All articles tagged with #furniture industry
Several longstanding furniture retail chains, including American Signature and Buddy's Home Furnishings, have filed for Chapter 11 bankruptcy in 2025 due to economic challenges, declining housing markets, and supply chain issues, marking a significant downturn in the industry that was once dominated by major players like Breuner's and Levitz.
Ikea is increasing its manufacturing in the US in response to hefty tariffs imposed on furniture makers by the Trump administration, which has impacted the furniture industry and prompted companies to adjust their production strategies.
President Donald Trump announced a 50-day investigation into the furniture market, with potential tariffs to boost US manufacturing, primarily targeting imports from China and Vietnam, which could impact major retailers and the industry amid declining demand and economic challenges.
A century-old furniture manufacturer in Michigan closed due to the economic strain caused by President Trump's tariffs, which increased costs and disrupted supply chains, contributing to job losses in a predominantly Republican-voting area.
RH (formerly Restoration Hardware) stock plunged 15% after CEO Gary Friedman warned of ongoing challenges in the luxury housing market, projecting stabilization in 2023. The company's second-quarter earnings exceeded expectations, but its third-quarter revenue forecast fell short of Wall Street estimates. RH has been cautioning about a slowdown for several quarters, citing high mortgage rates and the need for interest rate cuts or price reductions to drive acceleration in the market.
Knoxville Wholesale Furniture has opened a new super store clearance center after a $5 million renovation to the 64-year-old facility. The new store has added more jobs, bringing the employee count to more than 200. The company has been listed in Furniture Today as the only furniture company in the top 100 in the history of the state of Tennessee.
The Consumer Product Safety Commission has approved new mandatory safety standards for dressers and other clothing storage units sold in the U.S. to protect children up to 72 months old from unstable furniture. The new rule, which replaces the previous standard, was devised by the standards organization ASTM and has the backing of both consumer groups and furniture manufacturers. The final rule will take effect 120 days after it's published in the Federal Register.