Financially strapped Inscape furniture sells majority of shares for just $88,000

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28 December, 2022

HOLLAND LANDING, Ontario – Canadian office furniture manufacturer Inscape has succeeded in its bid to be taken over by HUK 121, a subsidiary of British private investment firm Hilco Capital. Inscape is now a subsidiary of HUK.

On Dec. 23, 12.6 million common shares – roughly 88% of the company’s outstanding common shares – were deposited to HUK. The aggregate consideration payable for those shares was just $88,631. Remaining shareholders have until Jan. 3 to tender their stock for 7 cents per share.

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See what Flexsteel has in store for 2023

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16 December, 2022

DUBUQUE, Iowa — Flexsteel Inds. is ready for 2023’s challenges with a broad spectrum of new introductions and a focus on logistics and product delivery for retail customers.

Furniture Today spoke with David Crimmins, Flexsteel’s vice president, sales, about the company’s plans for 2023 and what these will translate to for retailers.

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Kimball International HQ earns key designation

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22 December, 2022

JASPER, Ind. – Kimball International Inc. (Nasdaq: KBAL) this week announced its corporate headquarters in Jasper has earned the WELL Certified Platinum designation. The WELL certification is given to buildings and organizations that seek to enhance human health and well-being.

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MillerKnoll, Steelcase expect flat to lower sales this quarter as order rates soften

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22 December, 2022

MillerKnoll Inc. and Steelcase Inc. both expect flat to lower sales for the present quarter going into 2023 amid softer order rates.

The Zeeland-based MillerKnoll (Nasdaq: MLKN) expects organic sales for the second quarter of the 2023 fiscal year to decrease 0.7 percent to 2.9 percent from the same period a year ago, to $980 million to $1.02 billion.

MillerKnoll on Wednesday reported $1.06 billion in sales for the quarter that ended Dec. 6, a 4-percent increase from a year earlier. The corporation recorded $16 million in net income, or 21 cents per diluted share.

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Kimball International announces WELL certified™ platinum for corporate headquarters

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21 December, 2022

JASPER — Kimball International announces that its corporate headquarters in Jasper, Indiana, has earned WELL Certified™ Platinum through the International WELL Building Institute (IWBI). Earlier this year, Kimball International was one of the first furniture manufacturers to have multiple corporate showrooms obtain the WELL Health-Safety Rating. This next designation marks an important achievement and visible commitment to supporting the health and well-being of their staff, visitors, and stakeholders, as well as the broader community.

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Regional growth attracts interior solutions firm to acquire Fargo-based office furniture dealer

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21 December, 2022

MINNEAPOLIS, Dec. 21, 2022 /PRNewswire/ — Fluid, a Minneapolis-based interior solutions company, today announced the acquisition of Fargo, N.D.-based Christiansons, a full-service office furniture dealer and service provider.

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Martin Furniture creates new position focused on e-commerce

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21 December, 2022

SAN DIEGO – Cheryl Whyers has been hired to lead a newly developed sales channel as e-business and retail e-commerce manager for Martin Furniture. Martin says Whyers is a digital marketing and e-commerce sales executive with more than 20 years of experience in B2C, D2C and B2B.

“We are very excited to have Cheryl join our team,” said Dee Maas, Martin’s vice president of sales and marketing. “Her expertise in all things digital will be a great asset for us and for our retail partners.”

Whyers was formerly senior vice president of e-business development at The Highlands Group, where she was responsible for developing an e-commerce sales and digital marketing division.

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MillerKnoll, Inc. Reports Second Quarter Fiscal 2023 Results

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21 December, 2022

ZEELAND, Mich., Dec. 21, 2022 /PRNewswire/ —

  • Sales growth of 4% over the prior year, up 8% organically
  • Year-over-year operating margin expansion in the Americas Contract and International Contract & Specialty segments
  • Continued progress with the integration of Knoll
    • $101 million of run-rate cost synergies captured to date
    • Increased targeted run-rate cost synergies from $120 million to $140 million within three years of the Knoll acquisition
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MillerKnoll (MLKN) Set to Announce Earnings on Wednesday

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20 December, 2022

MillerKnoll (NASDAQ:MLKN) will post its quarterly earnings results on Wednesday, December 21st. MillerKnoll has set its Q2 guidance at $0.39-0.45 EPS.

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Steelcase sales improve in third quarter, but battle with inflation continues

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20 December, 2022

GRAND RAPIDS, Mich. – Office furniture giant Steelcase reported third quarter revenue of $826.9 million, a 19% gain over the same period last year.

Inflation remains a chief concern, however.

“Our gross margin improvement in the Americas this quarter reflected the benefits from the pricing actions we’ve been implementing in the face of extraordinary inflation levels,” said Dave Sylvester, senior vice president and CFO. “On a global basis, year-over-year pricing benefits have exceeded year-over-year inflation for the last two quarters; however, we estimate cumulative inflation over the past seven quarters exceeds the cumulative benefits from our pricing actions by approximately $60 million.  Moving into the fourth quarter and first half of fiscal 2024, we expect continued year-over-year gross margin benefits from our pricing actions, as we aim to recover the cumulative impact of inflation.”

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