HIGH POINT – High-end Italian furniture supplier Natuzzi has listed its iconic High Point showroom for sale.
“We are actively engaged in the process to accelerate the sales of our non-strategic assets, the most relevant being our iconic building located in High Point, North Carolina,” CEO Antonio Achille said in a third quarter earnings report.
The 0.8-acre property is valued at $8.4 million according to the Guilford County Tax Parcel website.
The Natuzzi showroom has been a staple of design at every furniture market since its debut in 1998. Designed by Italian architect Mario Bellini, the four-story building is designed to look like a ship, with a gangplank entrance, porthole-shaped windows and a moat. In 2021, the upper three floors of the 110,000-square-foot building were converted to Casa Italia, a multi-tenant space dedicated to Italian home furnishings.
The proceeds from the sale, Achille said, would be directed to accelerate the company’s ongoing retail expansion, which is focusing on North America. The company has opened nearly 2 million square feet of store space opening this year across five new U.S. stores. It has also opened 45 franchise stores for the year, most of which are in China.
Funds also would support the company’s restructuring, particularly in Italy, Achille said.
Natuzzi posted a loss for the third quarter, with invoiced sales falling 35.8% from last year to €74.9 million. Sales are also down 15% from the more normalized 2019.
The company reported an operating loss of €1.3 million, compared with an operating profit of €4.1 million in the third quarter of 2022. As of Sept. 30, the company held €37.1 million in cash, compared with €44.5 million in case as of June 30.
The company has also posted substantial sales declines in both the first quarter of this year (-27.4%) and the second quarter (-28.5%).