| Type | Public (NYSE: ETH) |
|---|---|
| Industry | Furniture and home interiors |
| Founded | 1932 |
| Headquarters | Danbury, CT |
| Key people | Farooq Kathwari, President, Chairman and CEO |
| Revenue | US$590.05 million (2010) |
| Operating income | US$-11.73 million (2010) |
| Net income | US$-44.32 million (2010) |
| Employees | 4,800 |
| Website | www.ethanallen.com |
Ethan Allen Global, Inc. (NYSE: ETH) is a North American furniture chain with almost 300 stores across the United States, Canada[1] and the United Kingdom.[2] It was founded in 1932 by two brothers-in-law, Nathan S. Ancell and Theodore Baumritter.
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Ethan Allen has 295 Design Centers and Studios, six manufacturing facilities including two sawmills, six wholesale distribution centers, 29 retail service centers, one hotel, and sales of $980 million located across the United States.[3] It is one of the largest furniture companies in the United States.
The company makes customized furniture domestically, such as upholstered furniture, sofas and chairs; custom made in a selected fabric. Overall domestic manufacturing of Ethan Allen products stands at 65% with goals to raise this to 70% with the release of the new American Artisan line.[4]
The company was started as a housewares manufacturer in 1932, then bought a bankrupt furniture factory in Beecher Falls, Vermont in 1936.[5][6] The firm adopted the name "Ethan Allen" for its early-American furniture introduced in 1939. It was named after the Vermont Revolutionary leader.
In 1972 Ethan Allen moved its headquarters from New York City to Danbury, CT. The Ethan Allen International Headquarters Complex includes the Ethan Allen Hotel,[7] corporate headquarters offices, and an interior design center. The firm was sold in 1980 to Interco for $150 million, though Ancell remained an advisor. The company was sold again in 1989 to a management group headed by current Chairman, President, and CEO Farooq Kathwari. In 1993 the company went public to help raise $156.9 million through the sale of common stock.
In 2008, the company announced plans to close a dozen Design Centers. The decision was made to consolidate the Design Centers with others that were currently serving the same market area.[8]
More than seventy percent of its cherry, maple and alder wood pieces are crafted in the United States. Towards the end of 2008 Ethan Allen began selling their products online.[9]
In 2009, the company laid off 238 workers from Beecher Falls, Vermont. 93 workers remained.[10] Later in the year, the plant ceased operation. In 2009, Ethan Allen closed the Eldred, PA manufacturing plant.