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FURNITURE BRANDS INTERNATIONAL INC history
FURNITURE BRANDS INTERNATIONAL INC company history timeline
The Johnsons and the Rands, from Mississippi, had moved to Memphis, Tennessee, in 1892 to organize the Johnson, Carruthers & Rand Shoe Company.
He joined the firm as a stock clerk after graduating from Vanderbilt University in 1898 and rose to vice-president ten years later.
The corporation was organized in 1911 as the International Shoe Company (ISC) by the consolidation of Roberts, Johnson & Rand Shoe Company and the Peters Shoe Company, both of Saint Louis, Missouri.
The sale of the company to nonunionized International Shoe in the spring of 1921 was, in part, a means of resolving this labor dispute.
A dividend of $2 was declared on the new stock, and by January 1928 the corporation was reporting a net income of $4.55 per share.
ISC had not missed a dividend payment from its founding 17 years earlier, and by 1929 it had made millionaires of 38 members of the firm.
In July 1940 the United States Army let out for bid a contract for 452,028 pairs of service shoes.
In 1958, however, ISC acquired its first offshore manufacturer, the Caribe Shoe Corporation of Puerto Rico.
Additions for the rest of the decade were in shoe retailing operations, and in 1959 ISC formed a new division, International Retail Sales.
A new direction was begun in 1979 when INTERCO agreed to the acquisition of Ethan Allen Inc. for cash and stock totaling $130 million.
With the acquisition in January 1980, Ethan Allen's 24 factories and more than 300 retail showcase galleries became the core of INTERCO's fourth operating group in furniture and home furnishings.
The move was propitious in that Riedy and Saligman were in place when Edwards died unexpectedly in June 1981.
Riedy was elected chairman and CEO, positions he would hold until his retirement in June 1985.
At the annual meeting in June 1985, while reporting a first quarter net income decline of 42 percent, INTERCO amended its bylaws to create obstacles in the event of a hostile takeover bid.
The largest acquisition in furniture and home furnishings came in 1987 when INTERCO gained control of the Lane Company at a cost approaching $500 million.
In March 1989 Richard B. Loynd was named president and chief operating officer.
By July 1989 the total value was estimated to be $61 and the stock of the restructured firm, which had been expected to trade at approximately $10, was trading for less than $3 per share.
Sales declined for the company overall, and in January 1991, INTERCO filed for bankruptcy.
INTERCO predicted it would make its first profit in five years for fiscal 1993.
Richard Loynd stepped aside as CEO in 1996.
By the end of 1999, Furniture Brands was reporting its fifteenth straight quarterly earnings gain in a row.
As the economy threatened to slow in 2001, and a key vendor, Heilig-Myers, ran into financial trouble, Furniture Brands announced that it would consider launching retail stores of its own under the Lane and Broyhill names.
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