Following last week’s announcement that Spicers UK and OfficeTeam have filed a notice of intention to go into administration, it is with regret that we inform you that on 1st May 2020 a petition was presented before the High Court to wind up Spicers (Ireland) Limited and appoint official liquidators.
The office and contract furniture manufacturers had another strong year, with most posting solid gains in sales.
Overall in 2019, sales for the FDMC 300 group of companies grew 4.5 percent, to reach $57.171 billion.
This group of cabinet, millwork, furniture and store fixture manufacturers recorded an eighth consecutive year of sales expansion in 2019, the year just completed. Among the largest office and contract manufacturers, there were no changes in the order of the 10 largest companies in this market sector.
As the novel coronavirus quickly rattled the world, forcing people to change the way they live and work indefinitely, the architecture and design community sprang into action—finding ways to help others, even as they faced their own respective challenges. From donating textiles for the creation of medical masks, to outfitting field hospitals in New York City with showers, to envisioning prototypes for patient body shields and funding meals for food banks, the community continues to step up.
HIGH POINT, N.C. — As if the state’s economy hadn’t taken enough of a hit from COVID-19, local officials were forced to cancel what would have been the High Point Furniture Market, originally set for this past weekend. The internationally acclaimed gathering takes place twice a year and is the largest home furnishings industry trade show in the world where manufacturers introduce new products and the industry connects through continuing education and collaboration. The only other time in history it was canceled was a back in 1942, during the height of WWII. “Market” as it is commonly referred to by members of the trade, occupies over 10 million square feet of space throughout 180 buildings and accommodates 2000 exhibitors, and has an impact of over $6 billion, making it the largest single economic event in the state each year.
LITTLETON, Colo.– It looks like normal business at Xybix Systems in Littleton.
“We manufacture furniture for 911 dispatch centers all over North America,” Xybix President Barry Carson said.
But not all is normal.
“No, not the plexiglass. That’s a new addition,” Carson added.
The COVID-19 pandemic presented a new need for its customers, who are essential workers.
(GLOBE NEWSWIRE) — Knoll, Inc. (NYSE: KNL), a leading designer and manufacturer of furnishings, textiles and fine leathers for the workplace and home, today announced results for the first quarter ended March 31, 2020.
First Quarter Highlights
Net Sales increased 2.2% to $340.0M
GAAP Gross Margin decreased 120 bps to 36.0%
Adjusted Gross Margin decreased 80 bps to 36.4%
GAAP Operating Expenses increased $16.3M to $110.9M or 32.6% of net sales
Adjusted Operating Expenses increased $8.9M to $100.9M or 29.7% of net sales
GAAP Operating Margin decreased 520 bps to 1.8% in the Office segment
GAAP Operating Margin decreased 480 bps to 11.0% in the Lifestyle segment
Adjusted EBITDA Margin decreased 110 bps to 9.0% in the Office segment
Adjusted EBITDA Margin decreased 400 bps to 15.3% in the Lifestyle segment
GAAP Net Earnings decreased $7.1M to $10.9M or 3.2% of net sales
Adjusted EBITDA decreased $8.4M to $33.2M or 9.8% of net sales
GAAP Diluted EPS decreased $0.15 to $0.22
Adjusted Diluted EPS decreased $0.01 to $0.40
This release contains non-GAAP financial measures. Please refer to the Reconciliations of Non-GAAP Financial Measures section for reconciliations to the most directly comparable GAAP measure.
Let’s start up with the current stock price of Steelcase Inc. (SCS), which is $9.56 to be very precise. The Stock rose vividly during the last session to $9.61 after opening rate of $9.53 while the lowest price it went was recorded $9.28 before closing at $9.49.
Steelcase Inc. had a pretty Dodgy run when it comes to the market performance. The 1-year high price for the company’s stock is recorded $23.02 on 12/18/19, with the lowest value was $7.02 for the same time period, recorded on 03/18/20.
CEO Steve Horne has announced the following statement:
“In light of the financial position of the company and unpredictable trading, the Board of Directors have taken action to protect the business and have filed a notice of intention to appoint Administrators for both Spicers and OfficeTeam. The notice of intention to appoint Administrators does not apply to Zen Office and Spicers Ireland.
A consortium of prominent Italian home furnishing designers and manufacturers are urging Prime Minister Giuseppe Conte to allow their industries to resume production ahead of the country’s gradual re-opening, which is now slated to begin May 3 at the earliest but could likely be pushed back. Italy’s famed and economically vital home design industry—largely centered around Milan but spread across the country—has been at a virtual standstill since at least March 22, when production at the country’s non-essential factories was halted due to the global coronavirus crisis. Italy, an early epicenter of the pandemic, went into nationwide lockdown mode earlier in the month, on March 9.
A consortium of prominent Italian home furnishing designers and manufacturers are urging Prime Minister Giuseppe Conte to allow their industries to resume production ahead of the country’s gradual re-opening, which is now slated to begin May 3 at the earliest but could likely be pushed back. Italy’s famed and economically vital home design industry—largely centered around Milan but spread across the country—has been at a virtual standstill since at least March 22, when production at the country’s non-essential factories was halted due to the global coronavirus crisis. Italy, an early epicenter of the pandemic, went into nationwide lockdown mode earlier in the month, on March 9.
Enter your email here and we will tell you when this news page is updated.
JSA CONSULTANCY SERVICES
5a Wilmington Square, Clerkenwell,
London, WC1X 0ES, England
