On April 17, 2025, it was reported, Pulaski Furniture is coming to next week's High Point Market with an expansive lineup of new products, including nine new collections and several accent pieces. Leading the way is the Drew & Jonathan Home Pinnacle collection, created in collaboration with Property Brothers hosts Drew and Jonathan Scott, in partnership with Scott Brothers Global. Featuring bedroom and dining furniture, Pinnacle is characterized by an organic aesthetic, featuring sculptural forms and softened profiles. The brand's accent offering will also be expanded. Beyond Drew & Jonathan Home, Pulaski will launch eight new bedroom and dining room groups. Pulaski Furniture, a division of Hooker Furnishings, will showcase all new collections its 220 S. Elm showroom.
On April 17, 2025, it was reported, Hooker Furnishings reported $104.5 million in fourth quarter net sales, an increase of 8% over last year. However, the company attributed $7.7 million of those sales due to an extra week. Without the week, sales were around flat. The company posted a net loss of $2.3 million, compared with a gain of $593,000 seen last year, marking its fourth consecutive loss. It reported $3.1 million in charges, consisting of end-of-life inventory write-downs related to its Savannah exit, tradename impairment charges in HMI, bad debt expense from a large customer bankruptcy and severance costs. Still, the company showed some strong results, including the Hooker Branded and HMI segments seeing sales gains of 2.1% and 13%, respectively, and Sunset West posting order growth for a fourth quarter in a row. Its loss was also less steep than the $4.1 million net loss of the third quarter. For the full year of fiscal 2025, consolidated net sales were $397.5 million, a decrease of $35.8 million, or 8.3%, compared to the previous year. For the year, the company saw a $12.5 net loss, compared to a gain of $9.9 million last year. Of that loss, $10.8 million came from charges. H Full-year net sales for the segment were down $12.6 million, or a 9.9% decrease, with decreases across most divisions, partly offset by a 6.8% increase at Sunset West. The company's cash and cash equivalents stood at $6.3 million, a decrease of $36.9 million from the previous year-end. This decrease was largely due to an increase in accounts receivable and a planned increase in inventory levels, with Hooker Branded accounting for $12.6 million of the inventory increase.
On April 15, 2025, it was reported, When Gordon Brothers bought Big Lots out of bankruptcy earlier this year, it along with Tiger Capital Group and Hilco Global acquired the rights to Broyhill in the process. Gordon Brothers' brands division will manage Broyhill, making it asset-light, with plans to bring it back to the marketplace in the spring of 2026. D'Angelo said Gordon Brothers' brands division does three things to manage and maximize brands in its portfolio. As an example, she cited its five-year ownership of the Laura Ashley brand, which it bought out of insolvency in 2020. While under Gordon Brothers' leadership, Laura Ashley grew to more than $750 million in global retail sales and expanded to more than 80 countries across six continents. It then sold Laura Ashley to Marquee Brands in January. First is brand management, which includes using licensing to grow the brand. "For Laura Ashley, when we first bought the brand, we worked with (British retailer) Next and partnered with them as a distribution partner. Once we got the brand in Next, we worked with the licensee to get it in front of consumer," D'Angelo said. The second piece is marketing the brand, including a combination of social media and influencer marketing as well as events, as it makes sense. The third focus is to make sure the brand has a consistent aesthetic across licensees to ensure a clear and repeatable vision. And while Broyhill hasn't had the smoothest decade-plus, as former parent companies Furniture Brands International and Heritage Home Group failed, it did have a few good years with Big Lots after it was acquired in 2019.
On February 24, 2025, it was reported, Joann will shut down all of its stores, pending court approval, the company said in a Sunday statement. The move follows a bankruptcy auction in which the winners, GA Group and the retailer's lenders, said they will initiate going out of business sales at all locations. Court documents show GA Group and the lenders will offer cash consideration to pay Joann's lenders in full. The retailer reported $615.7 million in debt in January. The winning bidders will also offer an additional $105 million credit bid for most of the company's assets. Joann stores will likely disappear from the physical retail landscape after two bankruptcies in 10 months, bringing an end to 82 years of retail operations. A sale approval hearing is scheduled for Wednesday in U.S. bankruptcy court for the District of Delaware. The craft and sewing retailer first filed for Chapter 11 in March 2024 and concluded the process about a month later. Under that restructuring, the court allowed Joann to write off over $500 million of the company's nearly $1.1 billion in debt. The company kept all of its 800-plus stores open, retained the jobs of about 18,000 employees with the aid of $132 million from its lenders, and went private. Founded in 1943 by German immigrants, the Ohio-based company had grown to 500 stores by 1980. In 2024, Joann's net sales reached $2 billion, most of which was in the arts, crafts and home decor categories, with the balance in sewing and non-merchandise services.
