UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 7, 2018
HOOKER FURNITURE CORPORATION
(Exact name of registrant as specified in its charter)
(Exact name of registrant as specified in its charter)
|
Virginia
|
000-25349
|
54-0251350
|
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission
File No.)
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
440 East Commonwealth Boulevard,
Martinsville, Virginia
|
24112
|
(276) 632-2133
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(Registrant’s telephone number,
including area code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 7, 2018, the Company announced that George Revington will retire from his positions as Chief Operating Officer of Hooker Furniture Corporation and as President of its Home Meridian segment effective June 1, 2018. Revington joined the Company as President and Chief Operating Officer of the Home Meridian segment upon the acquisition of Home Meridian’s assets by the Company in February 2016 and was appointed Chief Operating Officer of Hooker Furniture Corporation in January 2017. Prior to that, Mr. Revington served as President and Chief Executive Officer of Home Meridian International since its creation in 2006.
Replacing Mr. Revington in his role as President of Home Meridian will be Lee Boone and Douglas Townsend, who will serve as co-presidents of Home Meridian. Both will report to Paul B. Toms, Jr., the Company’s Chairman and Chief Executive Officer. Mr. Boone most recently served as President of Home Meridian’s Samuel Lawrence Furniture division since 2012. Mr. Townsend most recently served as Chief Operating Officer of the Home Meridian’s Clubs Division, Senior Vice President of Home Meridian’s U.S. Operations, CEO of the Samuel Lawrence Hospitality division and Executive Vice President of HMI.
On May 7, 2018, the Company issued press releases related to the above announcements, copies of which are attached hereto as Exhibits 99.1 and 99.2 and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
_____________
|
*
|
Filed herewith.
|
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
HOOKER FURNITURE CORPORATION
|
|||
|
|
By:
|
/s/ Paul A. Huckfeldt | |
| Paul A. Huckfeldt | |||
|
Senior Vice President - Finance and
Accounting Chief Financial Officer
|
|||
|
Date: May 7, 2018
|
|||
Exhibit 99.1
FOR IMMEDIATE RELEASE: May 7, 2018
For more information, contact: Paul Toms, Chairman and Chief Executive Officer. Phone: 276-632-2133; ptoms@hookerfurniture.com
George Revington to Retire from Posts at Hooker Furniture, HMI
MARTINSVILLE, Va. – George Revington has announced he will retire from his positions as Chief Operating Officer of Hooker Furniture Corporation (NASDAQ:HOFT) and as President of Hooker subsidiary HMI, effective June 1, 2018.
Revington has served as the second ranking officer at the company for over two years, and has been involved with HMI for a total of 18 years in the chief executive role.
“For eighteen years, it has been my passion to create HMI to be a different kind of company in our industry—forward-looking technologically advanced and lean. It has been a great ride with many wonderful people. At the same time, there are other adventures that I’d like to pursue in my personal interests and in business,” Revington said.
“George’s strategic vision, and his ability to develop ground-breaking strategies and successfully implement them, is as good as I have ever experienced,” said Paul Toms, chairman and chief executive officer of Hooker Furniture. “We appreciate his contributions and service, and have enjoyed working with him for the past two-and-a-half years.”
“I want to thank all of the smart, determined people who built HMI from humble beginnings in Phoenix, Arizona, and who lived the HMI culture,” Revington said. “I also thank the trusted partners in Asia for their incredible hard work and willingness to adapt. And I thank our retail partners, whose openness created truly collaborative relationships that are the basis for sustainable competitive advantage for both parties.
“Hooker Furniture and HMI have the strategies and people in place to continue to grow, and are extremely well-positioned to be a major force in the industry. I wish everyone the very best.”
Separately, HFC is announcing appointments in the HMI President’s role.
Incorporated in 1924, Hooker Furniture is one of the most respected furniture brands in the world. The company’s 2016 acquisition of Home Meridian International (HMI) ranks Hooker as one of the top five sources for the U.S. furniture market. An importer of residential wood and metal furniture and a manufacturer and importer of upholstered furniture, Hooker Furniture is based in Martinsville, Va. Major wood furniture categories include bedroom, dining, accent, home entertainment and home office furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker’s residential upholstered seating companies include Hickory, N.C.-based Bradington-Young, a specialist in upscale motion and stationary leather furniture, Bedford, Va.-based Sam Moore Furniture, specializing in fashion upholstery with an emphasis on cover-to-frame customization, and Martinsville, Va.-based Shenandoah Furniture, an upscale upholstery company specializing in private-label sectionals, modular, sofas, chairs and beds in the upper-medium price points. The Hooker Upholstery brand offers imported leather upholstery in the upper medium price range. The Home Meridian division addresses more moderate price points and channels of distribution. HMI brands include Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, Accentrics Home, Sourcing Solutions Group, Right 2 Home and Samuel Lawrence Hospitality.
