Item 2. Properties
ITEM 2. PROPERTIES
As of the end of fiscal 2022 (May 1, 2022), we leased our corporate headquarters and a design and innovation campus located in High Point, NC. In addition, we owned or leased seventeen facilities associated with our mattress and upholstery fabrics operations. The following is a list of our administrative and production facilities. Our facilities listed below are organized by business segment.
Location
Principal Use
Approx.
Total Area
(Sq. Ft.)
Expiration
of Lease (1)
● Administrative:
High Point, North Carolina
Upholstery fabric division offices and corporate headquarters
36,643
2034
High Point, North Carolina
Design and innovation campus, showrooms, and office space
21,261
2043
● Mattress Fabrics:
Stokesdale, North Carolina
Manufacturing and headquarters office
299,163
Owned
Stokesdale, North Carolina
Distribution center
220,222
Owned
High Point, North Carolina
Manufacturing
63,522
2029
High Point, North Carolina
Warehouse and offices
65,886
2023 (2)
St. Jerome, Quebec, Canada
Manufacturing
202,500
Owned
St. Jerome, Quebec, Canada
Warehouse
46,113
2023
Ouanaminthe, Haiti
Manufacturing
80,000
2025 (2)
Ouanaminthe, Haiti
Manufacturing
40,000
2028 (2)
● Upholstery Fabrics:
Burlington, North Carolina
Finished goods distribution
132,000
2028
Burlington, North Carolina
Design center
13,750
2026
Knoxville, Tennessee
Manufacturing and offices
37,700
2033
Shanghai, China
Manufacturing, warehouse, offices
68,677
2024
Shanghai, China
Manufacturing, warehouse, offices
89,857
2024
Shanghai, China
Warehouse and offices
89,861
2024
Shanghai, China
Warehouse
64,583
2024
Shanghai, China
Warehouse
48,610
2024
Ouanaminthe, Haiti
Manufacturing
90,000
2029 (2)
(1)
Includes all options to renew, except as noted in footnote 2 below.
(2)
These lease agreements have an unspecified number of renewal options available, and the year listed above is the expiration of the current lease term.
We believe that our facilities are in good condition, well-maintained, suitable, and adequate for present utilization. In the upholstery fabrics segment, we have the ability to source upholstery fabric from outside suppliers to meet current and expected demand trends and further increase our output of finished goods. This ability to source upholstery fabric is part of our long-term strategy to have a low-cost platform that is scalable, but not capital intensive. In the mattress fabrics segment, we believe we have sufficient capacity to meet current and expected demand trends. We also have the ability to source additional mattress fabrics from outside suppliers to further increase our ultimate output of finished goods.
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ITEM 3. LEGA L PROCEEDINGS
There are no legal proceedings to which the company, or its subsidiaries, is a party to or of which any of their property is the subject that are required to be disclosed under this item.
ITEM 4. MINE SAFETY DISCLOSURE
Not applicable.
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PART II