WeWork Sells Control of China Business in $200 Million Deal

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Thursday, 24 September, 2020

WeWork is selling a majority stake in its China business as the co-working giant continues to pare down its expenses, the company said Wednesday.

Trustbridge Partners, an existing investor in WeWork’s China subsidiary, has invested an additional $200 million and now owns more than half of the business, WeWork said. WeWork parent We Co. is giving up operating control of the unit, but will continue to get an annual service fee in exchange for the use of the WeWork brand and services, the company said.

Read full article here: (Bloomberg)

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What the post-coronavirus workplace might look like

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Thursday, 24 September, 2020

What will the post-Covid workplace look like? Steelcase is one of the largest manufacturers of office furniture — desks, chairs, storage products and office pods — and they have a lot of ideas.

They are partnering with MIT to better understand how air circulates in an office environment.

Read full article here: (CNBC)

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Hundreds respond to Newton giveaway of office furniture and supplies

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Friday, 18 September, 2020

COVINGTON, Ga. — Commissioner-elect Alana Sanders and some area companies and nonprofits helped Newton County families by donating equipment needed to help students learn virtually from home.

The event featured a giveaway of office equipment and other items. Hundreds of residents took advantage Saturday, Sept. 12, at the Newton County Sheriff’s Office’s Westside Precinct.

Among the companies participating in the event was IKEA, which donated 50 desks and a variety of other office furniture and supplies for Newton County families. Students also received donated laptops, tablets and earbuds.

Vancouver spent more than $300K on office furniture during the pandemic’s early days

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Thursday, 17 September, 2020

VANCOUVER — Staff working for the City of Vancouver spent more than $300,000 on office furniture between January and May, a period that coincided with the start of the COVID-19 pandemic and dire warnings from Mayor Kennedy Stewart about the city’s finances.

The $316,800 worth of furniture was purchased as part of a $2.6 million renovation of parts of the second floor of city hall, spending that was approved in December in the city’s capital budget.

Read full article here: (CTV News)

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Herman Miller soars 34% as it rejoins dividend club

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Thursday, 17 September, 2020

Shares of Herman Miller <MLHR.O> soared 34% on Thursday after the office chair seller posted blowout quarterly results and joined an expanding list of companies reinstating their dividends as they become more confident about recovering from the coronavirus.

Herman Miller late on Wednesday reported revenue and earnings far above analysts’ expectations, with sales from its retail segment surging 40% thanks to strong demand from people kitting out their home offices due to the pandemic.

Read full article here: (Metro)

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Herman Miller Announces New Concept Stores

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Thursday, 17 September, 2020

Herman Miller, the global design leader and recognized provider of furnishings and related technologies and services, announced it will expand its retail presence this fall with the unveiling of its first concept stores completely dedicated to high-performance task chairs and products that support the home office. Following a record-breaking summer with Herman Miller Retail—the retail arm of Herman Miller comprised of Herman Miller, Design Within Reach and HAY—reporting its strongest quarterly financial performance to date, the first stores are slated to open in late Fall 2020.

Read full article here: (design:retail)

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Strong retail performance powers Herman Miller’s first quarter fiscal 2021 results

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Thursday, 17 September, 2020

ZEELAND — With some lingering economic effects of the COVID-19 pandemic weighing it down, Zeeland-based office furniture giant Herman Miller (NASDAQ: MLHR) still offered a better-than-expected earnings report late Wednesday.

The company saw a 6.6 percent drop in total revenue, totaling $626.8 million for the first quarter of fiscal year 2021 compared to $670.9 million at the same time last year. Still, the slight dip was not as bad as most analyst had forecast.

Home Office Lifestyle Trends Accelerated As Pandemic Spread

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Wednesday, 16 September, 2020

NEW YORK— The home and small office furniture segment is going through a metamorphosis of sorts, one that has been accelerated by the coronavirus pandemic in the U.S. but that has its roots in consumer lifestyle transitions and professional workstyle transformations that have been progressing for a generation.

The excitement that has driven the home and small office segment over the past few months has been evident, and HOMEWORLD BUSINESS®ꪪ, in research including on and off the record interviews with retailers and vendors, has traced developments that identify how the COVID-19 crisis has acted as a catalyst that has propelled trends in the sector and that signal where developments may lead over the next few years.

Read full article here: (HomeWorld Business)

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Amazon Investing In Home Office Furniture Growth

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Wednesday, 16 September, 2020

NEW YORK— Amazon is investing in its own furniture brands, making them a point of advantage when it comes to the promotion of mass-market furniture, and home office has become a critical part of that, especially recently.

Coresight Research pointed out that the company now identifies 111 own-brands that sell through its site. Of those, 33 have more than 100 available items, with Rivet, the company’s mid-century furnishings line being one. In fact, at 2,177 items on Amazon, Rivet comes in second in product portfolio terms after AmazonBasics, which offers 4,152 items, but before AmazonEssentials, which is focused on apparel and offers 2,092 items. AmazonBasics offers a range of products with furniture, including office furniture, represented.

Read full article here: (HomeWorld Business)

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La-Z-Boy completes Seattle stores acquisition

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Wednesday, 16 September, 2020

MONROE, Mich. — La-Z-Boy Inc. has completed its previously announced asset acquisition of the Seattle business that operated six independently owned La-Z-Boy Furniture Galleries stores, with approximately $30 million in annual retail volume in calendar 2019, and one warehouse.

Terms of the transaction, the result of the planned retirement of independent dealers, Chris and Lisa Washko, were not disclosed.

Read full article here: (Furniture Today)

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