Home Textiles Today April 15th Issue by Sandow Media

Monday, April 15, 2013

THE BUSINESS AND FASHION NEWSPAPER OF THE HOME TEXTILES INDUSTRY

and systems to upgrade data and analytics capabilities — and indicted further investments are planned for this year. The effort also includes upgrading the company’s mobile sites and apps, enhancing network communications in stores and implementing point of sales improvements, said Temares.

INSPIRED BY: NATURE U N I O N , N. J. — Bed Bath & Beyond — the top retailer for showrooming — is fighting back, building a beefed up omnichannel operation, developing new web sites and working to improve mobile sites and apps. The retailer has opened an

COASTAL MOD

ecommerce fulfillment center in Pedergrass, Ga. to support the online business. “We have also made signiﬁcant progress toward creating an enhanced omnichannel experience for our customers and have taken substantial steps to replacing both back end and customer-facing systems, which will LTH-7028 culminate in launching new websites for both Buy Buy Baby and Bed Bath & Beyond by the end of our ﬁscal second quarter,” ceo Steve Temares told analysts during the company’s quarterly conference call last week. He said BBB has also increased investment in people

Transformation Part Deux ............................................................ page 4

HIGH POINT SHOWPLACE 4100 Ron Johnson Wasn’t Wrong ......................................................... page 4

Rugs Struggled in 2012 ................................................................ page 6 JCP Watch: Lifting the Veil ............................................................ page 8

March a Chilly Month for Compsinfo@surya.com ................................................. page 31 surya.com

877.275.7847

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| Vol. 34, No. 10 | $8.00

With Ron Johnson gone and Mike Ullman back, what does JC Penney – or JCP – do now? BY WARREN SHOULBERG “Meet the new boss. Same as the old boss.” — The Who

he irony that this lyric is from a song called “Won’t Get Fooled Again,” will probably not be lost on most people in the home textiles industry who now have to deal with yet another entirely different merchandising scenario at JC Penney following Ron Johnson’s departure last week

MIKE ULLMAN

RON JOHNSON

News Analysis and the return of former ceo Mike Ullman. The dramatic change in Plano was not necessarily a surprise to those in the trade, even if the abruptness of the

change and the choice of Ullman probably caught many off-guard. Ullman, a longtime retail veteran with a resume including stores from one end of the mall to the other, has a strong reputation as an operations executive, although some question his merchandising savvy. He’ll need expertise in both areas to stop the bleeding — sales, morale and legal — at the company and try to salvage what is increasingly a tenuous SEE JCP PAGE 32

High Point Ahead

In addition, the company HIGH POINT, N.C — Rug manuis fine-tuning its omnichannel facturers and other home textiles marketingP-0002 so that it can begin suppliers participating in the offering personalized product High Point Market from April 20-25 are ready for action. promotions. The show will see some in Bed Bath & Beyond has commenced the ﬁrst phase of a new new showrooms and others in expanded spaces – along with IT data center Claremont, Ga. PC-1010 new brand introductions, cat“We also continue to invest in all aspects of our company to egory extensions, trend events enhance the experience in store, and parties detailed in this issue. POUF-78 online and through mobile de- HTT vices and social media, and we Rizzy Home’s Bayside remain committed to being our collection comprises an customers’ first choice for the assortment of power-loomed merchandise categories we offer rugs made of 100% heat-set domestically, interactively and, polypropylene in India. See pages 10-13 for additional over the longer term, internaHigh Point introductions. HTT tionally,” said Temares.

Inside This Issue

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Now What?

BBB to Stake Omnichannel Claim BY JENNIFER MARKS

HTT on the Move NEW YORK — Home Textiles Today is relocating this month into parent company Sandow Media’s new global headquarters in the historic Time-Life Building in midtown Manhattan. Effective April 29, HTT’s new address will be 1271 Avenue of the Americas, 17th Floor, New York, NY, 10020. HTT

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INSPIRED BY: NATURE

LIME TWIST PC-1006

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AB201A

HIGH POINT SHOWPLACE 4100 877.275.7847 suryasocial

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info@surya.com

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Monday, April 15, 2013

THE BUSINESS AND FASHION NEWSPAPER OF THE HOME TEXTILES INDUSTRY

U N I O N , N. J. — Bed Bath & Beyond — the top retailer for showrooming — is fighting back, building a beefed up omnichannel operation, developing new web sites and working to improve mobile sites and apps. The retailer has opened an

hometextilestoday.com

| Vol. 34, No. 10 | $8.00

Now What?

BBB to Stake Omnichannel Claim BY JENNIFER MARKS

With Ron Johnson gone and Mike Ullman back, what does JC Penney – or JCP – do now? BY WARREN SHOULBERG “Meet the new boss. Same as the old boss.” — The Who

MIKE ULLMAN

RON JOHNSON

News Analysis and the return of former ceo Mike Ullman. The dramatic change in Plano was not necessarily a surprise to those in the trade, even if the abruptness of the

High Point Ahead ecommerce fulfillment center in Pedergrass, Ga. to support the online business. “We have also made significant progress toward creating an enhanced omnichannel experience for our customers and have taken substantial steps to replacing both back end and customer-facing systems, which will culminate in launching new websites for both Buy Buy Baby and Bed Bath & Beyond by the end of our fiscal second quarter,” ceo Steve Temares told analysts during the company’s quarterly conference call last week. He said BBB has also increased investment in people

In addition, the company is fine-tuning its omnichannel marketing so that it can begin offering personalized product promotions. Bed Bath & Beyond has commenced the first phase of a new IT data center Claremont, Ga. “We also continue to invest in all aspects of our company to enhance the experience in store, online and through mobile devices and social media, and we remain committed to being our customers’ first choice for the merchandise categories we offer domestically, interactively and, over the longer term, internationally,” said Temares. HTT

Inside This Issue Transformation Part Deux ............................................................ page 4 Ron Johnson Wasn’t Wrong ......................................................... page 4 Rugs Struggled in 2012 ................................................................ page 6 JCP Watch: Lifting the Veil ............................................................ page 8 March a Chilly Month for Comps ................................................. page 31

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HIGH POINT, N.C — Rug manufacturers and other home textiles suppliers participating in the High Point Market from April 20-25 are ready for action. The show will see some in new showrooms and others in expanded spaces – along with new brand introductions, category extensions, trend events and parties detailed in this issue. HTT

Rizzy Home’s Bayside collection comprises an assortment of power-loomed rugs made of 100% heat-set polypropylene in India. See pages 10-13 for additional High Point introductions.

