Ethan Allen (company)

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.

Ethan Allen Interiors Inc.
TypePublic
NYSE: ETD
S&P 600 component
IndustryFurniture and home interiors
Founded1932
FounderNathan S. Ancell
Theodore Baumritter
HeadquartersDanbury, 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)
SubsidiariesEthan Allen Global, Inc.
Websitewww.ethanallen.com
Ethan Allen store, Ann Arbor, MI

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][4]

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.[5]

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,[6] 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.[5] 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.[7]

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]

In 2009, the company laid off 238 workers from Beecher Falls, Vermont; 93 workers remained.[9] In 2009, Ethan Allen closed the Eldred, PA manufacturing plant.[10]

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.[11][12]

Manufacturing plants

Current manufacturing plants

Former manufacturing plants

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. "Sales of the leading 25 furniture and bedding retailers in the United States in 2016 (in million U.S. dollars)". Statista.
  3. "Ethan Allen to transfer upholstery operations to N.C." reliableplant.com. Reliable Plant.{{cite news}}: CS1 maint: url-status (link)
  4. "Ethan Allen Company Review". nicerabode.com. Nicer Abode.{{cite news}}: CS1 maint: url-status (link)
  5. "Obituary: Nathan S. Ancell". Columbia College Today. September 1999. Archived from the original on 2020-06-20. Retrieved 2008-12-06.
  6. "Ethan Allen Hotel". Ethan Allen Hotel. Retrieved 2012-09-23.
  7. "COMPANY NEWS; ETHAN ALLEN WILL CLOSE PLANTS IN NEW YORK AND VIRGINIA". nytimes.com. 2004-04-20.{{cite news}}: CS1 maint: url-status (link)
  8. 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.
  9. 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.
  10. "Ethan Allen closing Eldred, Pa., upholstery plant". Furniture Today. 2009-01-07. Retrieved 2013-05-24.
  11. Jakab, Spencer (2021-05-13). "Ethereum Never Felt So Comfortable". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-05-26.
  12. 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.
  13. Occaso, Carla (2006-07-14). "New power plant helps Ethan Allen factory". Barue Montpelier Times Argus (Vermont). Retrieved 2008-12-06.
  14. "Ethan Allen buys factory in Mexico". Furniture Today. 2007-11-05. Retrieved 2008-01-10.
  15. "Ethan Allen registers all U.S. plants for EFEC environmental program". Furniture Today. 2012-08-13. Retrieved 2013-05-24.
  16. "Owner of former Ethan Allen plant in Union City sues borough, fire department". GoErie / Erie Times-News. 2011-10-24. Retrieved 2013-05-24.
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