News: STANLEY FURNITURE COMPANY ANNOUNCES PLANS TO MOVE HIGH POINT SHOWROOM AND COMMITS TO LAS VEGAS MARKET
(HIGH POINT, N.C.) Stanley Furniture Company announced today that
it will consolidate its High Point, N.C. showroom and corporate offices into a newly
remodeled 60,000 square foot space at 200 North Hamilton Street in downtown High
Point early next year. A $4 million investment in the new space, to be completed by High
Point’s Spring 2013 Market, will be partially funded by both the City of High Point and
Guilford County, as well as the State of North Carolina. The investment is also a joint
effort in partnership with International Market Centers (IMC), owners of the 200 North
Hamilton Street building.
Also in cooperation with IMC, Stanley announces the opening of its new showroom in
the Las Vegas Design Center in Building A at World Market Center Las Vegas. The new
space gives Stanley its first showroom serving western markets and allows the brand to
display its products beginning in January with the 2013 Las Vegas Winter Market. The
Las Vegas Market brings 50,000 retailers and interior design professionals to the city
twice each year.
Stanley Furniture’s negotiations with IMC have enabled the company to fully realize the
marketing and financial advantages of exhibiting at both locations.
“This is a formative moment for the Stanley brand as we have completed a tremendous
amount of work at our company in just the last 24-36 months. Our operational strategies
are firmly in place and our product lines are repositioned for the upscale consumer’s
desire for better goods as the economy continues to improve,” said Glenn Prillaman,
Stanley Furniture Company President and CEO. “Our new High Point showroom location
as well as our new space in the Las Vegas Design Center will remain open year-round
and give the Stanley brand’s almost 90-year heritage the opportunity to increase its
influence in a niche in the marketplace that so many companies abandoned by trading
down when they off-shored production in Asia. In addition, we have been very fortunate
to attract a team of energetic professionals that bring a fresh perspective to the higherend
sector of our industry. These new showrooms present a stage for their talents where
our customers can appreciate their work,” continued Prillaman.
Stanley’s new High Point location in the Hamilton/Wrenn Design District is two blocks
north of its current showroom location in the Commerce wing of the International Home
Furnishings Center building. The new location is directly across the street from Marge
Carson and on the same block as other premium brands such as Hickory Chair, Baker,
Vanguard, Pearson, John Richard and Theodore Alexander.
“We have tremendous respect for our new neighbors and trust that these companies will
welcome a well-known, stable yet progressive company with a long history in our
industry. Like our products, our new showroom will feature the attention to detail the
premium retail store owner and the discerning interior designer expects, along with a few
pleasant surprises they may not,” said Prillaman.
“The move to our new High Point location and the opening of a Las Vegas showroom
were both heavily influenced by the vision of IMC’s leadership. These decisions provide
Stanley with the opportunity to expand our reach in a changing marketplace,” said
Prillaman. “For decades, the furniture industry has been too fragmented to appropriately
market its brands to target customers. We believe the synergies that can exist between
these two markets through our partnership with IMC introduce new opportunities for our
company to grow.”
“Our partnership with Stanley is an ideal example of a progressive brand that is taking
advantage of the new synergy created by the recent IMC merger of Las Vegas and key
High Point properties,” said Bob Maricich, Chief Executive Officer of International Market
Centers. “With the creation of IMC, we now have the ability to offer manufacturers an
effective national and international platform to build their business.”
A major benefit of exhibiting at World Market Center is Stanley Furniture’s inclusion in
the Las Vegas Design Center, a special collection of more than 42 showrooms that are
open to interior designers and the public throughout the year. The company believes it
has room to grow within the interior design category and is making a special effort to
educate more design professionals about its array of premium offerings. By participating
in the Las Vegas Design Center, Stanley will be able to showcase its top collections to
designers that may be unfamiliar with the company’s revitalized look.
About Stanley Furniture Company
Established in 1924, Stanley Furniture Company, Inc. is a leading designer and manufacturer of
wood furniture targeted at the premium segment of the residential market. The company offers
two major product lines. Its Stanley Furniture brand represents its fashion-oriented adult furniture
and competes through an overseas sourcing model in the upscale market through superior finish,
styling and piece assortment. Its Young America brand is positioned as the leader in the infant
and youth segment and differentiates through a domestic manufacturing model catering to parent
preferences such as child safety, color, choice and quick delivery of customized special orders.
The company’s common stock is traded on the NASDAQ stock market under the symbol STLY.