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Home Textiles Today

April 15, 2013

News ADVERTISEMENT

ELITE SPONSORS

Donny Osmond Home Announces First Licensees ATLANTA — Clique Here Inc., brand manager for Donny Osmond Home by Donny & Debbie Osmond, has signed licensing agreements with Ellison First Asia for bedding, Anji Mountain for natural fiber area rugs, R Squared for dinnerware, and Lamp Works for lighting. The brand expects to announce additional licensee signings of complimentary products to create a complete room environment. A wide assortment of product is set to launch in the fourth quarter of 2013, dovetailing with Donny Osmond’s 50th year anniversary of his television debut. The product line will emphasize textured neutrals,

Donny Osmond Home by Donny & Debbie Osmond is set to launch later this year.

natural materials and color accents. “There will be a significant degree of consumer recognition given to Donny’s 50 years in entertaining, which coincides with the brand launch,” Wallace said. “There simply is no better role model for home and family than Donny Osmond. This brand provides unparalleled recognition, trust and consumer attraction by delivering products with the aspirational values that Donny represents.” Osmond has sold over 80 million albums, hosted multiple television shows, starred on Broadway, and won “Dancing with the Stars.” HTT

Capel to Launch Cococozy Blog-based Collection at High Point TROY, N.C. — Capel Rugs has teamed up with blogger and textiles designer Coco, founder of the popular design blog Cococozy, to create a high-tech and exclusive line of fashion-forward licensed rugs. Set to launch at High Point Market, the new collection draws from the works and inspirations of Coco, who is known for creating “effortlessly cool interiors on her blog,” Capel noted. “Coco has translated her unique graphic design aesthetic into rug collections that are colorful and comfortable, with a fresh California twist.” Coco, who prefers to be identified only by the nickname given to her as a child by her grandmother, said she has always wanted to design rugs “because they are such an important part of decorating.” Her new Capel collection is divided into five collections spanning 24 styles. The “California-cool” Cococozy rugs are hand-knotted of 100% wool in an Indo Tibetan weave construction. The design portfolio centers on Coco’s signature looks and textures in a variety of lively colors, including pink, navy and peacock blue. Each rug in the line can be freely mixed and matched, with themes ranging from the bold to demure. “The quality and design of Cococozy for Capel rugs are exceptional,” said Allen Robertson, vp of sales. Based in Los Angeles, Coco launched her blog in 2008 to provide interior design and lifestyle inspiration. In 2011, she took her business strategy to the next level by creating a luxury line of textiles – pillows, throws, bedding and drapery. All are made in the U.S. and designed by Coco under the Cococozy brand. The collection was recently expanded to include an assortment of accessories such as soy candles and tabletop items. Today, the blog boasts about five million page views per year and more than 80,000 daily followers on social networks such as Facebook, Twitter and Pinterest. In January 2013, Cococozy was awarded the Best New Product Award at the New York International Gift Fair. Coco will be on hand when Capel celebrate the collection during High Point Market at a special “Cocktails with Coco” event April 22 at 4 p.m. in the company’s showroom at Market Square, Space 112. HTT

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Retail Briefs

Jaipur Touts Growth Trajectory BY CECILE B. CORRAL ATLANTA — Back in 2006, when Jaipur Rugs founder Nand Kishore Chaudhary asked his eldest daughter for a big favor, she didn’t hesitate to oblige him. “My father really needed help running the business here in the U.S., and he asked me to come here to run it for him,” Asha Chaudhary told HTT. “So, as a nice, humble daughter who listens to her father, I accepted the challenge.” Chaudhary, a 2001 graduate from Emory University with a degree in finance, “had no idea what I was getting myself into,” but knew the move would turn out to be “a good fit for me.” Armed with confidence, she packed her things and relocated her office from the Jaipur region of India, where her family business is based, to Jaipur Rugs U.S.’s headquarters, which were in Dalton, Ga. at the time. One of the few female top executives in the North American rug industry, Chaudhary quickly realized she had her work cut out for her. “My first three years were very tough for me. We were positioned in a very specific niche market, and we had a lot of legal issues at the time, and we also had a lot of bad inventory we were sitting on. It was just multiple issues, and I knew what I had to do was take the company on a 360-degree turn for us to survive in this business.” That entailed many steps, including the relocation of company offices to Atlanta, expanding the product offering to include more kinds of rugs as well as more coordinating product category offerings, reaching new segments of customers via untapped retail channels

Fred’s Plans Store Reformatting

red’s Stores is setting out on a three-year reconfiguration project to step up the rollout of trafficdriving in-store pharmacies and boost sales of discretionary products. The retailer expects to alter 12% to 15% of its general merchandise space, executives said during the company’s quarterly conference call in late March. Fred’s stores with integrated pharmacies generate above 4% operating profit. About half the company’s units currently have pharmacies. The company plans to expand that to 65% to 70% by the end of 2015. Fred’s will begin testing a new destination area centered around hardware, automotive, pet and home, according to Alan Crockett, chief merchandising officer and executive vp of general merchandise. “The good news is home has started to improve for us in Q1,” he added. “We’ve seen major improvement in home.”

and deeper ranges of price points, and setting up smarter showroom sites to showcase its wares, among other efforts. “ We ’ v e m a d e nu m e r o u s changes, and diversifying our products and customer bases has been a huge part of what we have done,” she noted. Now, seven years later, her labor has paid off. Since 2010, Jaipur Rugs U.S. has experienced double-digit sales growth, averaging about 35% annually, and is expected to post a more than 40% increase by the end of this year, Chaudhary noted. Heading into High Point Market this month, Chaudhary is eager to share her story and Jaipur’s growing products and services. “I think it is the most excited I’ve ever been in terms of the new product we are bringing in to market this year,” she said. “We have a very curated collection for market.” Among the highlights is Jaipur’s new High Point showroom,

located in a 9,500-square-foot space at 3300 Showplace. There, the company will be introducing its biggest offering of new products to date: more than 400 decorative pillows and poufs plus more than 500 new rug designs in a broad range of constructions and varieties, “with a focus on textures, solids, flat weaves, all trendy and beautiful, casual and usable,” Chaudhary said. To celebrate its growth as well as its new showroom, the company — which this year celebrates its 13th anniversary in the United States — is hosting a party April 22 from 4 to 6 p.m. Guests will be given a “market survivor kit” stocked with several goodies for staying relaxed during the week’s events, and will be invited to enjoy free massages, live music and hors d’oeuvres at the fete. “We feel we are on a great path of growth that will continue for the next several years, and it will make us a big, major player in this marketplace,” summed Chaudhary. HTT

Material ConneXion to Open in Japan N EW YORK — Materials library

Material ConneXion will open its 10th global location this October in Toyko. Owned by HTT parent company Sandow Media, over the past three years Material ConneXion has expanded its reach to Turkey, Korea, China and Sweden. In Japan, the company is li-

