Ethan Allen (company)

{{Infobox company

| name = Ethan Allen Interiors Inc.

| logo = Ehan-Allen.png

| logo_upright = 0.9

| image = Ethan Allen Lexington Avenue NYC.jpg

| image_caption = Storefront on Lexington Ave., New York City

| type = Public

| traded_as = {{ubl|{{NYSE|ETD}}|S&P 600 component}}

| founded = {{Start date and age|1932}}

| founders = {{ubl|Nathan S. Ancell|Theodore Baumritter}}

| hq_location = Danbury, Connecticut, U.S.

| key_people = Farooq Kathwari (Pres., Chmn., CEO)

| industry = Furniture and home interiors

| revenue = {{nowrap|{{decrease}} {{US$|791.4 million|link=yes}} (2023)}}

| operating_income = {{loss}} US$137.2 million (2023)

| net_income = {{increase}} US$105.8 million (2023)

| assets = {{increase}} US$745.5 million (2023)

| equity = {{increase}} US$471.0 million (2023)

| num_employees = 3,748 (June 30, 2023)[

| subsid = Ethan Allen Global, Inc.

| website = {{url|www.ethanallen.com}}

}}

Image:Ethan Allen Store Ann Arbor.JPG]]

Ethan Allen Interiors Inc. is an American manufacturer and retailer of home furnishings, incorporated in Delaware with executive offices in Danbury, Connecticut. As of June 30, 2023, the company reported net annual sales of $791.4 million.{{cite report |url=https://www.sec.gov/Archives/edgar/data/896156/000143774923024609/eth20230630_10k.htm |title=Form 10-K, Ethan Allen Interiors Inc. |author=Ethan Allen |date=August 24, 2023 |page=5 |access-date=March 26, 2024}}

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.{{Cite web|date=2020-06-30|title=FORM 10-K Ethan Allen Interiors Inc.|url=https://www.sec.gov/Archives/edgar/data/896156/000143774920018839/eth20200630_10k.htm|url-status=live|archive-url=https://web.archive.org/web/20201025145720/https://www.sec.gov/Archives/edgar/data/896156/000143774920018839/eth20200630_10k.htm|archive-date=2020-10-25|access-date=2020-10-25|website=U.S. Securities and Exchange Commission}}

The company makes customized furniture domestically (Maiden, North Carolina), such as upholstered furniture, sofas, and chairs, custom made in a selected fabric.{{cite news|title=Ethan Allen to transfer upholstery operations to N.C.|publisher=Reliable Plant|work=reliableplant.com|url=https://www.reliableplant.com/Read/18046/ethan-allen-to-transfer-upholstery-operations-to-nc}}{{cite news|title=Ethan Allen Company Review|publisher=Nicer Abode|work=nicerabode.com|url=https://nicerabode.com/accessories/ethan-allen-furniture-guide-101/}}

History

=20th century=

The company was founded 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.{{cite web|date=September 1999|title=Obituary: Nathan S. Ancell|url=http://www.college.columbia.edu/cct_archive/sep99/39a_fr.html|url-status=live|archive-url=https://web.archive.org/web/20200620031439/https://www.college.columbia.edu/cct_archive/sep99/39a_fr.html|archive-date=2020-06-20|access-date=2008-12-06|publisher=Columbia College Today}}

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.{{cite web |title=T. Baumritter, 94, Furniture Executive (obituary) |url=https://www.nytimes.com/1994/08/09/obituaries/t-baumritter-94-furniture-executive.html |website=The New York Times |publisher=The New York Times Company |access-date=September 18, 2023}} The Ethan Allen International Headquarters Complex includes the Ethan Allen Hotel,{{cite web|title=Ethan Allen Hotel|url=http://www.ethanallenhotel.com|access-date=2012-09-23|publisher=Ethan Allen Hotel}} 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. 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.

