Home / Knowledge / News / Textiles / Ethan Allen plans to consolidate Certain Retail Locations
Ethan Allen plans to consolidate Certain Retail Locations
11
Jan '08
Ethan Allen Interiors Inc announced a plan to consolidate the operations of about twelve of its retail design centers and two service centers. For the most part, business currently serviced by these locations will be transferred to other locations serving the same general market areas.

All customer orders will continue to be serviced in the ordinary course of business. Of the approximately 175 full and part-time positions affected by this decision, about half are expected to transfer into nearby operations.

In the second half of our fiscal year ending June 30, 2008, the Company expects to record pre-tax restructuring, impairment, and other related charges of approximately $9.5 to $10.5 million, the majority of which will be non-cash in nature representing an after-tax impact of $6.0 to $6.6 million or $0.20 to $0.22 per diluted share. The company expects about half of this charge to be booked in the quarter ending March 31, 2008 and the remainder in the quarter ending June 30, 2008.

The Company owns the real estate associated with five of the locations being consolidated and leases the others. The sale of these owned properties, which is expected over the next twelve to fifteen months, is expected to generate pre-tax gains of $4.0 to $5.0 million. Any gains from real estate dispositions will be recognized in the quarter in which the transactions occur.

From a cash perspective, the net pretax cash flow from this consolidation will be positive and is expected to net to approximately $11.0 to $12.0 million, including a reduction in inventory of about $6.0 million.


Must ReadView All

Uzbekistan, S Korea to launch textile techno park in Sept

Textiles | On 19th Feb 2018

Uzbekistan, S Korea to launch textile techno park in Sept

Uzbekistan and South Korea plan to launch a modern textile techno...

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

Textiles | On 19th Feb 2018

Hyosung to invest Rs 3,000 cr in Maharashtra spandex unit

The largest global spandex producer Hyosung Corporation of South...

Courtesy: VF Corporation

Apparel/Garments | On 19th Feb 2018

VF Corp Q4 revenue climbs 20% to $3.6 billion

The revenue of VF Corporation, a global leader in branded lifestyle...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search