by CEO Bob Maricich says that the organization is not cutting back on its overall financial commitment to the markets, including High Point, Las Vegas and Atlanta
LAS VEGAS — As expected, a press release issued by market officials just after the January Las Vegas Market had plenty of good news about the recently concluded event.
The headline, “Las Vegas Market Exceeds Industry Expectations With Spirited Sourcing,” perhaps said it all, reflecting both the mood and excitement seen in most every aspect of the market, from furniture and bedding to gift and home décor.
As far as press releases go, it was pretty standard fare in touting the success of the event. Having been there to see the activity firsthand, we’re pleased to say it wasn’t much of an exaggeration, as most people we visited seemed extremely pleased with attendance and order writing.
So when market/showroom property owner Andmore revealed it laid off some of its staff this past Friday, Feb. 16, it came as a surprise, particularly following an event that yielded such high marks and fanfare.
Yet details regarding the layoffs unfortunately have been spare to nonexistent from Andmore. Asked about the layoffs earlier this week, Andmore CEO Bob Maricich declined to offer specifics including numbers or what positions were affected.
“Really, the only thing I want to say publicly about it is that we did have cost reductions,” he told Home News Now, noting that the organization’s legal team advised officials not to release any specifics — whatsoever.
Thus we essentially learned nothing, not even a percentage or a range of jobs impacted within the organization. Maricich did give us high marks for asking the question in every way we thought possible. But in his typically good-natured manner, he politely declined further comment on this particular matter.
That said, Maricich did note that the staff reductions will not impact buyers or the quality of its markets overall, which include Las Vegas and Atlanta along with showroom properties it owns in High Point.
“We are not cutting back on our investment in anything relating to producing exceptional and compelling markets,” Maricich said. “Whatever we’ve done is a reflection of the economic environment that everybody in the industry is dealing with.”
He added that everyone who is leaving the Andmore organization is receiving a generous severance package, especially when compared to similar efforts in the furniture, gift and home décor industries in difficult circumstances as these.
“We are doing far more, and we are treating anyone that has exited the company not only with incredible respect, but also with a great financial package so they can move on to the next chapter,” he said.
Obviously, like any other business, Andmore relies on revenues — in this case coming from the rental of exhibit space — to support its people, goals and initiatives. Particularly during Covid, keeping some of this space occupied was a challenge as some companies abandoned the market at least temporarily.
Of late some of this space is being filled by existing tenants occupying multiple spaces — which this editor learned the hard way by going to the wrong space for an appointment during the Vegas market.
But some space also is being occupied by companies that have recently returned to market such as A.R.T., Pulaski, SLF, Rowe, Vilo Home and Crown Mark to name several, not to mention others such as Four Hands, Armen Living and Flexsteel that have expanded their Las Vegas market showrooms.
Maricich said he was pleased with the January Las Vegas Market, noting that it offered buyers plenty of new product. He also looks forward to the upcoming spring High Point Market, which he and others are hoping will be just as vibrant given further reductions in inventory at retail.
That said, he noted, Andmore continues to invest in the markets to make them a positive experience for buyers and sellers alike.
“The big point is that we’re committed to all of these markets and funding them to the point where they are still being conducted with the utmost in professionalism. … We’re very deliberate in that nothing is going to impact these markets. They are just far too critical to us and the industry and everybody involved.”
