The Briefcase: Home Furnishings hall adds three members with Triad ties

Home Furnishings Hall adds five members

The American Home Furnishings Hall of Fame said Friday it will induct five new members on Oct. 17, including three with Triad ties.

Robert Culp III, co-founder and former chairman and chief executive of Culp Inc. of High Point. He worked at the company for 45 years.

Robert Maricich, chairman and chief executive of International Market Centers, which owns the major showroom properties in High Point and Las Vegas.

Todd Wanek, chief executive and president of Ashley Furniture Industries Inc., which has a major production campus in Advance. Wanek joins his father, Ron, in the hall of fame.

Hooker Furniture posts $1.1M first-quarter loss

Hooker Furniture Corp. released a preliminary first-quarter earnings report Friday after requesting a filing delay with the Securities and Exchange Commission to July 27.

Paul Toms Jr., the company's president and chief executive, said the COVID-19 pandemic "had a material impact on our financial performance … and on the market valuation, discount rates and other inputs used in our intangibles valuation analysis."

Hooker said there is a likelihood of taking impairment charges in the quarter; those were not factored into the preliminary results.

Hooker reported a loss of $1.08 million in the first quarter, compared with net income of just under $2 million a year ago.

It had an earnings loss of 9 cents, compared with diluted earnings of 17 cents a year ago.

Net sales fell 22.8% to $104.6 million. Home Meridian-branded sales were down 14.7% to $57.7 million, while Hooker-branded sales were off 31.4% to $27.2 million, and domestic upholstery sales declined 33.7$ to $16.8 million.

First Bancorp board declares 18-cent dividend

The board of directors of First Bancorp declared Friday a cash dividend on its common stock of 18 cents per share.

The dividend is payable July 24 to shareholders registered as of June 30.

Starbucks creates own Black Lives Matter shirt

Starbucks is creating its own Black Lives Matter shirt for employees to wear if they choose. The move comes after the coffee chain reportedly banned employees from wearing Black Lives Matter gear.

The T-shirt depicts protest signs with phrases including "Black Lives Matter," "Speak Up" and "Time for Change." One sign shows a raised black fist. "It's not a moment, it's a movement," the shirt reads.

Social media blew up over news reports that Starbucks had told employees in a memo they couldn't wear Black Lives Matter shirts or other paraphernalia because it might be used to amplify divisiveness.

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