Should Fantastic Furniture hit the ASX boards as planned, small cap fund managers would go into the IPO marketing process with a pretty good understanding of the business.
While Fantastic's brand is well known among the general public, small cap investors followed the company closely during its 15-plus year stint on the ASX boards.
That listed run only ended in December 2016, when Steinhoff International acquired the business for about $350 million on an enterprise value basis.
Since then, Fantastic has been wrapped up in Steinhoff, which has undergone radical restructuring locally. Steinhoff Asia Pacific was separated from its parent, Steinhoff International, and rebadged Greenlit Brands.
Greenlit is the combination of Steinhoff Asia Pacific and Fantastic Furniture and includes furniture retailers Fantastic, Plush and Freedom and bed sellers Snooze and Original Mattress Factory.
Greenlit reported $49.6 million underlying earnings in the year to September 30, according to accounts filed with ASIC, on $1.02 billion revenue. It reported a $288 million loss, after booking large restructuring costs and writedowns.
Bankers – and investors, should it push ahead with the listing plans – are expected to compare it to Nick Scali, which is well understood by small cap fund managers.
Nick Scali shares are trading at 8.4 times trailing EBITDA and 11.6 times expected EBITDA, according to S&P Global Market Intelligence data.
A tumultuous few years
The float deliberations come after a tumultuous few years for Greenlit, which was separated from the debt and accounting scandal-riddled Steinhoff International.
The business was first separated from its parent under the name Steinhoff Asia Pacific Group Holdings, before rebadging the holding company Greenlit Brands. Greenlit now has about 300 stores, 3800 employees in Australia and New Zealand and eight manufacturing sites, according to the company's website.
Greenlit has considered sale and/or float options in the past few years. However, its decision to send a request for proposal to investment banks for Fantastic suggests it is finally serious about pursuing a listing.
Interestingly, the company spent $86 million to acquire a bunch of trademarks from Steinhoff International last financial year, which gave it unfettered ownership and use of its brands.
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Furniture sales are at an all-time demand, and furniture stores believe it's because people are spending so much time at home during COVID-19.
"The furniture industry in itself is seeing a lot of demand right now. People are out there looking to replace stuff because they're spending so much time in their homes," Furniture and Appliance Mart vice president of marketing Jon Gadbois said.
"People have been transferred to working from home, so we see people transitioning rooms into their homes into office space," Nigbur's Fine Furniture general manager Linda Nigbur added.
The pandemic that has been keeping people inside their homes is also disrupting furniture orders.
"You had a bunch of manufacturing facilities that were impacted by this that were operating at maybe 30-40% of their capacity. Right now we're seeing that come to fruition when it comes to retail," Gadbois explained.
It's uncertain if that longer wait time trend will continue. Store owners are saying that it makeS more sense to buy sooner.
"There are manufacturers, that when we do orders, it takes 10-12 weeks normally. It certainly is a good time to start," Nigbur stated.
"If you wait the demand continues to go up and the product that's on the water right now is being reserved. If we have to wait for the next round of product to get to us then that could be substantially longer. So right now, really, is that right time to get it," Gadbois added.
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ABERDEEN, S.D. — Following a fire that burned Aberdeen, S.D.-based Malchow's Home Furnishings' location to the ground last October, Montgomery's, a furniture retailer also based in South Dakota, has announced its purchase of the longtime South Dakota retailer and plans to bring members of Malchow's leadership into its leadership team. Combined, the two retailers bring over 200 years of furniture selling experience to the table.
"Discussion of joining Montgomery's started after the devastating fire that burned Malchow's to the ground in October 2019," said Mark Malchow, half of the third-generation father/son team behind Malchow's. "We knew from the moment we started talking with Clark and Eric that Montgomery's shared our business philosophies on how to take care of customers and employees, and what it means to be a long-time family- owned business in this state.
The fire that wreaked havoc on Malchow's former location started out of one of the 17 apartments that previously sat atop the store's showroom. It destroyed Malchow's showroom, all of the apartments attached to it and caused several nearby businesses to close temporarily because of smoke and water damage. A month after the fire, state investigators determined that the fire was started by a homemade lighted vanity mirror, according to Aberdeen News.
To replace Malchow's former location, a fourth Montgomery's location will be built in Aberdeen later this year, nearly doubling the space provided by the former Office Max store the retailer has been operating out of. The new store will offer home furnishings, flooring, lighting, window treatments, mattresses and complimentary design services, and will serve all of Malchow's previous customer. An estimated seven to 10 new employees will be hired as construction nears completion on the new space later this year.
"Both companies have not only survived but thrived through droughts, recessions, wars and multiple pandemics," said Eric Sinclair, fifth generation owner of Montgomery's. "We see the future as bright."
A large-scale retirement sale for Tom Malchow, Mark's father, will begin in mid-August on site at the store's current showroom. Mark, Tom and the Malchow's team will run the sale through the fall prior to completion of construction and opening of the new Montgomery's store. Mark will move into a managing partner role with Montgomery's beginning in 2021.