Exhibit 99.2
FOR IMMEDIATE RELEASE: May 7, 2018
For more information, contact: Paul Toms, Chairman and Chief Executive Officer. Phone: 276-632-2133; ptoms@hookerfurniture.com
Boone and Townsend Named Co-Presidents of Home Meridian
MARTINSVILLE, Va. – Lee Boone and Douglas Townsend have been named co-presidents of the Home Meridian International (HMI) operating unit of Hooker Furniture Corporation (NASDAQ:HOFT).
Their appointments follow the announcement by George Revington that he will retire from his position as Chief Operating Officer of Hooker Furniture and as President of Hooker subsidiary HMI, effective June 1, 2018.
Both Townsend and Boone will be responsible for the overall top and bottom line results of the company, but each will have a distinct focus for their responsibilities.
Boone will oversee the original operating divisions of the company that serve traditional retail channels: Samuel Lawrence Furniture, Pulaski and Prime Resources. He will also have responsibility for overseeing HMI’s marketing and sales.
Townsend will oversee the operating divisions that focus on emerging channels of distribution such as e-commerce, warehouse clubs and hospitality: Samuel Lawrence Hospitality and Accentrics Home, as well as the Clubs Division. In addition, Townsend will have responsibility for overseeing company operations in the U.S. and Far East.
Both report to Paul Toms, chairman and chief executive officer. “We are pleased to announce the promotion of Lee Boone and Doug Townsend to co-presidents of HMI,” Toms said. “Both have a strong, proven track record of leadership, and they complement each other extremely well with their skill sets and experience. We are excited for them to have this opportunity, and are confident they’ll do an excellent job of leading HMI today and into the future.”
Most recently, Boone has served as President of Samuel Lawrence Furniture since 2012. Previously, he served as President of Legacy Classic Furniture from 2006 to 2012. Prior to that, he had been General Manager of Legacy Classic Kids and served in sales management roles at Lea Industries and Universal Furniture.
“I am delighted at the opportunity to serve in this new leadership role at Home Meridian,” Boone said. “I’m fortunate to be part of this terrific team and look forward to working with Doug to continue the strategic vision and culture that has driven our growth and success.”
Most recently, Townsend has served as Chief Operating Officer of the Clubs Division, Senior Vice President of U.S. Operations, CEO of the Samuel Lawrence Hospitality division and Executive Vice President of HMI. From 2002-2006, he was CFO of Samuel Lawrence Furniture, and early in his career he was co-founder of a furniture company start-up, Canyon Furniture. “I’m excited at the opportunity to help lead the great team in place at HMI as we continue to implement our very unique business model providing proprietary products and services to the best and fastest-growing retailers nationally and internationally.” Townsend said. “We will continue to build upon the strong, flexible and dynamic organization that George (Revington) has put in place.”
Incorporated in 1924, Hooker Furniture is one of the most respected furniture brands in the world. The company’s 2016 acquisition of Home Meridian International (HMI) ranks Hooker as one of the top five sources for the U.S. furniture market. An importer of residential wood and metal furniture and a manufacturer and importer of upholstered furniture, Hooker Furniture is based in Martinsville, Va. Major wood furniture categories include bedroom, dining, accent, home entertainment and home office furniture in the upper-medium price points sold under the Hooker Furniture brand. Hooker’s residential upholstered seating companies include Hickory, N.C.-based Bradington-Young, a specialist in upscale motion and stationary leather furniture, Bedford, Va.-based Sam Moore Furniture, specializing in fashion upholstery with an emphasis on cover-to-frame customization, and Martinsville, Va.-based Shenandoah Furniture, an upscale upholstery company specializing in private-label sectionals, modular, sofas, chairs and beds in the upper-medium price points. The Hooker Upholstery brand offers imported leather upholstery in the upper medium price range. The Home Meridian division addresses more moderate price points and channels of distribution. HMI brands include Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, Accentrics Home, Sourcing Solutions Group, Right 2 Home and Samuel Lawrence Hospitality.