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Home Textiles Today

April 15, 2013

censed to Japanese printing giant Nissha Printing Co. Ltd. it will open with an initial library of 500 samples and add 30-40 new materials each month. The library will offer membership and consulting services to designers from all disciplines with the support of its in-house materials scientists and specialists. “To be a trendsetter, you

should know where to look for ideas, proactively find solutions and define the elements that form a trend. Material ConneXion offers researchers, designers and creatives the inspiration they need to produce innovative products and services for their customers,” said Junya Suzuki, president and ceo of Nissha Printing Co. HTT

Restoration Hardware Expands Into Table Top, Table Linens

estoration Hardware is branching into a new area of home with the launch of tabletop and table linens via the RH Tableware 2013 Source Book. The collection is available for purchase online and will soon roll out to stores. Stone-washed Belgium table linens are available in three styles in 20 colors reflective of RH’s dusty, muted palette. The assortment includes napkins, placemats, tablecloths, cocktail napkins and runners. The 80-page book also offers a broad collection of Chinese porcelain dinnerware; several styles of flatware, including silver cutlery made in England; stemware, including Riedel crystal made in Germany; glassware; barware; and serveware.

Ikea Expanding Boston-area Store’s Warehouse

kea said it will expand the warehouse section of its store in Stoughton, Mass., by nearly 59,000 square feet. When completed by fall of 2014, the Boston market complex will occupy 415,575 square feet. The project includes expansion the self-serve furniture area, where consumers pick flat-packed items to take home; rearranging customer service functions to the new area; and enlarging the home delivery area.

HSN Debuts ‘India Hicks Island Living’ Collection

SN last week launched India Hicks Island Living, an assortment of bedding, quilts, throws and home accents, across all of its platforms. The interior designer’s collection is divided into four groupings – Harbour Island, Paradise Toile, Tropical Garden and Trade Winds – each based on a different coastal genre. “India Hicks is a fantastic designer and her island vision and coveted designs will be a tremendous addition to our home decor portfolio,” said Anne MartinVachon, chief merchandising officer for HSN. Martin-Vachon described the collection as “worldly, sophisticated style through the lens of impeccable British design.”

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Home Textiles Today

April 15, 2013

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Rugs Struggled in 2012 Shoppers remain focused on low prices

AREA RUGS

BY CECILE B. CORRAL

% of the Home Textiles Universe Up

$26.10B $25.72B 1.5% 2012 Home Textiles 2011 Home Textiles Universe

Universe

N E W YO R K — Rug suppliers know as well as anyone that 2012 was about making do. “Disposable income has been very challenged for a huge part of the North American population,” noted Bill Kilbride, president, Sugar Valley, Ga.-based Mohawk Home, the country’s second largest home textiles company. “Many people were still shopping. But they were looking for the best possible value at the best possible price,” he added. In many cases, he explained, that “translated to size” in the rug category. For some of the major rug companies, like domestic manufacturers Mohawk and Maples, scatter rugs and smaller area rug

AREA RUGS Distribution channels Source for all tables and charts: Home Textiles Today market research

2012 total retail sales: $4,460 million down 1.5% from $4,530 million in 2011 2012

Discount department stores $1,615 Direct-to-consumer $752 Mid-price chains $361 Home improvement centers $332 Home textiles specialty chains $234 Carpet/floorcovering stores $215 Gift/home accent stores & single-unit specialty textiles tores $193 Furniture stores $184 Off-price chains $171 Variety/closeout $160 Warehouse clubs $139 Other $66 Department stores $39 Total $4,460 Other includes interior designers and military exchanges. Figures have been rounded.

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2011

$1,624 $763 $374 $340 $240 $218 $199 $187 $170 $164 $143 $68 $41 $4,530

% CHANGE

-0.6% -1.4% -3.5% -2.2% -2.5% -1.5% -3.3% -1.5% 0.5% -2.6% -2.8% -2.9% -3.7% -1.5%

EA AR

B D ATA

ASE

RUGS varieties made of simpler synthetic constructions made it to the cash register most often last year. John Maples, president of Scottsboro, Ala.-based Maples Rugs, outlined the three most popular types of products for his company. “We saw increasing demand for printed rugs and [other] lower-priced fabrication rugs, increasing demand for lower price point rugs, and increasing demand for smaller sizes,” he said. “Basically the products we have that are the lower-price applications saw increased demand,” Maples summed. Unit levels remained “pretty constant,” Kilbride said, as shoppers continued to buy rugs, albeit promotionally. But total value generated down total revenue. “It’s like the hamster in the wheel,” he explained. “We still produce and ship product to meet demand, but when I’m shipping $50 items I have to run a lot faster than when I ship $100 items.” In hopes of breaking that cycle, Nourison took a different approach to the business last year, said Alex Peykar, principal of the Saddle Brook, N.J.-based family-run company. “Instead of concentrating on just lower price points, we reversed our position and gradually introduced higher price points,” he said. “Increasing average ticket was probably the most import ant change for us.” He said the company does address demands for lower price

point products, “but the majority of our investment is on highticket products.” This includes not only handmade qualities but also machine-mades. “While 95% of our industry’s manmade use synthetic yarns, 95% of our machine-made rugs are wool and wool blends. We concentrate on natural fibers and more sophisticated constructions that are unique to our company,” Peykar said. The saving grace for Oriental Weavers USA in 2012 was its Sphinx division because it caters to furniture and independent home furnishings stores, catalogs and Internet retailers rather than the mass merchants. “Our Sphinx business is a very large percentage of what we do, and we saw some nice growth there, especially among $199 to $299 products,” said Jonathan Witt, vp. “It’s a different customer than those buying rugs at some of the big-name, mass retailers. They haven’t recovered yet, which is why sales for those segments are down.” Still, Sphinx has taken advantage of opportunities with its retail customer set for promotional events where occasionally rugs are priced to retail for as low as $29. “We can run the gamut, from $29 for a promo to $1,299 for one of our best hand-mades.” Witt added. “We have a lot of breadth of product, and it’s because we have an advantage of low-cost production overseas. It opens a lot of doors for us to do large promos with large retailers, and that has been a driver because that is what a lot of people have done lately — in-andout promotions they can sell for below their normal retails.”HTT HTT’s new Dat abase series replaces the long-running Facts series of category sales reports. The next Database report will appear on April 29 and will cover the top-of-bed and bath categories.

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Home Textiles Today

April 15, 2013

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WATCH

PHOTO: CHRIS RUPERT

The Michael Graves Design collection encompasses cookware, small appliances, kitchen gadgets, serveware, decorative accessories, lighting and lamps.

Design by Conran comprises furniture, accent furniture, rugs, decorative accessories, lighting and lamps.

