On September 27, 2023, it was reported, John-Richard, a luxury home furnishings and dcor supplier, is relocating the company's corporate headquarters and centralized distribution facility to a new 236,000-square-foot facility in Whitsett, N.C. The company has operated in the Mississippi Delta since its founding in 1980. "After a transition of ownership in 2020, a strategic decision was made to relocate key components of the growing operation to North Carolina," said Andrea Kimbrell, COO. "Scheduled for Oct. 15, John-Richard will shift its corporate operations to the Piedmont Triad, an area that has long been acknowledged as the heart and soul of the furniture industry. The current Greenwood, Miss., headquarters will continue to operate as a manufacturing hub for the company's art and botanical lines, officials said. Officials added that the company will still have a significant footprint in Mississippi, occupying 250,000 square feet and with more than 100 employees. Plans are also in place to rework the owned property with the aim of increasing capacity and expanding production capabilities. Additionally, officials said that the company is planning "exciting new initiatives in its art lines beginning at the October High Point Market." The latest introductions follow a significant product rollout at High Point Market in April.
On September 19, 2023, it was reported, Instacart made its debut on the Nasdaq on Tuesday under the ticker symbol "CART." Instacart on Monday priced its initial public offering of stock at $30 per share, raising $660 million total. Instacart will net about $423 million of the proceeds. The announcement marks both Instacart's long-awaited public market debut and a new financial chapter for the company that will invite closer scrutiny of its business. Instacart disclosed last week that it planned to offer 22 million shares within an estimated price range of $26 to $28 per share, which would put its valuation on a fully diluted basis between $8.6 billion and $9.3 billion. On Friday, Instacart lifted its target IPO share price range to between $28 and $30 each, following the successful public market debut of SoftBank's Arm Holdings. Instacart's share price of $30 puts the company's valuation at $9.9 billion on a fully diluted basis a far cry from the nearly $40 billion valuation it posted in early 2021 at the height of the COVID-19 pandemic.
On September 19, 2023, it was reported, Louis Shanks Furniture will begin the going out of business process this week after 78 years in business. The Austin, Texas-based retailer has been family-owned and operated for four generations and has stores in its hometown and in San Antonio. An independent, regional retailer became nationally recognized by the industry and its customers for its fine furniture selection and impeccably vignetted showrooms. Four generations of the family have contributed to the longevity of Louis Shanks Furniture and maintained the ideals that Louis Shanks founded the stores with almost 80 years ago. Louis Shanks got his start in the furniture industry as a factory representative for Kroehler Manufacturing Co. His retail journey began when he moved his young family to Austin in 1945 and partnered with John Stanford to open the Fourth and Congress store in downtown Austin. Five years later, that partnership dissolved, and he founded Shanks-Meyers with new business partner Harry Meyers. Shanks bought out Meyers in 1954 to become Louis Shanks Furniture on Lamar Boulevard. A growing market led to continuous expansions that began with converting the historic Hitchin' Post Restaurant into additional showroom space in 1960; a second store on Anderson Lane in 1974; and entry into the San Antonio market in 1983. In 1995, new locations opened in Houston and Sugarland, paving the way for Louis Shanks' debut in Furniture Today's Top 100 rankings at No. 77 in 1996. It rose to No. 69 just two years later.
On September 19, 2023, it was reported, Hayneedle.com, a 20-year-old online seller of furniture and home furnishings and part of Walmart's retail holdings, has transitioned to become part of the walmart.com website. A posting on the Hayneedle.com website thanks people for being part of the Hayneedle community, saying: "We've spent the past 20 years helping people bring their dream homes to life. As part of that mission, we're making an exciting change." The website then directs visitors to Walmart.com/hayneedle, which lists products under the living room, kitchen and dining, bedroom, office and outdoor furniture categories. Hayneedle's website said visitors to the new landing page will find "your favorite Hayneedle products and discover even more furniture and dcor to love." customer service rep for Hayneedle said the transition began over the past weekend. Walmart's statement noted that the vast majority of Hayneedle's assortment will be available on Walmart.com through the Walmart Marketplace. Many of the suppliers for Hayneedle already have product on the Marketplace and the remaining majority of Hayneedle's assortment will start migrating to the Marketplace. Walmart acquired Hayneedle during its acquisition of Jet.com in August 2016 for about $3 billion in cash. Just a few months earlier, in March 2016, Jet.com purchased online-only furniture retailer Hayneedle for a reported $90 million during its bid to broaden its product offerings and become more competitive with both Amazon and Wayfair. By 2020, Walmart discontinued the Jet.com website and wound down that portion of the business while retaining Hayneedle. Hayneedle was based in Omaha, Neb., until Walmart closed its headquarters in 2020.
