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Thread: Coronavirus and how it is affecting the furniture industry

  1. #21
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    Default Re: Coronavirus and how it is affecting the furniture industry

    Sure, we can do that either way, your choice. I will be in the store tomorrow from 9 a.m. to at least until 4 p.m. if you prefer to make the drive. We can delivery inside the home, not a problem. In fact, if you get the keys and know what you want, we can probably delivery tomorrow late afternoon if you prefer as we are already doing two deliveries tomorrow.

    Probably best to take if off-forum and email to keepingroom@gmail.com.

    Good luck on your closing.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  2. #22
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    Default Re: Coronavirus and how it is affecting the furniture industry

    I have been doing this business for 34 years now, that's a long time. I have seen a lot, handled thousands of transactions and had hundreds of satisfied customers (and probably a few that weren't!). And because I've been down Recession Road before I'm going to give readers here some advice based on that experience.

    This is going to be the worst thing to happen to the furniture industry in our lifetimes.

    This is a low-margin business, and there are few cash reserves in it. You are going to see retail stores go under, and some manufacturers, like in 2008, but it will be far worse. There is no real bail-out money per se, all will be in SBA loans with 3.75% interest. Most loans like that require a personal guarantee from the business owner, which means essentially they have to put their house up to guarantee the loan. A lot of store owners won't do that, they will go bankrupt instead. One store owner near me said they have enough money to go two weeks, and that's it. They will probably fail.

    As a consumer, YOU have to be careful now whom you order from in the next several months ahead. Shopping for the lowest price should no longer be your main criteria. If a store is floundering and trying to survive, they will give you a low price and take a 50% deposit from you. And, you may never see your order. Your deposit money will be tied up in bankruptcy. This happened time and time again in 2008, and earlier in 2001 after the 9/11 attacks. How can you tell if a store is healthy? You can't. If you call the manufacturer they are prohibited from telling you the financial condition of any of their dealers. Rather, if the dealer asks for a 50% deposit, negotiate to something less than that. If they refuse, walk away. Use of a credit card for deposit *may* give you slightly better protection, but if there is no money in their accounts (and there won't be) no chargeback can occur. You still may have to wait to be made whole again, check with your card issuer for more details as it can vary. You are making the order through the independent dealer, not the manufacturer. That's important to note that as well, the manufacturer can do nothing for you if the dealer goes out of business.

    I run my store leaner than anyone in the trade. I have no employees (other than part-time delivery guys), it's a one-man business. I own the building I'm in, so there is no landlord to pay rent to. I have no health insurance to pay (Medicare). All my inventory is paid for in cash and I have zero business debt. I have only requested 20% deposits for many years, and I never ask for 50% unless its a custom item that I can't readily re-sell on the floor. I will still be here in a year from now, and it may be that long before we recover in this industry. There are going to be many dealers that are going to collapse. Not too long ago, a couple came in my store and asked why I was located in part of town that isn't very trendy, why wasn't I in a better location? Well, its for times like these. I can - and will - hunker down and be the last dealer standing. The Keeping Room is a survivor.

    Choose whom you place your orders with wisely.

    Stay safe, too!! This will eventually pass, but its still going to get worse before it gets better.
    Last edited by drcollie; 03-27-2020 at 02:50 PM.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  3. #23
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    Default Re: Coronavirus and how it is affecting the furniture industry

    The North Carolina Governor issued a proclamation at 4 p.m on 03.27.20 mandating a "stay at home" order for 30 days throughout the state. This effectively closes all furniture factories in North Carolina. Among my suppliers, I can probably only get Hooker pieces right now as they are warehoused in Danville VA, not North Carolina. Virginia has not yet issued a stay-at-home decree.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  4. #24
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    Default Re: Coronavirus and how it is affecting the furniture industry

    Amazingly, Hooker Furniture is still open and operating at 100% as for this date. One of our forum members just placed an order with me and it will be delivered by Sun Delivery Service. Hooker's massive warehouse is located in Martinsburg VA and transport companies are still picking up.

    Bradington Young is still open however no new production. They have some quick ship items in the box ready to go.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  5. #25
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    Default Re: Coronavirus and how it is affecting the furniture industry

    Taylor King Furniture is making face masks at their factory for the health industry, so they are open enough to be deemed an essential business.

    While they are not producing furniture right now, their plant is functioning doing the masks and they are answering custom questions, accepting upholstery orders for when they do open, and mailing out sample swatches as requested daily.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  6. #26
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    Default Re: Coronavirus and how it is affecting the furniture industry

    I am a nurse, taking care of COVID patients daily. Today ALL my patients were COVID patients. They have my unending gratitude because I rely on those masks every day and not only will those maks save lives, one of the lives it saves could be mine.

  7. #27
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    Default Re: Coronavirus and how it is affecting the furniture industry

    Right on the Front Line then, I imagine from what I've seen it's both exhausting and frustrating and overwhelming. I can't even comprehend what it must be like. Thank you for doing what you do.
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  8. #28
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    Default Re: Coronavirus and how it is affecting the furniture industry

    You put it very well, yes it is all of that. You are welcome. It is what we do. I want thank everyone that stays home and everyone supporting us like Taylor King. It really helps.

  9. #29
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    Default Re: Coronavirus and how it is affecting the furniture industry

    Italian artist Milo Manara created this to honor women in nursing. I think this is inspiring.

    https://www.facebook.com/watch/?v=11...=Milo%20Manara
    Duane Collie
    Straight answers from thirty-six years in the business.
    My Private Messages are Disabled - Please ask questions here in the forum.

  10. #30
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    Default Re: Coronavirus and how it is affecting the furniture industry

    Thank you, I love that and I had not seen it. It puts all the emotions of an entire day, a week, in a few frames. Not every day is that bad, and you don't always recover to fight some more quite that fast. But a day that almost beats you down, reduces you to tears, and a nights sleep or a day off rejuvinates you to come back in with that fighting spirit. This is just one of those times in history that we will all remember, and you won't have to be a nurse or a doctor to remember it. And every single person will contribute to it in some way. I over shared, and edited this post. Sorry about that.
    Last edited by SueCT; 04-10-2020 at 11:43 PM.

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