Latest news with #HowardMiller
Yahoo
20 hours ago
- Business
- Yahoo
Trump Tariffs Hit America's Furniture Heartland as Howard Miller Company Announces Closure
U.S. President Donald Trump's tariffs have begun to shrink the furniture industry, taking with it two historic names: the Howard Miller Company and Hekman, two Michigan-born firms steeped in history. Press reports indicated that Howard Miller, which took over Hekman in 1983, will begin to halt operations, with plans to close by next year. Since the dawn of the housing market downturn, Howard Miller's sales suffered. Higher tariffs were an added hurdle, resulting in unsustainable costs for materials and components, according to various local news outlets. More from WWD U.S. Apparel Imports From China Fell to a 22-year Low in May Amid Trade War Escalation Claire's Could Sell Itself Via Bankruptcy Amid Tariff, Debt Struggles Converse's New CEO Aaron Cain Is a 21-Year Nike Veteran A representative for the company declined to comment. The West Michigan Chamber of Commerce confirmed the announcement on Friday via a media post on its website. In an interview with West Michigan's Fox17, the chamber's president Jodi Owczarski said she 'gasped when she heard the news.' 'It's easy to watch the news and hear things out of Washington and think that's happening far away, but these policies have implications. As the tariffs get put in place, it got increasingly difficult for them to be able to meet the needs that they had for production,' Owczarski commented. The company's workforce totals 195 workers across four manufacturing facilities, with one in Zeeland, one in Traverse City, Mich., and two in North Carolina. Howard Miller Company, located in Zeeland, Mich., was founded in 1926 by Howard C. Miller, son of contract furniture legend Herman Miller, a forefather of MillerKnoll. During the 1940s Howard C. Miller rose to the fore with his collectible, avant-garde clock designs. In the 1960s the firm began to develop grandfather clocks and in 1989, they added curio cabinets. Howard Miller's current president and chief executive officer, Howard J. 'Buzz' Miller, is Howard Miller's grandson. The Hekman Furniture Company was started in 1922 in Grand Rapids, Mich., by brothers Henry, John and Jelle Hekman and their friend James Boonstra, an experienced furniture production engineer. The area around Lake Michigan and Lake Macatawa, where Howard Miller and Hekman are based, has been a heartland for upscale American design and furniture since the 19th century. The influx of Dutch immigrants starting from the 1800s is a major factor establishing the area around Zeeland and Holland, where furniture peers Haworth and MillerKnoll are also based. In March, MillerKnoll's chief executive officer Andi Owen also addressed tariff concerns and said the company's game plan involved price increases and increasing efficiency throughout the supply chain. In June, MillerKnoll, which owns Design Within Reach, Holly Hunt, textile firm Maharam and international brands like Denmark's Muuto and Hay and U.K.-based NaughtOne, cut the ribbon on a 12,000-square-foot archive space located at its Michigan Design Yard Headquarters in the city of Holland, drawing the international community to the area in celebration of America's midcentury design legacy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Automotive
- Yahoo
Dale Earnhardt Jr. Issued Major 'Warning' To NASCAR Track
Dale Earnhardt Jr. Issued Major 'Warning' To NASCAR Track originally appeared on The Spun. Dale Earnhardt Jr. issued a strong "warning" to a historic NASCAR track this week. Martinsville Speedway is one of the most historic tracks in racing. The 0.526-mile oval short track in Ridgeway, Virginia has been open since 1947. Over the past 50-plus years, it's hosted a ton of big-time races, most of them being sanctioned by NASCAR. The historic track is owned by NASCAR and led by track president Clay Campbell. The track gives out one of the most unique trophies in all of sports. The Martinsville clock is given out to winners of the NASCAR races. The clock chimes every 15 minutes and stands several feet tall. However, according to a report, the company that makes the clock is changing. Zeeland-based clock manufacturer Howard Miller announced that he is intending to shut down operations. 'It's sad. From the standpoint of Howard Miller, certainly, it's iconic for the city of Zeeland,' Zeeland City Manager Tim Klunder said. 'Just overall, it's a sad day in the community.' From the report: Howard Miller employees will receive a severance package and job placement support, according to the release. Hekman Furniture Co., which is owned by Howard Miller, will also be closing, the company said. 'We are deeply grateful to our talented team, our committed distributors and our loyal customers who have supported us throughout the years,' Miller said. The business was founded in 1926 by Howard C. Miller, the son of another big name in West Michigan furniture, Herman Miller. Dale Earnhardt Jr. is not happy with this news. He's warning the legendary NASCAR track that whoever replaces the clock manufacturer better live up to the trophy. "Whomever makes the next version better make them exactly like the previous versions. Don't get cute and f--- this up," he wrote on X, formerly known as Twitter. Well said, Dale. Dale Earnhardt Jr. Issued Major 'Warning' To NASCAR Track first appeared on The Spun on Jul 13, 2025 This story was originally reported by The Spun on Jul 13, 2025, where it first appeared.
