Haverty Furniture Companies Inc 8-K, filed Apr 29, 2020
Haverty Furniture Companies Inc (HVT)
8-K
2020-04-29
For: 2020-04-27
View Original
Added on
April 06, 2026
About this 8-K
Haverty Furniture Companies Inc filed this 8-K on April 29, 2020, reporting on events of April 27, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report: April 29, 2020
(Date of earliest event reported: April 27, 2020)
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HAVERTY FURNITURE COMPANIES, INC.
(Exact name of registrant as specified in its charter)
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Maryland
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1-14445
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58-0281900
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(State or other jurisdiction of incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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780 Johnson Ferry Road, Suite 800,
Atlanta, Georgia 30342
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(Address of principal executive officers) ( Zip Code)
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Telephone number, including area code: (404) 443-2900
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)
□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))
□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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HVT
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NYSE
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Class A Common Stock
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HVTA
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NYSE
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934(§240.12b-2 of this chapter).
Emerging Growth Company □
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. □
Item 7.01 Regulation FD Disclosure
On April 27, 2020, Havertys updated its business continuity plans caused by the COVID-19 pandemic. The Company reported that it planned to reopen 108 of its 120 retail stores on May 1 and the remainder by mid-May. The Company also announced plans
for reducing its workforce of 3,495 by approximately 1,200 individuals and extending the furlough of approximately 730 team members for another 30 days.
Attached as Exhibit 99.1 is a copy of the Company’s news release dated April 27, 2020, relating to the impact of COVID-19. Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events
Extension for Filing of Form 10-Q
COVID-19 has impacted the Company and its service providers. The Company’s work from home policy implemented to protect its employees, has slowed the Company’s routine quarterly close process. The additional
assessments on accounting and tax matters created by the economic impact has generated additional complexities. This, in turn, has caused and will continue to cause delays in the Company’s ability to complete the Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020 (the “Quarterly Report”). As a result, the Company will be relying on the Securities and Exchange Commission’s Orders under Section 36 of the Securities and Exchange Act of 1934, as amended (Release Nos. 34-88318 and
34-88465), to delay the filing of its Quarterly Report. The Company expects to file the Quarterly Report no later than June 25, 2020, which is 45 days from the original filing deadline of May 11, 2020.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibit is furnished as part of this Report:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HAVERTY FURNITURE COMPANIES, INC.
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April 29, 2020
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By:
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Jenny Hill Parker
Senior Vice President, Finance and
Corporate Secretary
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EXHIBIT 99.1
Havertys Announces Store Reopenings and Workforce Rightsizing
ATLANTA, April 27, 2020 (GLOBE NEWSWIRE) -- HAVERTYS (NYSE: HVT and HVT.A) announced today it would begin the process of
reopening its stores and resuming its distribution and delivery operations. The company currently expects to reopen 108 of its 120 stores on May 1 and the remaining locations by mid-May.
Havertys plans a phased approach as it restarts its business with limited staffing and shorter hours, adjusting as the pace
of business dictates. The company will follow the guidance of the Centers for Disease Control and Prevention, and will implement enhanced cleaning measures, social distancing, and the utilization of face masks across its operations for the safety of
team members, customers, and communities.
Havertys helped lead the fight to combat the spread of COVID-19 by closing its stores March 19 and halting deliveries March
21. Expectations at that time were for a reopening of stores on April 2, 2020. Affected team members were paid during this period and most Havertys’ corporate office personnel transitioned to working remotely. On April 1, the company extended its
store closures for another 30 days and furloughed 3,033 team members or approximately 87% of its workforce and paid the cost of enrolled health benefits of those individuals.
Given the dramatic shock from the pandemic and uncertainty of the ongoing impact, Havertys is announcing today the
following actions:
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Reducing its workforce of 3,495 by approximately 1,200 team members.
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Extending the furlough and payment of health benefits for another 30 days for approximately 730 team members. Those furloughed, as a percentage of the
remaining workforce by category, are approximately: 44% of retail, 7% of warehouse and delivery, and 26% of corporate functions. The recall of these team members will depend upon the level of Havertys’ business.
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These steps follow the previously announced salary and hours reductions and other measures of Havertys’ business continuity
plan, aligning the company’s operating cost structure to business conditions and preserving liquidity.
Clarence H. Smith, president and chief executive officer said, “The pandemic has radically impacted lives, our families,
the economy, and led to the deaths of thousands. We are navigating through uncharted waters of a health and economic disaster. The announcement today concerning our former team members comes after a long, extremely difficult, and painful
decision-making process. The unknown duration for reaching a return to ‘normal’ requires taking proactive, aggressive actions to sufficiently scale our operations to enable Havertys to endure and recover when conditions improve. This week, with a
heavy heart, we will begin the first step towards our new ‘normal’ with the reopening of our stores and renewed commitment to providing Havertys’ renowned excellent customer service."
About Havertys
Havertys (NYSE: HVT and HVT.A), established in 1885, is a full-service home furnishings retailer with 120 showrooms in
16 states in the Southern and Midwestern regions providing its customers with a wide selection of quality merchandise in middle to upper-middle price ranges. Additional information is available on the Company’s website havertys.com.
Safe Harbor
This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws.
These forward-looking statements are subject to risks and uncertainties and change based on various important factors, many of which may be
beyond the Company's control. The Company's future performance and actual results may differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements should not be relied upon by investors as a
prediction of actual results. Factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements include, but are not limited to: changes or declines in consumer discretionary spending,
including those caused by the impact of COVID-19; setbacks in our plans to reopen our stores currently and in the future due to COVID-19; risks relating to private brands and new retail concepts; the amount devoted to strategic investments and the
timing and success of those investments; inventory turn; changes in the competitive market and competition amongst retailers, including an increase in promotional activity; changes in consumer demand or shopping patterns and the ability to identify
new trends and have the right trending products in stores and online; changes in existing tax, labor, foreign trade and other laws and regulations, including those imposing new taxes, surcharges, or tariffs; supply chain or manufacturing disruptions,
including those caused by extreme weather, natural disasters, COVID-19, and other public health concerns; limitations on the availability of attractive retail store sites; unauthorized disclosure of sensitive or confidential customer information;
website downtime, disruptions or other problems with the eCommerce platform, deficiencies in design or implementation, or platform enhancements; disruptions or other problems with information systems; factors affecting vendors, including supply chain
and currency risks; and talent needs. For additional information on these and other factors that could affect the Company's actual results, see the risk factors set forth in the Company's filings with the Securities and Exchange Commission ("SEC"),
including the most recent Annual Report filed with the SEC on March 5, 2020 and Current Report on April 6, 2020. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by applicable law or regulation.
Contact:
404-443-2900
Jenny Hill Parker
SVP, finance and
corporate secretary
SOURCE: Havertys