"The retirement sale will offer amazing values as a way to acknowledge my dad for all he has done to build this business and to thank the Aberdeen community for their ongoing and continued support," explained Malchow.
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The 4th of July is not just for fireworks and barbecues—it's also pretty renowned for all the amazing sales that tend to happen. This year, the festivities got kicked off a little early at Wayfair: From now through July 5, you can get up to 70% off on mattresses, outdoor furniture, appliances and so, so much more.
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There's a lot of discounts going on in this massive holiday sale, so to help you sift through the best products you can grab at the very best prices, we've done the hard work for you, compiling a list of 11 of the most popular deals you can snag. Keep reading to shop our top picks.
Major zzz's are in order. (Photo: Wayfair)
If you're in the market for a new mattress, the 4th of July is one of the best times to purchase one. Thanks to this holiday sale, you can save on top-rated options from Sealy and Beautyrest, along with Wayfair's own brand, starting at $159.99. You can grab the retailer's Sleep 10-inch medium memory-foam mattress, for instance, for $159.99. That's $140 off its original price of $299.99 (I actually just ordered one for my new apartment!). This medium-support mattress has a breathable construction and is compatible with adjustable bed bases, too. It has more than 32,000 reviews from Wayfair customers, and its 4.7-star rating speaks for itself. Better yet, you'll get 100 nights to test it out, so if you're not fully satisfied, there's relatively no risk, as you can exchange it or return it for a full refund.
Get the Wayfair Sleep 10-Inch Medium Memory Foam Mattress for $159.99 (Save $140)
Snag these chairs at a steal. (Photo: Wayfair)
It's finally summertime, which means that I'll be spending as much time outside as humanly possible. You can do the same when you complete your outdoor set-up with this Wayfair sale, which boasts discounts of up to 60%. This five-piece Geyer dining set is on sale for $319.99, more than half off its typical retail price of $840.05. Its included solid wood folding table and chairs ship completely assembled, plus, the table features a slatted construction and wheels for easy movement around the patio.
Get the Geyer 5-Piece Dining Set for $319.99 (Save $520.06)
This top-rated couch is on sale now. (Photo: Wayfair)
Living room seating is also on sale, and you can snag couches, accent chairs and ottomans from as low as $74.99. The über-popular Garren 75.6-inch square arm sofa is discounted down to $299.99—a 25% markdown from its usual $399.99. This heather gray couch can seat three, and the cushions are removable for easy cleaning and spot treatment. With a 4.4-star rating from more than 2,600 Wayfair shoppers, this piece is a must-have for medium-sized living rooms. If you're on the hunt for a chair to add to your space, check out this Eytel armchair, $195.99, in tan, gray, blue or red. Nearly 3,000 reviewers can attest to its top-quality construction, which consists of wooden legs and a polyester-blend upholstery.
Did someone say playtime? (Photo: Wayfair)
Looking for an easy way to entertain the kiddos this summer? Search no further, because Wayfair's 4th of July sale also extends to outdoor play pieces, which are priced at up to 55% off. You can nab this Step2 Neat & Tidy cottage, normally $262.05, for $214.99. With nearly 900 reviews and a 4.7-star rating, this playhouse is perfect for kids aged six to 12 months. It's exterior is weather-resistant, and its 45-inch height is enough to comfortably fit two kiddos. Also on sale is the Step2 Panda climber, which you can grab for $124.99. Designed for indoor or outdoor use, this toddler-friendly design features a crawl-through tunnel and a slide with chunky sides for little ones to grip onto.
Give your office a makeover. (Photo: Wayfair)
If you're still working from home, your office space might be in need of a little facelift. Lucky for you, you can shop for office furniture from as low as $99 right now at Wayfair, including desks, chairs, bookcases and more. For instance, the Brynn Desk, available in black or weathered oak, is down to $101.99, giving you a 30% markdown from its usual $159. While at-home assembly is required, more than 1,900 4.3-star ratings from Wayfair shoppers note that it's completely doable. At just under 44 inches wide, it's not too large, so it will comfortably fit in smaller rooms without taking up too much space. Filing cabinets, like this Hogge Office Designs three-drawer vertical filing cabinet, are also on sale—you can pick this one up for $92.99 here (it's also available for a few dollars less at Overstock if you prefer to shop there). The locking drawers are ideal for storing important personal documents, while the full, high-side compartments provide ample space for other essentials.
These picks will help you create an accessible garden. (Photo: Getty Images / Daisy-Daisy)
Working on your lawn and garden is a pastime that requires the proper supplies, and Wayfair provides them better than almost anyone: Décor, planters and more are all on sale from $19.99 here. Take this highly-rated Elick raised garden, which is a must-have for those with notoriously green thumbs. Normally retailing for $149, this rust-resistant planter is discounted down to $132.99. In their reviews, shoppers explained that it's super easy to assemble, noting that the heightened planting bed is an excellent home for herbs and flowers. If your garden is on the smaller side, then these Growers style flower pot holders, $13.99 each, are a necessity. They come with hanging hooks at the back for showcasing gorgeous plants and flowers, and shoppers say that they easily attach onto window sills, railings and balconies.
