Paragon Interiors enters administration – Hardy ‘working towards a solution’

Paragon Interiors has entered administration leaving over 90 jobs under threat at the firm.

Leonard Curtis has been appointed administrator at the firm. In a statement last night (27 February), the firm said: “The joint administrators are seeking offers for the business in order to preserve jobs and maximise the return to creditors.  It is understood that the company employs in excess of 90 people.”

Read full article here: (THE BUSINESSDESK.COM)


HNI Corporation Reports Earnings for Fourth Quarter and Fiscal Year 2018

HNI Corporation (NYSE: HNI) today announced sales for the full year ended December 29, 2018 of $2,258 million and net income of $93 million. GAAP net income per diluted share was $2.11 compared to $2.00 in the prior year. Non-GAAP net income per diluted share was $2.41 compared to $1.97 in the prior year.

Read full article here: (BUSINESS WIRE)

Steelcase’s $450 Million Senior Notes Offering

Davis Polk advised the joint book-running managers and representatives of the several underwriters in connection with an SEC-registered offering by Steelcase Inc. of $450 million principal amount of 5.125% senior notes due 2029.

Read full article here: (GLOBAL LEGAL CHRONICLE)

Herman Miller Appoints Three Visionary Leaders To Support Acceleration Of Global Growth And Innovation

Herman Miller, Inc. (Nasdaq: MLHR), a leading global designer and furniture manufacturer, announced today that President and CEO Andi Owen has bolstered her leadership team with three new executive hires. Megan Lyon as Chief Strategy Officer, Leander LeSure as Chief Human Resources Officer, and Jacqueline Rice as General Counsel will partner with Owen and her broader leadership team to identify and drive global growth opportunities for the Company and its family of brands.

Read full article here: (PR Newswire)

Exact office furniture acquired by leading markerboard maker

CHICAGO – Egan Visual, one of the leading producers of whiteboards, glassboards, and other visual communication products, has acquired Exact Furniture Ltd., a 15-year manufacturer of furniture for education, office, and other professional environments. Exact Furniture’s line includes lecterns, static and height-adjustable tables, and desks, credenzas, and other products, many of which are designed for, and can be customized for, technology integration.

Read full article here: (WOODWORKING NETWORK)

Knoll Reports Fourth Quarter and Full Year Results

Knoll Reports Record 2018 Revenues

  • 4th quarter sales of $354.6M set quarterly record
  • 4th quarter margin expansion; GAAP EPS decline of 25.4% and Adjusted EPS growth of 54.1%
  • Muuto acquisition continues to deliver with accelerating top and bottom line performance
  • Year-end leverage reduced to 2.6:1 and debt down by over $80M since the acquisition closed

Read full article here: (GLOBENEWSWIRE)

IKEA trials leasing office furniture

Swedish retailer IKEA is piloting a new rental model for office furniture as part of a new strategic direction. The trial is set to begin in Switzerland later this month and offers businesses the ability to lease furniture.

Read full article here: (OPI)

Narbutas more than doubled turnover since 2016

The Lithuanian furniture manufacturer Narbutas continues to develop with enormous speed into a major player on the international office furniture market. Turnover grew by 47% in 2018 to around € 75 million, of which 88% was realized through exports. Not only the turnover grew. Profit also increased and came to € 14.7 million before tax (EBITDA) (+ 37.3%)

Read full article here: (OFFICE REPUBLIC)

Flatpack you can hand back: Ikea to rent out its furniture

Ikea has begun moves to lease out anything from kitchens to office chairs as part of a drive towards sustainability.

The Swedish furniture chain, which wants to use more renewable and recycled material and transform itself into a “circular” business, will run a pilot of the idea in Switzerland.

Read full article here: (TIMES NEWSPAPER LIMITED)