River Oaks turnaround plan under way
Article Abstract:
River Oaks, a manufacturer of upholstery, is intending to complete its turnaround plan in a move to return to profitability. The firm has been struggling financially in the past years brought about by losses in sales. River Oaks' acting CEO, Dick Redden, stated that four of the firm's five factories have been closed and those operations have been consolidated into three new facilities in Fulton and New Albany, both in Mississippi, and in Compton, CA. The fifth facility, which is the company's headquarters in Belden, MS, is slated to close by the end of June 1998. Redden also stated that River Oaks is also planning to transfer its headquarters and central cutting operations in Fulton.
Comment:
Is intending to complete its turnaround plan in a move to return to profitability
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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River Oaks seeks new investor, restructures team
Article Abstract:
River Oaks, which filed for Chapter 11 protection in March 1998, is looking for a new investor as the company has reorganized its executive team and its plants. River Oaks founder and CEO Steve Simons has resigned as chairman of the company and is currently vice president of sales of River Oaks' national accounts. Meanwhile, the company's former president, John Nail, has exited the Fulton, MS-based company. The number of River Oaks' factories decreased to four from eight factories. The company's bankruptcy filing stated it had $57.8 million in assets and $45.8 million in liabilities.
Comment:
Is looking for a new investor as this co has restructured its executive team and its factories
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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Bell, Davis family form upholstery joint venture
Article Abstract:
Bell Inds. has created its Bell Upholstery of Fulton, MS, joint venture with the Lynn Davis family. The joint venture firm, which will make stationary upholstery with sofas at the Davis family's 130,000-sq-ft plant in Fulton, is projecting revenues of about $20 million in its initial year of operation. Bell Upholstery, which will retail its products for $399 to $699, will begin introducing its products by Nov. 1, 1998. The company is hoping to distribute its new upholstery products to the Top 100 retailers in the US and to medium-sized furniture retailers.
Comment:
Has created Bell Upholstery of Fulton, MS, in cooperation with the Lynn Davis family
Publication Name: Furniture-Today
Subject: Home furnishings industry
ISSN: 0194-360X
Year: 1998
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Comment about this article or add new information about this topic:
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