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         MAY 2017
      NEWSLETTER
SOCIAL EVENTS 
Furniture Industry Social Event 

Please join us in Anaheim on June 29 as we cheer for the Angels or Dodgers! Ticket price includes the game and pre-game appetizers. Guests welcome!
Save the Date: Manufacturer of the 
     Year Award & Annual Event


Saturday, August 19, 2017
5:30pm - 8:30pm
American Legion Newport Beach
INDUSTRY NEWS
Yang Ming needs millions or market recovery to keep cash flowing


Yang Ming said it will announce new investors after trading of its shares recommences on May 4, with one maritime analyst estimating the carrier needs at least $300 million in equity injections within the next 12 months to avoid a liquidity crunch unless it can reverse declining revenue.

"The recapitalization plan will initially allow Yang Ming to reduce its equity capital, after which infusion of new capital is then obtained from various private and public investors," Yang Ming told JOC.com. "At the appropriate time, we will also announce the identities of those new investors."

Even with the injections, Alphaliner warns that securing that much capital would only bring its debt-to-equity ratio to 304 percent from its current 482 percent. Yang Ming in February raised $54 million via new share issues that was mainly taken by the National Development Fund of Taiwan.

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The only problem with holding a contest to decide the worst bill introduced in the Legislature this year is:  How do you pick just one?
Well, I have a contender for you!  AB 5, authored by Assemblymember Lorena Gonzalez-Fletcher (D-San Diego) and Assemblymember Ash Kalra (D-San Jose) prohibits California businesses with as few as 10 employees from hiring part-time help until those work hours have been offered to existing employees.

Under this bill, if a company has offices in Northern and Southern California and the office in Irvine has a growing workload and needs to hire extra help they would be precluded from doing so until the extra hours were offered to existing employees in Lodi.  Yes, this is an actual bill and two Legislators put their names on it.  Even if an employee has told their employer they are not interested in extra hours or are not available on the day or time the extra hours are available, under AB 5 the work must be offered to them.

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Under California law, employees are entitled to "one day's rest in seven." But what, exactly, does that mean?  On May 8, the California Supreme Court answered three questions related to seventh day of work rules ( Mendoza v. Nordstrom Inc) . These questions are important for California employers and provide guidance on how they can schedule employees. Overall, the California Supreme Court's answers were helpful for employers.

Background
Christopher Mendoza, a former employee of Nordstrom, Inc., filed this case as a class action lawsuit. Mendoza claimed that he was asked on several occasions to fill in for another employee, with the result that he worked more than six days in a row. During each of these periods, some, but not all, of Mendoza's shifts lasted six hours or less.  Mendoza filed his case in federal court alleging Nordstrom violated state labor laws by allowing employees to work seven or more days in a row.

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CFMA Board of Directors

Pascal Benyamini, Director
Drinker Biddle & Reath, LLP
Chris Burgess, Treasurer 
Arcadia Chair Company 
Brian Edwards, Past President
Alpine Furniture
Burt Grimes, Director 
Pacific West Furniture   
Kurt Haines, Director 
Ashley Furniture
Richard Masters, Director
Andreini & Co.
Ben Neilsen, Director
Cambridge Furniture 
Alan Paull, Director
AJ Paul Office
Jon Sanchez, Secretary 
Hanes Industries
Scott Sandberg, President
Sandberg Furniture
Gary Stafford, Director
Terra Furniture 
Richard Cazares, Vice President 
RC Furniture 
Andrea Messina
Executive Director
Michael Genrich, Director
Furniture of America
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