This week in design, the newest form of romantic overture among the über wealthy is commissioning art depicting your spouse. Stay in the know with our weekly roundup of headlines, launches, events, recommended reading and more.
Business News
Big Lots has filed for Chapter 11 bankruptcy protection. The filing appraises the retailer’s estimated assets of $1 billion to $10 billion against liabilities within the same range, owed to an estimated 5,001 to 10,000 creditors. Big Lots also announced that it has entered into an agreement to be acquired by an affiliate of investment firm Nexus Capital Management, which will take ownership of all of the company’s assets and ongoing business operations. The sale agreement names Nexus as the company’s stalking horse bidder in a court-supervised auction process—if Nexus wins, the transaction is expected to close during the fourth quarter. Following the acquisition, Nexus intends to keep Big Lots open and operational. In the sale announcement, Big Lots stated that it has been unable to fend off challenging economic conditions like high inflation and interest rates, especially as its customers have reduced spending on home products.
Hooker Furnishings reported a 2.8 percent decline in consolidated net sales and an operating loss of $3.1 million in its most recent earnings report, spurring a cost reduction plan that will include layoffs, Furniture Today reports. CEO Jeremy Hoff did not specify the total number of job cuts, noting only that the reduction will result in annual savings of roughly $6 million and that early retirement offers were made to qualifying employees. He went on to cite macroeconomic challenges for the slowdown but expressed optimism over a number of promising indicators, including the belief that the Fed’s upcoming interest rate reduction will reignite housing activity.
Sotheby’s is facing significant financial challenges this year, with its EBITDA—or earnings before interest, tax, depreciation and amortization—down 88 percent in the first half of 2024, Financial Times reports. The auction house also saw auction sales fall 25 percent in the same period, with revenue down 22 percent. The downturn marks an ongoing trend in the art market, with competitor Christie’s reporting in July that its auction sales for the first half of the year were down 22 percent from the previous period. Sotheby’s, however, may be better positioned to face the economic headwinds after receiving $1 billion in capital last month from Abu Dhabi’s sovereign wealth fund.
A strike may be looming at the East Coast and Gulf Coast ports next month as negotiations between union delegates at the International Longshoremen’s Association and the United States Maritime Alliance employer group reach an impasse, Reuters reports. ILA president Harold Daggett has stated that if an agreement is not reached before the six-year contract’s expiration date on September 30, workers plan to strike. Such an event could create congestion in global shipping as well as an increase in West Coast rates—prompting some experts to suggest that importers consider delaying their shipments until after the strike, Furniture Today reports.
Launches and Collaborations
Scandinavian design brand Belarte Studio has partnered with fashion designer Sebastian Dollinger on an exclusive wall mural collection. Drawing inspiration from the vibrant, maximalist aesthetics of the 1960s and ’70s, the collaboration includes 14 unique hand-painted designs crafted with an eye toward bringing depth and warmth to interior spaces.
Isidore Leroy Wallpaper tapped interior designer Claire Staszak of Chicago-based firm Centered by Design for the debut of a new collection called Mediterranean Reverie. The resulting launch includes six patterns inspired by European homes, ranging from one style representing an immersive garden mural to others decorated with architectural paneling, shell motifs and Venetian marbling.
Showroom Representation
Pax Lighting is now represented by Lawson Fenning in Los Angeles and CKS Collective in Chicago. The Nebraska-based lighting studio specializes in fixtures crafted with slip cast ceramic and custom glazes and hand-finished brass, drawing inspiration from the simplicity of the prairie landscape.
Showhouses
Real Simple has announced the debut of its seventh annual showhouse, taking place this year in a vintage brownstone located in Brooklyn’s Crown Heights neighborhood. This year, 13 designers were selected to reimagine the space—a cohort that includes Amber Guyton, Hema Persad, Mikel Welch, and duo Barry Bordelon and Jordan Slocum. The showhouse will be open to the public for tours from September 12 to September 15.
The Kips Bay Decorator Show House Dallas has announced the list of designers and architects who will be participating in this year’s event, located on a two-acre estate in the city’s Turtle Creek enclave. The space will be reimagined by 25 designers, including Jan Showers, Ashley Ross, Kate Figler, Lisa Henderson and Victoria Sass, among others. It will be open to the public from October 25 through November 13, and proceeds from the showhouse will benefit Kips Bay Boys & Girls Club, along with local Dallas charities Dwell with Dignity and the Crystal Charity Ball.
Recommended Reading
When researchers surveyed 500 baby boomers and millennials about their definition of the American dream earlier this year, the most common answer among boomers was owning a home; for millennials, that same response only earned a third-place spot, falling behind the higher-rated dreams of having a family and attaining other goals and opportunities. For The New York Times, Anna Kodé explores why the American dream is taking a new shape for younger adults, who are forgoing their hopes of homeownership in the face of skyrocketing housing costs, inflation and mounting student loan debt, and instead envisioning a future defined by personal connections and community.
Stromboli Chess Club. Elephant’s Breath. Disco Nap. The names of some paint colors seem absurd at first glance but suddenly make perfect sense when paired with their shade. For The Washington Post, Rachel Kurzius talks to the marketing professionals tasked with the responsibility of naming colors, in a process that often drives them to seek inspiration in unexpected places.
Cue the Applause
Interior Design has announced its 2024 Hall of Fame inductees, honoring industry leaders who have made significant contributions to the fields of interior design and architecture. This year’s honorees are Holly Hunt, founder of the eponymous brand as well as House of Hunt; David Galullo, CEO and chief creative officer of Rapt Studio; and Adam Rolston, Drew Stuart and Gabriel Benroth, founding partners of INC Architecture and Design.