=21st century=

File:Danbury HQ and Design Center.jpg]]

In 2004, Ethan Allen closed its two plants in Boonville, New York and Bridgewater, Virginia, laying off 250 each.{{Cite news|date=2004-04-20|title=COMPANY NEWS; ETHAN ALLEN WILL CLOSE PLANTS IN NEW YORK AND VIRGINIA|work=The New York Times|url=https://www.nytimes.com/2004/04/20/business/company-news-ethan-allen-will-close-plants-in-new-york-and-virginia.html}}

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.{{cite news|last=Engel|first=Clint|date=2008-01-10|title=Ethan Allen to close 12 stores|publisher=Furniture Today|url=http://www.furnituretoday.com/article/CA6519369.html?industryid=23169&industry=Headline+News|url-status=dead|access-date=2008-01-10|archive-url=https://archive.today/20081205044730/http://www.furnituretoday.com/article/CA6519369.html?industryid=23169&industry=Headline+News|archive-date=2008-12-05}}

In 2009, the company laid off 238 workers in Beecher Falls, Vermont; 93 workers remained.{{Cite news|last=Ring|first=Wilson|date=2009-06-25|title=Ethan Allen laying off about 260 in Beecher Falls|work=Boston.com|url=http://archive.boston.com/news/local/maine/articles/2009/06/25/ethan_allen_laying_off_about_260_in_beecher_falls/|url-status=live|access-date=2018-03-30|archive-url=https://web.archive.org/web/20200810193817/https://archive.boston.com/news/local/maine/articles/2009/06/25/ethan_allen_laying_off_about_260_in_beecher_falls/|archive-date=2020-08-10}}

In 2021, during the 2021 cryptocurrency boom, the company's stock price increased as investors confused the company's stock with Ethereum, with which it shared the ticker symbol ETH.{{Cite news|last=Jakab|first=Spencer|date=2021-05-13|title=Ethereum Never Felt So Comfortable|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/ethereum-never-felt-so-comfortable-11620919006|access-date=2021-05-26|issn=0099-9660}}{{Cite web|last=GmbH|first=finanzen net|title=Ethan Allen stock is soaring as traders confuse its ticker with the identical one for ether|url=https://markets.businessinsider.com/currencies/news/ethan-allen-stock-price-traders-confuse-ticker-with-ether-eth-2021-5-1030438063|access-date=2021-05-26|website=markets.businessinsider.com|language=en}}

Ethan Allen updated its ticker symbol to ETD on August 16, 2021.{{cite news |last1=Valinsky |first1=Jordan |title=Ethan Allen changes stock symbol from ETH to avoid confusion with ethereum |url=https://www.cnn.com/2021/08/06/business/ethereum-ethan-allen-stock-symbol/index.html |access-date=September 18, 2023 |work=CNN Business |publisher=Cable News Network |date=August 6, 2021}}

In 2022, Ethan Allen completed the purchase of Dimension Wood Products, Inc., which expanded Ethan Allen's manufacturing base in North America. This purchase resulted in the strengthening of Ethan Allen's vertical integration and supply chain.{{cite web |last1=Esler |first1=Bill |title=Ethan Allen Acquires Dimension Wood Products |url=https://www.iwfatlanta.com/industry-trends/ethan-allen-acquires-dimension-wood-products/ |website=IWF |access-date=27 September 2023}}

Manufacturing plants

=Wood Furniture=

Beecher Falls, Vermont (sawmill and machining)
Choloma, Puerto Cortés, Honduras (machining through finishing)
Old Fort, North Carolina (lumber processing)
Orleans, Vermont (machining, veneering, and finishing)

=Upholstery=

Claremont, North Carolina (fabric upholstery)
Silao, Guanajuato, Mexico (fabric and leather upholstery){{cite report |author=Ethan Allen |title=Ethan Allen 2023 Annual Report |url=https://ir.ethanallen.com/sec-filings/annual-reports/content/0001104659-23-105361/0001104659-23-105361.pdf |page=11 |access-date=October 3, 2023}}