Perfect for small kitchens. (Photo: Wayfair)
Wayfair's incredible holiday sales event also encompasses appliances. From air conditioners to refrigerators, you can save up to 55% on these major gadgets for the home, including the Black + Decker 21.5-inch countertop dishwasher. Normally $449.99, this appliance is down to $311.99, falling by an impressive $138 in total. Designed to make up for cramped kitchens that don't have room for full-size dishwashers, this compact option includes seven wash programs, a delayed start-up (up to 24 hours), an LED display and stainless-steel hardware. A 4.6-star rating from Wayfair customers verifies its quick installation, with one buyer commenting that the water hook-ups and drain connections are included and easy to set up.
Get the Black + Decker 21.5" Countertop Dishwasher for $311.99 (Save $138)
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Prices were accurate at the time this article was published but may change over time.
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Yamaha L-121 Furniture Stand for P-121 Digital Piano - White
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A matching wooden furniture stand for the Yamaha P121 Digital PianoCompatible with Yamaha LP1 3-Pedal UnitEasy assembly and installationComes in a black or white finishMeasures 58.31 x 15.04 x 7.87" wdhA matching wooden furniture stand for the Yamaha P121 Digital Piano
A famous painting of the Immaculate Conception by baroque artist Bartolome Esteban Murillo has become the newest in a long line of botched art restorations in Spain.
Murillo's painting was reportedly cleaned by a furniture collector for 1,200 euros, according to The Guardian. But despite two efforts to restore the work to its original state, the face of the Virgin Mary is now unrecognisable - causing outrage in the Spanish art conservation community and beyond.
"I don't think this guy - or these people - should be referred to as restorers," Fernando Carrera, former president of Spain's Professional Association of Restorers and Conservators told the Guardian.
"Let's be honest: They're bodgers who botch things up. They destroy things."
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On social media, the Murillo repair was inevitably compared to other disappointing art restorations from recent years -- such as 2012 work on Ecce Homo fresco of Jesus Christ dubbed "Monkey Jesus," or work on a 16th-century wooden Saint George statue, which in 2018 was described as resembling a cartoon character.
The continuing history of failed repairs like these has led experts to stress the importance of training and increased regulations surrounding art restoration.
"We cannot tolerate more attacks on our cultural heritage," ACRE said in a statement after the St. George restoration attempt. "It shows a frightening lack of training of the kind required for this sort of job."
Europa Press, which first broke the news of the Murillo restoration, spoke to Maria Borja, vice president of Internal Relations and coordinator of ACRE.
"The Heritage Law itself does not specifically oblige or recommend that the interventions be carried out by professionals trained in conservation-restoration," Borja told Europa Press. "This lack of legislation leads to disastrous interventions that occasionally come to us, especially alarming when it comes to Romanesque carvings or Renaissance images of great value."
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Your sofa is one of the most-used areas in your home, and it certainly shows that as time goes on. Not to mention, it's one of the larger investments you make, so you want it to be comfy and last through a lot of wear and tear. The sofa's material alone can't always ensure it'll stay looking new, so it's a good idea to use a durable sofa cover and protector as a backup.
Aside from kids and messy paws, having a sofa protector is a great way to keep wine spills, crumbs, and other common messes off of your couch. After all, it's easier to replace a cheap cover than an expensive, bulky item. Below, we've rounded up the best sofa covers so you can preserve the life of your furniture for years of lounging and fun to come.
Our mission at SheKnows is to empower and inspire women, and we only feature products we think you'll love as much as we do. Please note that if you purchase something by clicking on a link within this story, we may receive a small commission of the sale and the retailer may receive certain auditable data for accounting purposes.
1. Easy Going Cover
Available in 26 shades and three different size options, this sofa cover and protector offers one of the largest varieties to get your custom match. Along with high style, it offers a nice stretch so it's a breeze to put on. This slipcover takes just about 10 minutes for one person to put it on. The good news is that it's even machine washable for easy clean up.
Buy: Easy Going Cover $45.99 buy it 2. Purefit Cover
Get two covers for one with this genius reversible sofa cover and protector. It's available in 11 unique shade combinations so you can choose your favorite shades. Best of all, it's waterproof, so if you or the kids spill on it, you don't need to sweat about it. It's non slip so it'll stay on place when your pup and kids jump on it, and it's machine washable.
Buy: Purefit Cover $24.99 buy it 3. Sofa Shield Cover
Why get just one cover when you can get two? This reversible sofa cover and protector does just that so you don't have to decide between two colors. It comes in 15 color combinations and three different sizes so you can get the perfect match to your sofa's size. The oversized style ensures the entire couch is protected from potential spills and stains and comes with a strap to hold it in place.
Buy: Sofa Shield Cover $38.99 buy it
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