Yahoo
12-07-2025
- Business
- Yahoo
Brunello Cucinelli Expects Modest Profit Growth in 2025, Sees Sales Up 10 Percent in 2026 After Positive H1
MILAN — Trade wars, geopolitical tensions and the volatility of financial markets on a global scale are tightening purse strings across the globe, but Brunello Cucinelli continues to achieve healthy growth. According to preliminary figures, the Solomeo, Italy-based company's sales momentum that kicked off 2025 continued into the second quarter. Sales grew 10.2 percent to 684 million euros in the first half of the year. The positive performance prompted the company to forecast 10 percent growth for both 2025 and 2026 full-year sales and said it would likely report 'slightly improved' growth in profit for the full year. That would compare to a 19.5 percent rise in profit in 2024 to 128.5 million euros. More from WWD Trump Tariffs Hit America's Furniture Heartland as Howard Miller Company Announces Closure Claire's Could Sell Itself Via Bankruptcy Amid Tariff, Debt Struggles The Best Nordstrom Anniversary Sale 2025 Fashion Deals Our Shopping Editors Are Buying Now 'As for profitability, by the end of the year, we will slightly improve our profitability. And we are very happy about that,' said Brunello Cucinelli told analysts during the first-half conference call. 'The fact is that we have an Italian company pay taxes in Italy… this is our struggle, you know, with regard to improving the profits. We will never bring or transfer our company to the Netherlands, to Luxembourg,' Cucinelli added. Cucinelli added that his motivation for staying in Italy is in large part to support the wider supply chain. 'We are serious Italian entrepreneurs who believe in made-in-Italian manufacturing with high-end craftsmanship, high-end exclusivity, high-end quality. We want to work on a local level in Italy.' Geographically, the firm posted buoyant sales in all key markets. Revenues generated in Asia outpaced, rising 12.5 percent in the first half to 195.7 million euros. 'In Asia, the brand is considered to be extremely fashionable. We've been concentrating on the relevance of the brand more than anything else. Our brand is young and even younger in Asian countries. We need to work on the depth of the brand more than anything else,' said chief executive officer Luca Lisandroni, commenting on the positive performance throughout the continent, particularly in China. Sales in Europe grew 10 percent to 243.1 million euros while the Americas, its biggest market by sales, grew 8.7 percent to 245.2 million euros. 'The [performance in Americas] shows that negative psychological effects due to the tariffs haven't had any negative consequences up to now,' Lisandroni added. U.S. President Trump's tariff policy imposed on Italian goods will drive prices of Brunello Cucinelli's products higher by 4 percent, but only in America, the company said. Both retail and wholesale grew almost equally in the period. Retail, which represents 63.7 percent of the total, rose 10.3 percent to 435.8 million euros, while wholesale rose 10.1 percent to 248.2 million euros. Cucinelli said that wholesale and multibrand stores are still 'great value' for the company and approach new customers looking to complete their total look and unique style. 'The multibrand channel closes another particularly brilliant semester, reinforcing the strategic role we have always recognized it for. We have significantly gained market share in purchases from the world's most important multibrand clients…,' the company said, citing excellent wholesale order intake of its men's spring 2026 collection presented in June. Its women's spring 2026 collection will be available in showrooms starting in August and will be presented to the press during Milan Fashion Week in September. The company has invested significantly in doubling its production capacity by restoring an existing industrial site in Solomeo. The firm said the works would be completed in November, eight months earlier than previously expected. The new plant will 'guarantee production until 2035.' The company also plans to open new