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Conclusion

As difficult as the last decade has been for furniture, the long-awaited ‘recovery’ may not be any easier. As demand picks up, production will have to increase, and this takes working capital. Who will provide it? The retail channel has been damaged. Where will the repairs come from? The offshore producers have been questioning their business models. Will they be there when you need them? Consumers have survived without buying furniture for a long time. What will bring them back? Many brands are disappearing.

The furniture industry needs to reject the old formulas that no longer get results, to replace the old dogmas that have lost their meaning, to refuse to settle for mediocrity, and to insist on world-class performance. It’s the only way to survive.

This report was produced by Anderson Bauman Tourtellot Vos (ABTV), a turnaround management firm headquartered in Greensboro, NC, in collaboration with Michael K. Dugan, author of The Furniture Wars: How America Lost a Fifty Billion Dollar Industry and Chair of the Business School at Lenoir-Rhyne University in Hickory, NC. Mr. Dugan advises ABTV on matters relating to the furniture industry.

The tables found on pages 10-14 of this report were contributed by Mann, Armistead & Epperson and Furniture/Today.

For questions or more information about this report, contact:

Peter Tourtellot Managing Director Anderson Bauman Tourtellot Vos 230 North Elm St., Suite 1650 Greensboro, NC 27402 p: 336.275.9110 e-mail: ptourtellot@ABTV.com

FURNITURE INDUSTRY WATCH REPORT SEPTEMBER 2009

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