Upholstery supplier\u00e2\u20ac\u2122s sales have declined, says owner<\/p>\n
TORONTO \u00e2\u20ac\u201d Consolidated Mercantile Inc. has announced it will sell its investment interest in upholstery manufacturer and importer Distinctive Designs Furniture.<\/p>\n
\u00e2\u20ac\u0153The board is currently evaluating potential strategies for implementing the sale,\u00e2\u20ac\u009d the company said in a statement.
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The publicly held merchant banking and management holding company owns 50.3% of Distinctive Designs, which sells both fabric and leather upholstery.<\/p>\n
Consolidated said Distinctive\u00e2\u20ac\u2122s sales in the first quarter were C$6.3 million, off 18% from the C$7.7 million recorded for the same period of 2013.<\/p>\n
For all of 2013, Distinctive\u00e2\u20ac\u2122s sales were C$30.2 million, down from C$37 million in 2012. Consolidated recorded net losses of C$9.1 million for 2013 and C$6.1 million for 2012, most of which it attributed to setbacks suffered by Distinctive throughout North America.<\/p>\n
\u00e2\u20ac\u0153Distinctive\u00e2\u20ac\u2122s results were negatively impacted by the continually strengthening Canadian dollar, a difficult retail environment and increased competition, primarily from offshore manufacturers,\u00e2\u20ac\u009d Fred Litwin, Consolidated Mercantile\u00e2\u20ac\u2122s president, said in a statement.<\/p>\n
However, he reassured shareholders that Distinctive\u00e2\u20ac\u2122s management was working towards a turnaround. He said the company is pursuing a profit improvement program to reduce material and labor costs and increase sales.<\/p>\n
\u00e2\u20ac\u0153This includes a substantial increase in its component import programs as well as the initiation of the import of certain finished products, the expansion of its product line to include motion furniture, the closure of its North Carolina plant and the consolidation of its three Toronto facilities into two,\u00e2\u20ac\u009d Litwin said. \u00e2\u20ac\u0153Distinctive continues to work on new sales and marketing programs, as well as channels of distribution with both existing and prospective new customers.\u00e2\u20ac\u009d<\/p>\n
Some 41% of Distinctive\u00e2\u20ac\u2122s sales are to U.S. retailers. In addition to its brand, the company produces goods under the Kroehler label for the Canadian market and has about 22 Kroehler in-store galleries across the country.\u00c2\u00a0<\/p>\n
Distinctive President Alan Kornblum also is a major shareholder in the company.<\/p>\n
In addition to Distinctive Designs, Consolidated also has an equity position in Polyair Inter Pack, a producer of specialty cover and packaging producer.<\/p>\n","protected":false},"excerpt":{"rendered":"
Upholstery supplier\u00e2\u20ac\u2122s sales have declined, says owner TORONTO \u00e2\u20ac\u201d Consolidated Mercantile Inc. has announced it will sell its investment interest in upholstery manufacturer and importer Distinctive Designs Furniture. \u00e2\u20ac\u0153The board is currently evaluating potential strategies for implementing the sale,\u00e2\u20ac\u009d the company said in a statement.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4449","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=4449"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4449\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}