If you're referring to the Tide & Times Group USA, I have no idea as to the nationality of the company, only that they export lumber to China. If you're referring to the possibility of some other Chinese company acquiring STLY, this is the first I've heard of it.
thx for sharing, hard to see potential interested party able to get large block of shares at around current level with it so thinly traded and most of institutional holders are LT deep value "suckers". Don't see it need external funding with YA gone and stronger dollar benefiting its import model.
Any insight into that Chinese buyer(s) - they have been trying to expand biz here?
Bidding Closes: 9/26/14 @ 1:30 PM EDT
I discovered this while browsing the IRS site. Consists solely of 500 factory trucks at this point. If the earlier sales are any guide, should fetch an additional $60k to $70k.
"...We have had, say there has been probably 20 different groups of people that have towards the factory so for looking at particular pieces of equipment. We are entertaining offers right now through a private sale period that will run through the rest of this month and early into August and then we’ll switch over to a auction process for whatever is remaining." -- Micah Goldstein
So, the auction brought $3.8 million. I wonder if any equipment was sold beforehand?
It is something, and sad, that this company has come this far. The plant from the start years ago back in the 50 as Burlington Carpets, then Raleigh Road Furniture, to Stanley Furniture to now. I can remember the lumber yard full and things gradually happened and you saw less and less lumber in the yard. The upper management had said that the Robbinsville plant was the most efficient. Then things started to change, think about 10 years ago. Upper management changed, they came in here and started cutting all of those that had been with the company for years loose. You know those people that knew the plant from one end to the other. And with that came “Lean Management”. They were told from the start by someone that lean management would not work for a furniture company. I remember when they had two buggies of parts cut for a night stand that they were dropping. Instead of storing them back on the lower 80 acres, as I call it, they put them in the grinder. After a few months, guess what, they had to make some more night stands.
Then came the items they started getting manufactured in China. I remember being at the plant one time and they had to un-box some 300 headboards because the holes for the frames had been drilled at the wrong location. Thinking of all the time it took to un-box, plug, re-drill the holds and then box back up again. Not a way to make money on the item that is for sure.
Stanley did have some good sellers. The Norman Rockwell collection went well for us here in Robbinsville and also the 5 way tied upholstered furniture.
Now you go by the plant and there are a dozen cars there. I hope this China thing can get things to going for the area.
Todays two sales brought $25,596.00. Now if they can just get that 550k sq ft. building sold, that Albatross will be gone, and the company can go back to building the Stanley brand.
If somebody where able to acquire or take private Stanley at the current price level, they'd be getting one heck of a bargain IMO. Better days are clearly ahead in terms of profitability, and at ~ $65 million in annual sales, the "Stanley" brand has plenty of room for growth. No real reason for any company to remain public unless it intends to someday return to the capital markets for funding.
hard to see it makes sense for the company to stay public after YA is gone, should either go private or be bought by others (Stanley line is profitable and should interest some), any thoughts?
Three day tally stands at $3,781,700.00. Sales #27 thru #32, Lots 1259 thru 1547 remaining. I suspect the auction will close around $3.850,000.00
What do you suppose a 562k square ft manufacturing/distribution facility in Robbinsville, NC would sell for these days? $2.5 to $3 million tops? It could be that mgmt. failed to write down PPE enough in the last quarterly report.
Tide & Times Group USA, based out of Charlotte, is in talks with Stanley Furniture to buy part of the plant with a closing date of Oct. 31, local officials said.
“There is a preliminary agreement to purchase some of the property,” said Greg Cable, Graham County manager. Cable said Wednesday he was meeting with company officials.
Final Day #1 tally per my spreadsheet: $3,281,507.00. 11 lots failed to hit reserve bid. Total bids on those 11 lots was $38,820.00, so not a huge sum of money. I wonder of they'll just add them to a later sale and try again?
24 Sales ( lots 359 thru 1547) to go, albeit far less valuable than today's items. Still, much better than I feared.
Sale #1 sitting at $1,450k with 15 minutes to go. All lots have met their reserve minimums.