manufacturing sites in Italy, in Penne and in Gubbio, supporting the plans to double turnover, as expected by 2030. The fashion industry across the board is grappling with rising tariffs, geopolitical tensions and the volatility of financial markets, which is negatively impacting luxury spending. As a result, the personal luxury goods segment is seeing the first slowdown in 15 years, excluding the COVID-19 pandemic, according to the spring 2025 Luxury Goods Worldwide Market study presented by Bain and Altagamma in Milan in June. According to the report, the luxury industry registered a 1 percent decrease in 2024 turnover to 364 billion euros, compared with 369 billion euros in 2023. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
NBC News
11-07-2025
- Business
- NBC News
Time runs out for nearly century-old Michigan clock company due to tariffs, other factors
ZEELAND, Mich. (AP) — A Michigan clock company that has helped people keep time for 99 years says it's going out of business due to tariffs and other economic conditions. Howard Miller Co., which makes grandfather clocks, wall clocks and furniture, said production will be phased out this year. The company will stick around in 2026 to sell its inventory. 'We are incredibly disappointed to have reached this point in our journey,' CEO Howard J. 'Buzz' Miller, grandson of founder Howard C. Miller, said Thursday. The Zeeland-based manufacturer, 175 miles (281.6 kilometers) west of Detroit, has sought a buyer but so far hasn't found one. 'Furniture sales are closely linked to the health of the housing market, which is struggling,' Miller said. 'Our hopes for a market recovery early in the year were quickly dashed as tariffs rattled the supply chain, sparked recession fears and pushed mortgage rates higher. The furniture industry continues to shed jobs and announce plant closings.' Miller said tariffs imposed by the Trump administration have increased the cost of essential components that aren't available in the U.S. The company employs roughly 200 people in Michigan and North Carolina. The closing of Howard Miller also includes Hekman Furniture Co., which it acquired in 1983. The clock business was founded in 1926. 'Clockmaking has a massive impact on Zeeland's economic development, on its culture, on its industry,' Zeeland Historical Society Director Katelyn VerMerris told WOOD-TV. 'Clocks were one of the major exports from Zeeland for most of the 20th century.'
11-07-2025
- Business
Time runs out for nearly century-old clock company due to tariffs, other factors
ZEELAND, Mich. -- A Michigan clock company that has helped people keep time for 99 years says it's going out of business due to tariffs and other economic conditions. Howard Miller Co., which makes grandfather clocks, wall clocks and furniture, said production will be phased out this year. The company will stick around in 2026 to sell its inventory. 'We are incredibly disappointed to have reached this point in our journey,' CEO Howard J. 'Buzz' Miller, grandson of founder Howard C. Miller, said Thursday. The Zeeland-based manufacturer, 175 miles (281.6 kilometers) west of Detroit, has sought a buyer but so far hasn't found one. 'Furniture sales are closely linked to the health of the housing market, which is struggling,' Miller said. 'Our hopes for a market recovery early in the year were quickly dashed as tariffs rattled the supply chain, sparked recession fears and pushed mortgage rates higher. The furniture industry continues to shed jobs and announce plant closings." Miller said tariffs imposed by the Trump administration have increased the cost of essential components that aren't available in the U.S. The company employs roughly 200 people in Michigan and North Carolina. The closing of Howard Miller also includes Hekman Furniture Co., which it acquired in 1983. The clock business was founded in 1926. 'Clockmaking has a massive impact on Zeeland's economic development, on its culture, on its industry,' Zeeland Historical Society Director Katelyn VerMerris told WOOD-TV. 'Clocks were one of the major exports from Zeeland for most of the 20th century.'
