Lisa Hart.
Or you can call the Salvation Army at 769-7989.
August 14th, 2007
Joan Gunin — Furniture Today,
Upscale producer targeting midpriced retailers
SOMERSET, N.J. — Ekornes, the upscale Norway-based recliner and upholstery maker, will show its Stressless line for the first time in Tupelo at this month’s market.
The company will feature a full 24-seat “zone” display in the Tupelo Building, space 6206, and a mall display in the concourse of building 6.
Tupelo is considered a target audience for Ekornes as it pushes into more traditional markets and expands its presence in the central United States.
“It’s not just high-end contemporary consumers who want comfortable seating,” said Hunter Bigham, Midwest regional sales manager for Ekornes. “We believe Stressless is for everybody.”
The company said it polled its sales force and found that many prospective accounts will be attending Tupelo.
“We are excited about making the connection with retailers who might not have time for us at another show, or who might think Stressless isn’t a fit for them,” Bigham said. “Once folks understand how comfort sells product, our unique concept becomes very powerful for midpriced retailers.”
August 14th, 2007
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