SENATOBIA, MS - The furniture operations of Chromcraft Revington have been consolidated to a single location in Senatobia, MS. Part of a larger restructuring effort, the move was announced April 17 by Sport-Haley Holdings Inc., which purchased the furnishings supplier in November 2013.
Consolidated were Chromcraft Revington's corporate office and distribution operation which were previously based in Indiana, along with warehouse operations. While figures were not provided, Sport Haley said it also made "extensive headcount and expense reductions" along with changes in the leadership and operational efficiency as part of the restructuring. Key is the divesting of Chromcraft Revington's Executive Office Concepts business segment, which in 2013 accounted for more than $1 million in losses for the company.
"Over the past six months, we have made tremendous progress toward building a leaner, more focused and effective operating platform at Chromcraft," said Samuel Kidston, chairman and CEO of Sport-Haley Holdings Inc. "We believe these actions will position Chromcraft to achieve gross margins in line with industry norms by the end of 2014 and in the longer-term, achieve profitability in fiscal 2015."
Executive search firm Ariail Associates has been retained to assist in the hiring of an executive to lead Chromcraft.
Chromcraft Revington became a wholly owned direct subsidiary of Sport-Haley after the apparel firm acquired all of Chromcraft's outstanding shares of common stock for $3.45 million. Incorporated in 1992, Chromcraft Revington designs, manufactures and imports residential and commercial furniture marketed primarily in the United States. Products are sold under the Chromcraft, Cochrane, Peters-Revington and CR Kids & Beyond brands.
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