Lifting the Veil PHOTO: CHRIS RUPERT

The soft opening of JCPenney home shops began April 6 in approximately 500 stores. The official opening date for the transformed home department has been a bit harder to nail down. JCPenney has said it will “this spring,” “in May” and “by Mother’s Day,” which is May 12. Visits by HTT staff to three stores in the New York/New Jersey metropolitan area found the home departments very much under construction and hidden behind bright, white tarps. The photos on this page were provided by JCPenney and shot in its Fairview, Texas unit. HTT PHOTO: jcpenney

The Happy Chic by Jonathan Adler assortment includes bedding, bath, window treatments, rugs, dec pillows, kitchen textiles, decorative accessories, furniture, accent furniture, lighting and lamps, tabletop and serveware. At right: The Martha Celebrations collection includes party decorations, tableware & serveware, mostly paper; sweets and treat boxes, stationery and invitations, gift bags and wrap, and greeting cards.

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April 15, 2013

Surya’s High Point Showroom to Buzz With Activity During Market CALHOUN, GA. — Rug and home

accessories house Surya has scheduled a lineup of design events and training as well as merchandising displays spotlighting the latest trends at its showroom during High Point Market. “We’re striving to create an environment where market visitors can preview the newest products while strengthening their product and merchandising knowledge in the company of like-minded peers,” said Satya Tiwari, company president. “Our goal is for all visitors to go back home with

relevant information that will make them successful in accessory sales.” Key events scheduled during market include: • April 20, 1:30 p.m. “Solving Your Design Challenges: A Con-

versation with Candice Olson.” The famed interior designer and HGTV host of will discuss offer advice on overcoming design and merchandising challenges. An RSVP is required. • April 21, 4 p.m. “Apartment

Therapy: 5 Inspirations for Small Spaces.” Author and Apartment Therapy founder Maxwell Ryan will shares his tips for creating impactful rooms where space is a key concern. • April 22, 2 p.m. “Retailer

Tactics for Maximizing Accessory Sales.” A panel of retailers will share strategies for building a profitable accessory program. For more information, visit http://surya.com/market-registration/. HTT

Withit Founder to Present At High Point GREENSBORO, N.C. — Non-profit

women’s home furnishings organization WithIt has announced its original founder, Jena Hall, will headline its educational breakfast held semi-annually during High Point Market. Hall, president and coo of Jena Hall Associates, is known for her Pinnacle award-winning furniture designs as well as her integrated marketing and merchandising strategy work with major manufacturers. Currently, Hall is working with Bassett Furniture on the HGTV home furniture collections, launched in 2011. At the WithIt breakfast, she will offer insights on her own career while challenging audience members to take a look at their own career path and future under the theme “When Opportunity Knocks…Can You Hear It?” She will discuss how to navigate, recalibrate and sustain one’s career in the home furnishings industry. The event is scheduled April 21 from 7:30 to 9:00 a.m. at the International Home Furnishings Center, Green Wing, 11th floor, Ballroom A. The breakfast is open to both WithIt members and non-members and it is free with registration. To RSVP, visit www.withit. org or email lchastain@imcenters.com HTT

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High Point

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9 1. Kimlor Mills’ Bone Collector collection includes mini bed sets of comforter and shams, sheet sets, drapes, valances, shower curtains and decorative pillows. 2. Achim Importing Co.’s Jasmine pairs a voile sheer jacquard in fleur-de-lis design with a matching double-layered silk ribbon trimmed ascot valance. Available colors include black, aubergine, ivory and chocolate. 3. C & F Enterprises’ new Veda bedding ensemble incorporates floral arabesques with a reverse that follows a mosaic pattern in maize and turquoise. 4. American Rug Craftsman is feeling groovy with its new Shaggy Vibe Collection, which is being expanded for market. With designs the company describes as “trendy, energetic and luxurious,” these polypropylene rugs are woven on Van de Wiele looms in the United States. 5. Etoffe Makara’s Veronese collection shimmers with Swarovski crystals. The velvet oyster and black with silver and

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pewter hand-printed designs seen here are among the looks offered. 6. Softline Home Fashions is showing its new Palisade Collection in several colors and patterns, including this fresh take on a Moroccan mosaic tile design. 7. Karastan’s Archipelago rug from the new Panache Collection depicts an ikat kaleidoscope of modern fashion. It comes in the plantation, sagebrush green, and black colorways. 8. Kim Salmela/ Design Accents presents a full line of about 60 skus divvied into several collections. Zahara is one of the new decorative pillow offerings seen here. 9. Dallas A. Saunders Studio’s Fuchsia Amethyst decorative pillow and matching throw collection includes a pillow that is printed and sewn in the United States on a Belgian linen/ cotton blend fabric, and trimmed and backed with a copper penny gold Italian dupioni silk.

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1. Eliko Antique and Decorative Rugs has created a new assortment of soft contemporary hand-knotted wool rug styles, which includes this linear design made in Morocco. 9

2. Kalaty Rug Corp. is introducing Gramercy, a transitional design with a modern vibe, seen here in the Baltic colorway. The rugs are handcrafted of 100% premium wool in a Lori Loom weave. 3. Oriental Weavers’ Casablanca collection – machine-made in a space-dyed nylon/polypropylene blend – spans classic and timeless patterns ranging from traditional Persian looks to modern pieces utilizing ikat and medallion motifs. 4. Company C leaves behind the thorns with its new Roses Rug – a 100% wool, hand-hooked and tufted product seen here in the evergreen colorway. 5. Foreign Accents walks the Boardwalk with its new hand-tufted wool contemporary rug, seen here in the brown multi palette. 6. De Leo Textiles is showing the Mimoza collection made of 100% cotton velvet in 25 colors. 7. Madcap Cottage’s Madcap and Marvelous pillow is hand-painted on the front with hand-applied magenta cord trim. It is made in the United States. 8. The Creative Touch is introducing the Patchwork Victus Collection, seen here in the labradorite palette, made in Turkey of a wool/cotton/ hemp blend. 9. Albers in Plum is part of AMS Imports’ Tibetan Collection from InnerAsia. The combination of wool and silk creates a shimmer in the rug. 10. Protect-A-Bed’s new SnoreBeGone product is a three-layer foam sleep positioning system that helps the body overcome factors that cause or increase the likeliness of snoring.

