Ethan Allen (company)
Type | Public |
---|---|
NYSE: ETD S&P 600 component | |
Industry | Furniture and home interiors |
Founded | 1932 |
Founder | Nathan S. Ancell Theodore Baumritter |
Headquarters | Danbury, Connecticut, USA |
Key people | Farooq Kathwari, President, Chairman and CEO |
Revenue | US$ 589.8 million (2020)[1] |
US$ 14.6 million (2020) | |
US$ 8.9 million (2020) | |
Total assets | US$ 622.8 million (2020) |
Total equity | US$ 294.7 million (2020) |
Number of employees | 3,369 (2020) |
Subsidiaries | Ethan Allen Global, Inc. |
Website | www.ethanallen.com |
Ethan Allen Interiors Inc. is an American furniture chain with about 300 stores across the United States, Canada, Europe, the Middle East and Asia.[1] It was founded in 1932 by two brothers-in-law, Nathan S. Ancell and Theodore Baumritter.
Operations[]
As of 2020, Ethan Allen has 304 design centers domestically and abroad, 9 manufacturing facilities in the United States, Mexico, and Honduras, and 14 retail delivery centers located across the United States and Canada as of 2019, along with sales of $589.8 million.[1] It is one of the largest furniture companies in the United States.[2]
The company makes customized furniture domestically (Maiden, NC), such as upholstered furniture, sofas, and chairs, custom made in a selected fabric.[3]
History[]
The company was started as a housewares manufacturer in 1932 by Theodore Baumritter and his brother-in-law Nathan S. Ancell. They bought a bankrupt furniture factory in Beecher Falls, Vermont, in 1936 and adopted the name "Ethan Allen" for its early-American furniture introduced in 1939, after the Vermont Revolutionary leader Ethan Allen.[4]
In 1972, Ethan Allen moved its headquarters from New York City to Danbury, Connecticut. The Ethan Allen International Headquarters Complex includes the Ethan Allen Hotel,[5] corporate headquarters offices, and an interior design center. The firm was sold in 1980 to Interco for $150 million, with Ancell remaining as an advisor.[4] 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 2004, Ethan Allen closed its two plants in Boonville, New York and Bridgewater, Virginia, laying off 250 each.[6]
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.[7]
In 2009, the company laid off 238 workers from Beecher Falls, Vermont; 93 workers remained.[8] In 2009, Ethan Allen closed the Eldred, PA manufacturing plant.[9]
In 2021, during the 2021 cryptocurrency boom, the company's stock price increased as investors confused the company's stock with Ethereum, which shares the same ticker symbol.[10][11]
Manufacturing plants[]
Current manufacturing plants[]
- Orleans, Vermont[12]
- Silao, Guanajuato, Mexico[13]
- Passaic, New Jersey[14]
- Old Fort, North Carolina
- Maiden, North Carolina
Former manufacturing plants[]
- Boonville, New York
- Mayville, New York
- Bridgewater, Virginia
- Chino, California
- Dublin, Virginia
- Eldred, Pennsylvania[9]
- Union City, Pennsylvania[15]
- Andover, Maine
- Spruce Pine, North Carolina
- Atoka, Oklahoma
- Beecher Falls, Vermont
- Dudley, Massachusetts
- Randolph, Vermont
- Island Pond, Vermont
References[]
- ^ a b c "FORM 10-K Ethan Allen Interiors Inc". U.S. Securities and Exchange Commission. 2020-06-30. Archived from the original on 2020-10-25. Retrieved 2020-10-25.
- ^ "Sales of the leading 25 furniture and bedding retailers in the United States in 2016 (in million U.S. dollars)". Statista.
- ^ "Ethan Allen to transfer upholstery operations to N.C." reliableplant.com. Reliable Plant.
{{cite news}}
: CS1 maint: url-status (link) - ^ a b "Obituary: Nathan S. Ancell". Columbia College Today. September 1999. Archived from the original on 2020-06-20. Retrieved 2008-12-06.
- ^ "Ethan Allen Hotel". Ethan Allen Hotel. Retrieved 2012-09-23.
- ^ "COMPANY NEWS; ETHAN ALLEN WILL CLOSE PLANTS IN NEW YORK AND VIRGINIA". nytimes.com. 2004-04-20.
{{cite news}}
: CS1 maint: url-status (link) - ^ Engel, Clint (2008-01-10). "Ethan Allen to close 12 stores". Furniture Today. Archived from the original on 2008-12-05. Retrieved 2008-01-10.
- ^ Ring, Wilson (2009-06-25). "Ethan Allen laying off about 260 in Beecher Falls". Boston.com. Archived from the original on 2020-08-10. Retrieved 2018-03-30.
- ^ a b "Ethan Allen closing Eldred, Pa., upholstery plant". Furniture Today. 2009-01-07. Retrieved 2013-05-24.
- ^ Jakab, Spencer (2021-05-13). "Ethereum Never Felt So Comfortable". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-05-26.
- ^ GmbH, finanzen net. "Ethan Allen stock is soaring as traders confuse its ticker with the identical one for ether". markets.businessinsider.com. Retrieved 2021-05-26.
- ^ Occaso, Carla (2006-07-14). "New power plant helps Ethan Allen factory". Barue Montpelier Times Argus (Vermont). Retrieved 2008-12-06.
- ^ "Ethan Allen buys factory in Mexico". Furniture Today. 2007-11-05. Retrieved 2008-01-10.
- ^ "Ethan Allen registers all U.S. plants for EFEC environmental program". Furniture Today. 2012-08-13. Retrieved 2013-05-24.
- ^ "Owner of former Ethan Allen plant in Union City sues borough, fire department". GoErie / Erie Times-News. 2011-10-24. Retrieved 2013-05-24.
External links[]
Wikimedia Commons has media related to Ethan Allen (company). |
- Companies listed on the New York Stock Exchange
- Furniture retailers of the United States
- Manufacturing companies established in 1932
- Companies based in Danbury, Connecticut
- Companies based in Fairfield County, Connecticut
- Barton, Vermont
- Retail companies established in 1932