Jan 21, 2011

Furniture mart boss hopefulBy Tim O'ReileyLVRJ.com

After a turbulent couple of years, leaders of the World Market Center see glimmers of stability.

Preregistrations for the winter market, to start Monday and run through Friday, are about even with a year ago, CEO Robert Maricich said. Although he does not disclose hard numbers, this would run lower than attendance in better times a few years ago, but mark an improvement from the approximately 5 percent decline at the August market.

He termed the anecdotal results from attendees signing up and hotel room bookings “encouraging,” but added, “We still think there is a dynamic at work where stores are being represented by fewer buyers.”

The three giant towers, which cover about 5 million square feet, house showrooms for furniture manufacturers and representatives that try to land orders from the retailers attending the market. Most of the showrooms are dark for all but two weeks a year.

The agent representing the lenders in reworking the $557.1 million in mortgages on Buildings A and B reported this month that it was “finalizing the terms of a loan modification and reinstatement.” This marked progress from previous monthly reports, published by research firm Trepp LLC, that merely said negotiations were continuing.

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