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Loloi, Habitat for Humanity Align for Rug Collection DALLAS — Loloi Rugs has part-

nered with Habitat for Humanity’s Dallas area chapter to create a new collection of soft floor coverings. A percentage of all proceeds from the new “Wonder Collection” will be donated to the charitable organization “to build homes, communities and hope.” “Whether it’s through design or by a donation, Loloi Rugs is committed to improving our communities in any way we can,” said Cyrus Loloi, principal of Loloi Rugs. “Habitat for Humanity shares our vision of a better world, and we are thrilled to be able to partner with them to bring affordable homes to deserving and hardworking members of our community.” The Wonder rugs are all hand-woven in India of 100% cotton, and are available in eight vivid color combinations – Hibiscus, Denim, Raven, Pebble, Maize, Foliage, Sand and Emerald – and four versatile sizes that range from scatter to

area dimensions. “We are thankful to partners like Loloi who support our efforts to revitalize and stabilize entire communities by giving hardworking low-income families a quality place to call home,” said Bill Hall, ceo of Dallas Area Habitat for Humanity, which provides qualified families quality homes at 0% interest mortgages. The families served by Dallas Area Habitat for Humanity typically spend unsustainable levels of income on housing and often live in dangerous conditions. In lieu of a down payment, homeowners are also required to contribute “sweat equity” by building on their own home and the homes of their neighbors. “Knowing that our rugs are serving a deeper purpose than simply beautifying a home is gratifying,” said Loloi. “We hope our consumers will enjoy the dual benefits that come from owning one of these handcrafted pieces, too.” HTT

Emerald is one of eight colors offered in the Wonder Charity Collection.

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Pasargad to Launch Handmade Collections N EW YORK — The 109-year-old, third-generation, India-based rug house Pasargad is coming to High Point Market with new collections of rugs that includes fl at weave designer patterns priced specifically for online retailers and furniture stores. Dubbed the Sahara collection, the new rugs are handmade of wool. Patterns include chevron stripes, tile and trellis looks and other refreshed Moroccan-inspired styles in vibrant, two-toned color stories. The cheerful palette is achieved with natural dyes and includes turquoise, sunflower, tangerine, soft gray, grass green, taupe and navy. “These modern flat weave designs offer a dynamic style story at an affordable price,” said Beni Isfahani, president. A 6-by-9 will retail for about $450. Pasargad’s showroom at High Point is located in the Suites at Market Square, Mezzanine Level, space No. 1035. The company will also be showing other new varieties within its signature Persian, European, Indian, Turkish and Caucasian designs. The company specializes in Agras, Serapis, Sarouks, Kashans, Kirmans, Oushaks, Sultanabads, Savonneries, Kazaks, Qashqa’is, and Afshars. HTT

Kas to Debut New Spring Rug Designs at High Point Market S OMERSET, N.J . — Kas Rugs has a hearty selection of 150plus rug styles, including several spring looks, to serve up during the High Point Market. Among the highlights will be the new Anise collection, a hand-tufted and hand-hooked

grouping of space-dyed polyester rugs. Each of the 15 designs is extremely soft, the company noted of the China-made rugs. They are available in five sizes, ranging from scatter to roomsize. A 5-by-8 is priced to

retail for $299. To fete market, Kas will host a wine and cheese reception each night – April 20 to 25 – from 4 to 6 p.m. in its showroom in space D301 at the International Home Furnishings Center. HTT

From Kas Rugs’ Anise collection debuting at High Point.

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April 15, 20134

Sphinx/OW, Pantone Partner for New Collections NEW YORK – Sphinx by Oriental Weavers has aligned with color authority Pantone under a multiyear partnership to co-create a new program of branded rugs. Sphinx was chosen as the exclusive area rug partner for Pantone and its Pantone Universe product collections, and

will be launching the first collection of rugs this summer. The rugs are being developed in coordination with Pantone’s trend, color and design teams. “The synergies between Pantone, their consumer reach, our home furnishings base and the OW Team is just tremendous

and will be key in our development, marketing, merchandising and advertising efforts,” said Oriental Weavers USA’s president, Mike Riley. He added: “Our new Pantone Universe collections will go beyond expressing color and take us into the bold new forefront of

embracing a high-definition of design.” The Pantone and Pantone Universe brands have been launched across many merchandise categories to date, including a bedding and bath collection that debuted this winter at JCPenney. Lisa Herbert, vp of the con-

sumer division at Pantone, said the new rug program “will really round out our home furnishings assortment for the brand. We have a great energy with the Sphinx creative teams and have impressive plans to create cutting-edge product that will truly have an impact at retail.” HTT

Sustainable Furnishings Council plans Earth Day Luncheon H IGH P OINT, N.C. — The Sus-

tainable Furnishings Council will host an Earth Day luncheon during the High Point Market featuring a panel discussion on sustainability issues. The event will take place April 22 from 12:30-1:30 p.m. at the IHFC building on the 11th floor in the Green Wing ballroom. Jillian Prichard Cooke of Wellness Within Your Walls will moderate the discussion with SFC Exemplary manufacturers Barry Cik of Naturepedic, Norman Coley of Lee Industries, and Gat Caperton of Gat Creek. Admission to the lunch is free, but seating is limited and advance registration is required. To register, visit admin@sustainablefurnishings.org. HTT

Kaleen Rugs Revamps Website DALTON, GA. — Kaleen Rugs has

re-launched its website – www. Kaleen.com – with a revamped design and new capabilities. In addition to an updated look, the site offers a more user-friendly format along with visuals that announce news, special events and introductions. The “What’s New” section shows and describes all of Kaleen’s latest introductions and features search functions that filter inventory by collection, size, style, color, and weave. The site also boasts improved navigation, color accurate photography, a cleaner user interface and better search capabilities, noted Monty Rathi, coo. HTT

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April 15, 2013

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PEOPLETodaY MSLO Taps Stein to Service Home Depot License Program N E W YO R K — Martha Stew- company’s license partnerart Living Omnimedia ship with The Home Inc. has appointed Janet Depot. Stein, a longtime retail M o s t r e c e n t l y, industry veteran, as the Stein was with company’s new senior Hästens Beds Inc. as vice president, merchanits regional manager dising. for North America, Stein’s brand experunning all North JANET STEIN rience includes Donna American operaMSLO Karan Home, Michael tions for the comKors and Coach. In her pany. Prior to that new role, she will focus on the she served as director of sales

for MICHAEL Michael Kors Footwear. “Janet has an outstanding record of developing strong merchandising partner relationships,” said Patsy Pollack, senior executive vice president of merchandising at MSLO. “Having worked with her in the past, I have tremendous confidence in her abilities and know her rich retail experience will bring solid leadership to our team.” HTT

Among Friends

Johnson Named VP of Sales and Marketing at Jaipur Rugs BY HEATH E. COMBS A T L A N TA — Jaipur Rugs has named Jack Johnson vice president of sales and marketing. Johnson recently resigned as senior vice president of sales and marketing at accent furniture source Stein World. He joined the company in late 2011. His responsibilities include managing all customer segments and sales. He reports to president

and ceo Asha Chaudhary. Johnson replaces Josh Roberts, wholeft the company at the end of March. Johnson has a background in sales management, retail and manufacturing. In addition to Stein World, he has worked for manufacturer Lane Furniture as a regional manager and has senior managerial experience with Havertys Furniture and Bassett Furniture. HTT

Kay Degenhardt Passes

The Home Fashions Products Association’s YoPros held a get-together at Campanile for industry members during the New York Home Fashions Market last month. From left: Carl Headley of HeadCorr, Dawn Wolfe of Coyuchi, Louis “Tripp” Hornick III of Louis Hornick & Co., and Shaniqua Simpson of Yunus/Royale Linens.

