Stanley Furniture Company Announces Plans To Move High Point Showroom And Commits To Las Vegas Market

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 higher-end 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.

Copyright Business Wire 2010