Housing Starts Most Since 86
Washington, DC, Jan. 21--Construction of new homes and apartments rose by 5% in December to cap the best year for housing construction since 1986, according to the Commerce Department.
Today's Flooring News
Keep up to date with the most recent news in the flooring industry. Today's News...As it happens! We update this news several times a day so you can stay connected.
Kmart Dismisses Loan Recipients
Troy, MI, Jan. 20--Kmart Corp. has fired the five remaining executives who received millions in retention loans just months before the retailer filed for bankruptcy protection and demanded that all 25 recipients repay the $28 million.
Forbo Simplifies Corporate Structure
Eglisau, Switzerland, Jan. 17--Forbo will consolidate its two separate business units, linoleum and vinyl, into one business. Consequently, the flooring business will operate in all markets worldwide under the designation and logo of Forbo Flooring.
Federated to Trim Stores, Jobs
Cincinnati, OH, Jan. 17--Federated Department Stores plans to close 11 stores and cut nearly 2,000 jobs as it anticipates flat sales and income this year.
Inflation Less Than Expected
Washington, DC, Jan. 16--Consumer inflation rose only 0.1% in December as the lackluster economy had the effect of holding prices in line, creating a healthier climate for shoppers.
Home Depot To Increase Capital Spending
Atlanta, GA, Jan. 17--Home Depot will increase capital spending 21% to $4 billion in fiscal 2003 to enhance the customer's shopping experience and reinvigorate sales performance.
Nylon Board Manufacturing Is Latest Solutia Partne
St. Louis, MO, Jan. 16--In an effort to bring new technology, products, and programs to the contract carpet market, Solutia Inc. is expanding its Partners for Renewal program to formally recognize and work with companies, like Nylon Board Manufacturing of
Columbia and Halex Sign Agreement
Portland, OR, Jan. 16--Columbia Forest Products has reached an exclusive agreement with Halex Corporation to head up North American sales of Columbia’s Multiply hardwood plywood flooring underlayment to the wholesale flooring distribution segment.
Kmart To Close More Stores
Troy, MI, Jan. 15-Kmart plans to close 326 stores and cut 37,000 jobs as part of a plan to pull itself out of bankruptcy by the end of April. If the bankruptcy court approves the store closings, Kmart will have about 1,500 stores, a third less than when i
DuPont Revises Fourth Quarter Outlook
Wilmington, DE, Jan. 15--DuPont expects reported earnings for the fourth quarter 2002 to be between $.31 and $.33 per share, slightly below the company's initial outlook. The net impact of special items for the quarter is expected to be immaterial.