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E ASTHAMP TON , M ASS . — Kay Degenhardt, a longtime public relations and licensing professional who represented GLM and the Surtex show from 2009 to 2011, passed away March 19 surrounded by her family at home here. “With her quick smile and quicker Irish wit, Kay was a familiar figure in the aisles of Surtex, often playing Pied Piper to an entourage of editors — many of whom she introduced to the surface design business for the first time,” show organizer GLM said in its announcement of Degenhardt’s passing. In 1978, Degenhardt and a friend founded Rdesigns, a textiles design business in New York City concentrating on product designs for the home. A decade later, she formed Kay

Degenhardt Inc., a consulting firm focused on the home furnishing industry. Degenhardt was also a longtime member of IFDA (International Furnishings and Design Assn.) New York Chapter, and served on the national design awards committee of the Cooper-Hewitt Museum, one of the Smithsonian’s museums in New York. She is survived by her daughter, Jane Degenhardt and her husband James Serhant II; son Peter Degenhardt and his wife Leslie; four grandchildren, and three brothers, Edward, Richard, and Patrick Murray. The family asks that any donations be made to the Bay State Hospice in Springfield, Mass. at www.baystatehealth. com.

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Home Textiles Today

April 15, 2013

Rugs

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Winter 2013 Rug Review 1

1. Company C Inc. is introducing the 100% wool flatwoven Chevron Rug as part of the new Summer Brights collection. Inspired by the 60s Op Art movement, the colorful stripes are available in fuchsia, orange and green or cool Capri blue, turquoise and green available palettes. 2. Loloi Rugs is showing is new Madeline Collection, power-loomed of 100% polypropylene in Egypt. Designs and palettes are watercolor inspired.

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3. Nourison is expanding its Joseph Abboud program with two new rug collections, including Mulholland. 4. Oriental Weavers USAâ&#x20AC;&#x2122;s Kaleidoscope by Sphinx collection is a new machine-woven grouping made of textured polypropylene. Like the one seen here, the design portfolio emphasizes bright and vibrant colors such as sunshine yellow, tangerine, hot pink and bright poppy set against a more serene and complimentary background of ultramarine blue, citron and chartreuse.

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Home Textiles Today

April 15, 2013

Rugs

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Winter 2013 Rug Review 1

1. C & F Enterprises is showing the Blue Oasis, a coastal design incorporating sea grass and shells. 2. Capel Rugsâ&#x20AC;&#x2122; newest rugs for its collection with designer Genevieve Gorder includes the 100% wool flatwoven Lâ&#x20AC;&#x2122;Alhambra, which marries a clean graphic design with complex Eastern patterns. 3. Kas Rugs is adding the Versailles collection to its machine-made line. The rugs are eight-color, viscosemade pieces that feature space-dye techniques. 4. Surya Inc. debuts the Brazil collection. The machine-woven rugs are made of 60% viscose and 40% chenille in a high-low construction.

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*Select designs only

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April 15, 2013

Rugs

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Winter 2013 Rug Review 1

1. Couristan expands its outdoor offerings with the new Fresco collection. Hand-hooked in China of 100% fiber-enhanced Courtron polypropylene, the rugs are water resistant and treated to prevent mold and mildew. 2. cmiâ&#x20AC;&#x2122;s Boat House is a striped outdoor rug made of 100% polypropylene. Available colors include light blue, navy, olive, rust red, brown, and natural. 3. Linon and Powell are showing this mod/polyester hand-tufted rug from China as part of the new collection with Bombay Heritage. 4. Rizzy Homeâ&#x20AC;&#x2122;s Vicki Payne Collection includes several new styles such as this loop-and-cut pile constructed, 100% New Zealand wool blend rug hand-tufted in India.

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Home Textiles Today

April 15, 2013

Rugs

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Winter 2013 Rug Review 1 2

1. Karastanâ&#x20AC;&#x2122;s Davina is part of the new Crossroads collection, a Suzaniinspired grouping of rugs woven of fully worsted New Zealand wool in the USA on Wilton (Van de Wiele) looms. 2. Fab Habitat remains true to its eco-friendly and fair-trade principals with Tangier, a new grouping of rugs made from tightly woven recycled plastic straws. 3. Kaleen Rugs is showing the new Mystic Collection, which is handcrafted from washed virgin wool. 4. Momeni goes global with the new Atlas Collection, a hand-woven grouping of rugs made of 100% New Zealand wool in India.

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Home Textiles Today

April 15, 2013

Rugs

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Winter 2013 Rug Review 1

1. Classic Home Rugs is offering casual contemporary elegance with its new collection of wool rugs in organic patterns and palettes, like this one titled Heather Groove Grey. It is available in accent through room-size dimensions. 2

L.R. Resourcesâ&#x20AC;&#x2122; Rock Collection is machine-made in Turkey of 100% frise soft yarn. Its pile is thick for a shaggy and contemporary look and feel.

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3. Safavieh will introduce a new licensed collection by Thomas Oâ&#x20AC;&#x2122;Brien for the Safavieh Couture line. The eco-friendly rugs are hand-knotted in India of a blend of hemp and jute yarns. 4. The Powell Company is showing more than 60 licensed Bombay Heritage rug styles, including 36 new designs in a variety of constructions. Luxe is a plush shag made of microfiber.

