Ethan Allen (company)

Ethan Allen Interiors Inc. is a manufacturer and retailer of home furnishings, incorporated in Delaware with executive offices in Danbury, Connecticut.[2] As of June 30, 2023, the company reported net annual sales of $791.4 million.[3]

Ethan Allen Interiors Inc.
TypePublic
IndustryFurniture and home interiors
Founded1932 (1932)
Founders
HeadquartersDanbury, Connecticut, U.S.
Key people
Farooq Kathwari (Pres., Chmn., CEO)
RevenueDecrease US$589.8 million (2020)[1]
Decrease US$14.6 million (2020)
Decrease US$8.9 million (2020)
Total assetsIncrease US$622.8 million (2020)
Total equityDecrease US$294.7 million (2020)
Number of employees
4,188 (June 30, 2021)
SubsidiariesEthan Allen Global, Inc.
Websitewww.ethanallen.com
Ethan Allen store, Ann Arbor, Michigan

Operations

As of June 30, 2023, Ethan Allen operates 139 retail design centers, with 135 located in the United States and four in Canada. Additional design centers are operated by independent licensees located in the U.S., Asia (including the Middle East), and Europe.[1] It is one of the largest furniture companies in the United States.[4]

The company makes customized furniture domestically (Maiden, NC), such as upholstered furniture, sofas, and chairs, custom made in a selected fabric.[5][6]

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 War leader Ethan Allen.[7]

In 1972, the Baumritter Corporation moved its headquarters from New York City to Danbury, Connecticut. In the late 1970s, the Baumritter Corporation officially changed its name to Ethan Allen.[8] The Ethan Allen International Headquarters Complex includes the Ethan Allen Hotel,[9] 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.[7] 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.[10]

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.[11]

In 2009, the company laid off 238 workers from Beecher Falls, Vermont; 93 workers remained.[12]

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.[13][14] Ethan Allen updated its ticker symbol to ETD on August 16, 2021.[15]

In 2022, Ethan Allen completed the purchase of Dimension Wood Products, inc., which expanded Ethan Allen's North American manufacturing base. This purchase resulted in the strengthening of Ethan Allen's vertical integration and supply chain.[16]

Manufacturing plants

Wood Furniture
  • Beecher Falls, VT (sawmill and machining)
  • Orleans, VT (machining, veneering, and finishing)
  • Old Fort/Pine Valley, NC (lumber processing)
  • Choloma, Cortes, Honduras (machining through finishing)


Upholstery
  • Maiden/Claremont, NC (fabric upholstery)
  • Silao, Guanajuato, Mexico (fabric and leather upholstery)[17]

References
  1. "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.
  2. Ethan Allen. Form 10-K, Ethan Allen Interiors Inc (PDF) (Report). p. 5. Retrieved October 3, 2023.
  3. Ethan Allen. Form 10-K, Ethan Allen Interiors Inc (PDF) (Report). p. 23. Retrieved October 3, 2023.
  4. "Sales of the leading 25 furniture and bedding retailers in the United States in 2016 (in million U.S. dollars)". Statista.
  5. "Ethan Allen to transfer upholstery operations to N.C." reliableplant.com. Reliable Plant.
  6. "Ethan Allen Company Review". nicerabode.com. Nicer Abode.
  7. "Obituary: Nathan S. Ancell". Columbia College Today. September 1999. Archived from the original on 2020-06-20. Retrieved 2008-12-06.
  8. "T. Baumritter, 94, Furniture Executive (obituary)". The New York Times. The New York Times Company. Retrieved September 18, 2023.
  9. "Ethan Allen Hotel". Ethan Allen Hotel. Retrieved 2012-09-23.
  10. "COMPANY NEWS; ETHAN ALLEN WILL CLOSE PLANTS IN NEW YORK AND VIRGINIA". The New York Times. 2004-04-20.
  11. 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.
  12. 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.
  13. Jakab, Spencer (2021-05-13). "Ethereum Never Felt So Comfortable". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-05-26.
  14. 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.
  15. Valinsky, Jordan (August 6, 2021). "Ethan Allen changes stock symbol from ETH to avoid confusion with ethereum". CNN Business. Cable News Network. Retrieved September 18, 2023.
  16. Esler, Bill. "Ethan Allen Acquires Dimension Wood Products". IWF. Retrieved 27 September 2023.
  17. Ethan Allen. Ethan Allen 2023 Annual Report (PDF) (Report). p. 11. Retrieved October 3, 2023.
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