The maker of children’s products and home furniture cut its employee tally in the latter segment by about five per cent, according to financial filings Tuesday
laid off workers last quarter amid ongoing losses fuelled by low demand for furniture, even as it reported its best financial results in two and a half years.
Montreal-based Dorel also laid off 30 employees at its juvenile segment, which sells car seats and strollers in scores of countries. The cuts comprise one per cent of the segment’s then headcount of 2,740. Adjusted earnings of US$200,000 also marked the first time Dorel avoided an adjusted loss since the second quarter of 2021.
Product development helped drive market share gains, particularly at Dorel’s Maxi-Cosi brand. Its higher-end rotating car seats now boast a sliding technology to “slide your child towards you, getting them easily in and out of the car,” said Schwartz, whose fatherLeo founded the firm in 1962 – the year the car seat was invented.
In the United States, furniture sales across the industry fell 7.5 per cent last year, he said, citing Census Bureau data. In Canada, spending on furniture dropped nearly eight per cent, even as overall retail spending nudged up by less than one per cent, according to a J.C. Williams Group report. One bright spot was the uptick in brick-and-mortar sales, as inventory decreases prompted more replenishment orders from retailers, he added.The company sold its bike segment to Dutch firm Pon Holdings for US$810 million in January 2022 – when its stock topped $27.
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