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April 15, 2013

BUSINESS TodaY Consumables Claw at Family Dollar Home Space MATTHEWS, N.C. — Family Dol-

lar said it is actively cutting back discretionary receipts — mostly in home — by $100 million in addition to repositioning discretionary goods in the store to accommodate the faster-turning consumables segment with added space and up to 1,500 more skus by yearend. Still, one goal in 2013 is “to get discretionary back in line with sales trend by fiscal yearend,” said Howard Levine, chairman and ceo, during the company’s quarterly conference call last week. The company has pared space from discretionary categories for several years to make room for sku expansions in health & beauty and food. “But we have all those sku sets done, and we now are making a renewed effort in some of the discretionary categories to drive those,” he said. Most of the effort involves

apparel, which is moving back to the front of the store right in front of consumables. “Our customer buys on need, and basic apparel is showing some stability,” noted Michael Bloom, president and coo. During the second quarter, top sales drivers included key consumables like frozen foods, tobacco and health & beauty items. Home represented 11.1% of total quarterly sales, compared to 13.3% in the yearago quarter. Net income for the quarter ended March 2 rose 4.8% to $140.1 million compared to $136.4 million, or $1.21 per share — just missing analysts estimates of $1.23 EPS. Total sales jumped 17.7% to $2.89 billion, with comps up 2.9% as a result of higher customer traffic and an increase in the average customer transaction value. Levine said Family Dollar

saw sales trends improve toward the end of the quarter as customers began to receive their tax refunds. Year to date, net income increased 4.2% to $22.4 million, or earnings per share of $1.90. Sales climbed 15.4% to $5.3 billion. Levine added that as the company moves into the second half of fiscal 2013, its discretionary sales continue to be challenged by both the financial pressures facing customers as well as unseasonably cold spring weather. The company reduced its overall outlook to reflect lower-than-anticipated home and apparel sales. The company now expects comparable store sales in the second half of the year to increase between 2% and 4%, with comps in the third quarter to fall in the lower end of the range and comps in the fourth to land in the upper end of the range. HTT

Same-store sales

March Comps Disappoint NEW YORK — Easter sales turned out to be soft-

sponding downward bias.” Redbook’s preliminary target for April is for year-over-year same-store growth of 2.7%, which would result in a month-over-month performance against March of a 2.0% drop. HTT

er than expected, giving the month of March a 2.9% year-over-year comp increase, missing The Johnson Redbook Retail Sales Index’s target of 3.3%. Comps were up 2.5% in the fifth and final week of March Johnson Redbook Index Fifth week of March, year-over-year % change following a 3.5% gain the prior week. WEEK ENDED 3/9 3/16 3/23 3/30 4/6 MONTH Redbook analyst Catlin LeDepartment stores* 1.6 1.7 1.3 2.1 0.8 1.5 vis said the growth rate for Discounters 3.3 3.6 3.3 4.3 3.3 3.5 March “reflects an upward Redbook Index 2.7 2.9 2.6 3.5 2.5 2.9 bias from the earlier place*Including chain stores and traditional department stores Source: Johnson Redbook Index ment of Easter this year; April is expected to show a corre-

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Customs Officials To Help Keep Cargo Moving W A S H I N G T O N — Taking into

account Customs officials’ expressed hopes to minimize the impact of federal spending cuts on cargo processing, import volume at the nation’s major retail container ports is expected to increase 2.7% in April over the same month last year. The projection comes from the monthly Global Port Tracker report released last week by the National Retail Federation and Hackett Associates. “The impact of sequestration isn’t yet fully known, but Customs officials are working hard to manage their resources and keep cargo moving,” said Jonathan Gold, NRF vp for supply chain and Customs policy. “Between their efforts to avoid delays and retailers’ adjustments to compensate, we’re not expecting consumers to see any difference on store shelves at this point. We are working closely with Customs to ensure that that remains the case.” NRF noted U.S. Customs and Border Protection told businesses last week that federal sequestration cuts that took effect in March could still have a “serious impact” on the agency, including increased wait times for

customs inspections at ports. But officials said recent passage of the Fiscal year 2013 appropriations bill by Congress “allows CPB to mitigate to some degree the impacts.” Staff furloughs and cuts in overtime that were previously expected have not been canceled, but have been put on hold. Global Port Tracker, which is produced for NRF by the consulting firm Hackett Associates, covers the U.S. ports of Long Angeles/Long Beach, Oakland, Seattle and Tacoma on the West Coast; New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades and Miami on the East Coast, and Houston on the Gulf Coast. The first six months of 2013 are expected to total 8.1 million TEU, up 4.7% from the first half of 2012. The total for 2012 was 15.9 million TEU, up 3.4% from 2011. “Economic indicators continue to present a mixed picture of the prospects for the remainder of the year,” said Ben Hackett, founder of Hackett Associates. “Sequestration does not help, but on the other hand is not yet a major factor to take into account.” HTT

Tuesday Morning Posts Gains DALL AS — Tuesday Morning Corporation made net sales and

TARGET

2.1 4.0 3.3

comp strides during its third quarter, the closeout chain reported last week. Net sales for the quarter, which ended March 31, increased 3.1% to $178.1 million, compared to $172.7 million a year ago. Comparable store sales were up 2.8%, comprised of 1.4% bumps in both average transaction and customer traffic. Year to date, net sales were $636.2 million, a 3.2% increase versus last year’s $616.4 million. Comps for the nine months were up 3.7%. The 829-unit chain, which operates in 43 states, will release its full results for the third quarter on April 25. HTT

4/10/2013 2:49:23 PM

How do you make your company stand out from the hundreds of other suppliers calling on the same ten retail accounts?

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Surya, Kate Spain Pair up for Colorful Rug-and-Pillow Collection C A L H O U N , G A . — Surya has aligned forces with designer Kate Spain to co-create a new program of colorful rugs and matching decorative pillows. The launch is set for the

High Point Market, April 20-25, at Surya’s on-site showroom at Showplace 4100. And as an added bonus, Spain will offer retail buyers and industry friends a presen-

tation of the line and share her personal inspirations during a at a Designer Spotlight event set for April 21 at 2 p.m. at Surya’s showroom. “Known for her exuberant

use of sun-drenched color and motifs with a hand-drawn aesthetic,” Surya said, the designs for Kate’s first collaboration with Surya “explore a diverse range of global influences.”

S p a i n o f f e r e d h e r ow n words. “The intrinsic nature of this collection is new, organic forms spun from vibrant ancient cultures and places,” she said, explaining that the designs in the Alhambra hand-tufted and Marseille flat-weave collections take inspiration from a variety of different sources. “Some of the designs evolved from my pottery work in Spanish majolica and a love for ceramic tiles patterns from both the old and new worlds,” Spain continued. “Other pieces were born from the explosive colors and ikat patterns found in the vibrant woven arts of the Central Andes.” HTT

Trident Honored For Sears Partnership L UDHIANA , I NDIA — Trident, one of the largest bath suppliers to the U.S., was recently recognized as “Principal Partner Bath” for the year 2012-13 by Sears Holdings Corporation. The manufacturer received the distinction for partnering with Sears to develop bath shop programs for the retailer. The award was presented to Trident Limited at Vendor Recognition Dinner and Award Ceremony organized by Sears Holdings in Hong Kong. “It is extremely encouraging for me and my team and we thank Sears for honoring us with this award,” said PK Markanday, chief operating officer, Textile Division, Trident Limited. “The accolade is a motivation for us, to build on our successes and keep pursuing the processes and systems which form the foundation of our organization, in the best possible manner.” Trident has also been named a Walmart Supplier of the Year four times, has won three JCPenney Awards and twice received Ikea’s Quality and Sustainability Award. HTT

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March a Chilly Month for Comps N E W YO R K — March proved a doozy for retailers across the country. Aside from Costco and Ross Stores, negative comps were the result for other key retailers on HTT’s list – which was shortened this year as several major companies opted out of monthly reports. At least they saw it coming. The Easter holiday on March 31 was one week earlier than in 2012, presenting fewer days for shopping as well as increased chanced for a colder holiday with less spring-like temperatures. And that is exactly what happened. Here’s a summary of retailers’ March comp results: • Alco Stores Inc.: -1.7%) The regional chain’s March sales took a hit from the extend-

ed winter weather throughout much of the Midwest. Outdoor seasonal experienced sales declines that ultimately were responsible for the entire sales decrease for the month. • Costco Wholesale Corporation: +6.0% for the U.S., 5.0% for the international division, and 6.0% for the total company, excluding negative impacts from changes in gasoline prices and foreign exchange rates. • Fred’s Inc.: -0.3%. The company expected its March general merchandising sales to be hurt by both unseasonably cool weather and the shorter timing of the Easter holiday, affecting two of Fred’s “key reconfiguration” departments – lawn & garden and seasonal. • Ross Stores: +2.0%. Comps

outperformed the company’s guidance for a 1% to 2% decline, but were impacted by the holiday calendar shift, with Easter Sunday store closures occurring in March this year versus April last year. • Stein Mart Inc.: -2.8%. Much colder weather as well as a lost selling day due to the earlier Easter represented “nearly two percentage points of the comp sales decrease,” interim ceo Jay Stein explained. Nonetheless, linens, again, as well as men’s furnishings, gifts and ladies’ career sportswear posted the strongest sales for the month. • TJX Companies: -2.0%. Comps fell in line with expectations, said ceo Carol Meyrowitz. The company said its mer-

10.0%

1.6%

8.5%

2012 year-over-year

7.0% 5.5% 4.0% 2.5% 1.0% -0.5%

March Same-Store Sales

-2.0%

Johnson Redbook Index

-3.5% -5.0% MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN FEB MAR Source: Johnson Redbook Retail Sales Average, a unit of Instinet, a Reuters company.

chandise margins for the first quarter are on track to be better than last year, and as a result

TJX has narrowed the range of its earnings per share guidance to $.60-$.62. HTT

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JCP: Now What? JCP FROM PAGE 1

situation that has the potential to end very badly if things don’t break well. While Ullman is not giving any specifics at this early stage — it appears he was only offered his old job back just days before Johnson’s dismissal — there are a number of plausible strategies he can pursue to return at least some of the shine to what is a very badly tarnished Penney business model. Here are the some of the most likely paths in which he can take the company: Full-tilt Penney: When Johnson unveiled his new game plan 15 months ago, he pointed out Penney had some 500-plus individual sales and promotional events and vehicles the year before. That was Ullman’s plan then, a strategy clearly targeted to compete with both Kohl’s and Macy’s. Penney could return to that t act relatively quickly, and while the volume of promotions might take a while to ramp up, it is entirely likely that high-low pricing will be back as soon as the company can re-order a couple of thousand pricing guns to retag the merchandise. This will be good for home since it is historically a category driven by sales and one that fares poorly in everyday-lowpricing scenarios. JCP Light: Whatever strategy Ullman takes he must at least initially do it with the hand he has been dealt. That means the product that is already in the sourcing pipeline is pretty much set and it will be first quarter of 2014 at the earliest that he can have any significant input on new product. So, under this plan, any of the shops already in process that were the backbone of the Johnson plan will continue to roll out, but no new ones will be ordered and the rest of the store will return to a classification-ordered floor plan. In home, this means Jonathan Adler, Conran and Michael Graves shops — largely set to be completed within the next 30 days — will arrive as planned, but categories like towels, sheets and curtains will remain classification-driven. The shops, however, will probably disappear as quickly as store workers can dismantle them. Mike & Ron’s Excellent Adventure: Under this possibility, the best shops will be kept and there may even be a few new ones developed. In apparel, if brands like Joe Fresh and Levi continue to outperform the store in general they will remain front and center. Too much has already been invested in these properties to tear them down and Ullman did see the value of some shop-in-shops as it was on his watch that Penney brought in Sephora and Mango. In home, it’s less clear how the shops would fit in. It seems unlikely that Penney will be able to use the Martha Stewart name once the legal battle with Macy’s is over, yet the store retains several viable high profile shop candidates, including Liz Claiborne, Cindy Crawford and

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Royal Velvet. Private Property: Even before Johnson’s departure rumors had started to swell about outside investors looking at taking Penney private. It is not as much a gargantuan task financially as it once was given the falling Penney stock price and frankly, it would provide some muchneeded cover for some of the dirty work to be done without the scrutiny of public shareholders. If this were to take place — given past histories of such events — Penney would stay private for three to five years and would probably do some serious downsizing in the interim. New management would be put in place during the process and the Penney that emerged after it all would look substantially different though would likely have a serious debt load. It certainly seems to be a more plausible scenario than other possibilities such as another retailer acquiring Penney. What exactly Kohl’s or Macy’s would do with 800 Penney mall stores is hard to figure out given their overlapping national footprints. For the home business, going private would be largely a non-event. With dating, factoring and a host of financing options, vendors would not notice much in the way of merchandising changes though there could be more risk-taking on the part of merchants less concerned with quarterly results. The Final Chapter: The elephant in the room in Plano is bankruptcy. Some observers think it’s the best thing the company could do, getting it out of bad leases and bad locations while freeing up the working capital that invariably comes with DIP financing. Others caution that it could be the beginning of the end for one of the country’s oldest retailers. That may be a little overly dramatic given that several of the biggest retailing operations in the country have been in and out of bankruptcy and lived to tell about it. Then again, some have not. It is the path to a potential bankruptcy filing that is really the trouble spot. Penney is going through cash at an insane rate — $500 million last quarter alone — and indications are that the burn rate may not slow down anytime soon. Right now, Penney is sitting on about $900 million in cash and is believed to have something over a billion dollars available on a revolving credit line. But at half a billion dollars a quarter that bank account could run dry in less than a year’s time. Observers who really want to see how long Ullman has to fix things should follow the money. And for the store’s home business, less working capital is never a good thing. There are of course lots of other permeations possible for Penney, but these seem among the most likely. Again, The Who might have summed it up best: “Change it had to come We knew it all along We were liberated from the fall that’s all But the world looks just the same And history ain’t changed.” HTT

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