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Creative Leisure News
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Date: August 6, 2007
Vol. XI, No. 15

Printer Version

TABLE OF CONTENTS

bulletCommentary: Trade Show Products -- and Gossip
bulletNew Columns This Issue
bulletTake the CLN Poll: Wal-Mart and Needlework
bulletThe CLN Poll: The State of Scrapbooking
bulletUpdate on the Wilton, Dimensions Sale
bulletCHA Summer Show Report
bulletConsequences of Wal-Mart Dropping Stitchery
bulletWal-Mart/Stitchery: The Industry Comments
bulletMartha: Revenue Up, but so Are Losses
bulletHancock Bankruptcy Update
bulletNeedlework Is "A Legitimate Fashion Pursuit"
bulletEmail: Gas Prices Hurt E-Commerce, Too
bulletRandom Notes, Random Thoughts
bulletMiscellaneous News: Retailers
bulletMiscellaneous News: People
bulletMiscellaneous News 
bulletThe Creative Network: Job Openings
bulletCompany Consolidation Update
bulletReminders

COMMENTARY: TRADE SHOW PRODUCTS -- AND GOSSIP 

The primary purpose of a trade show is presentation of products, but the recent CHA Summer Show seemed to have more attention paid to three non-product issues: 1. Wal-Mart dropping stitchery. 2. The PMA/CHA Winter Show situation. 3. The acquisition of Wilton and Dimensions. No matter what your business is, no matter what category you're in, these issues affect us all and seemed to overshadow the usual talk about exciting new products.

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NEW COLUMNS THIS ISSUE

Business-Wise. CLN's series on the major influences of the past decade continues with Part II, the decade's most influential person: Michael Rouleau, former CEO of Michaels.

Scene & Heard. Design-product development pro Ellie Joos details what she liked as she walked the CHA Summer Show.

Newsbriefs. The 7/17 email reporting on Wal-Mart dropping stitchery ... The 7/24 email reporting on the acquisition of Wilton and Dimensions by GTCR Golder Rauner.

Note: To read the columns, click on the titles in the left-hand column. If it appears to be an "old" column, click on the "Refresh" or "Reload" button on your browser.

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TAKE THE CLN POLL: WAL-MART AND NEEDLEWORK

Wal-Mart announced it was getting out of the stitchery business. (To read CLN's initial report on the subject, click on Newsbriefs in the left-hand column.) What effect will that have on the industry? It should help Wal-Mart's competitors, but the market may be flooded for a while with kits that were produced for Wal-Mart. What do you think? To vote, click on Industry Polls in the right-hand column or click HERE.

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CLN POLL: THE STATE OF SCRAPBOOKING

Scrapbooking spread from the Northwest until it became a national, dominant trend. But what's the situation now? CLN asked readers about the strength of scrapbooking in their local area, and the answers in this unscientific poll are almost even: 13.3% said scrapbooking is still showing substantial growth, while 15.6% think it's declining substantially. Almost a quarter, 24.4%, say it's still growing slightly, while 26.7% see a slight decline. One fifth, 20.0% think it's flat.

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UPDATE ON THE WILTON, DIMENSIONS SALE

The deals are done, but not necessarily as reported earlier. GTCR Golder Rauner announced it has completed its acquisitions of Wilton Industries and Dimensions through its previous acquisition, EK Success. The combined companies will be named Wilton Products and be headquartered in Woodridge, IL.

However, the New York Post reported Martha Stewart Living Omnimedia also invested – $10 million in return for an 11% stake in the three-legged organization.

"I'm enormously proud of our Martha Stewart Crafts line and delighted with the response to it," Martha said. "I'm looking forward to working with Wilton, which represents a tremendous number of opportunities in baking, cake decorating and crafts.".

An unnamed source told the Post Martha's company believes the craft industry's "fractionalized nature" gives it a chance to be a dominant player.

According to TheDeal.com, a trade publication for the mergers/acquisitions industry, GTCR sponsored a $1 billion recapitalization of EK Success to finance the acquisitions. GTCR will invest about $200 million from its eighth equity fund and will raise about $850 million through UBS and Deutsche Bank.

The newly-formed company will be led by industry veteran and existing Wilton President/COO Steven Fraser, who will oversee the combined businesses as Chair/CEO. "On behalf of the management team, we are very excited to partner with GTCR to build the new Wilton Products into the largest and most diversified player in the crafts industry," stated Fraser. "By leveraging Wilton’s legendary brand status and the direct synergies between EK Success and Dimensions, our new company will be poised for unprecedented growth opportunities."

"EK Success’ demonstrated track record of creativity and product innovation has made it the leading player in the industry," added GTCR Principal Vince Hemmer. "The company's next phase as the new Wilton Products ensures that it will continue to build on its strong presence in paper crafting products, and continue as the leader in baking and cake decorating products as well." Hemmer added, "We are thrilled about the opportunity to work with Steve and his team. He is a superior executive with a proven track record for excellence and fits well with GTCR’s strategy of partnering with exceptional management teams."

GTCR bought EK Success in 2005 for about $200 million. Soon after the acquisition, EK announced it would produce a Martha Stewart Crafts line for Michaels and later for independents.

As the industry's dominant cake decorating company, Wilton will cost EK $700+ million. The company also manufactures scrapbook products under the Just Jinger label, teakettles and housewares under the Copco brand, and picture frames with the Weston Gallery label. The company generates about $300 million in annual revenue.

The price tag for Dimensions was $100+ million, according to TheDeal.com. Dimensions is a major producer of stitchery kits and in recent years has expanded its offerings to include paint-by-number kits, kids' beading under the Perler brand, and other products, and the acquisition of the Inkadinkado stamp company and K & Co., a scrapbook company.

Founded in 1980, the Chicago-based GTCR currently manages $8+ billion of equity capital invested in a wide range of companies and industries. For more, visit www.gtcr.com.

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CHA SUMMER SHOW REPORT

The mood seemed upbeat and positive. Of the numerous exhibitors questioned by CLN, the vast majority were pleased with the show.

Trends. Scrapbook retailers continue to expand their inventory to attract paper crafters and others ... Signs of an up-tick in yarn ... Beading may be leveling off, after recent substantial increases ... Private equity firms continue to look at industry-related companies, such as Jo-Ann's and A.C. Moore ... The Tablescapes exhibit, organized by Cindy Rippy, showed just how talented the industry's designers are. To see photos of the exhibit, visit http://artinentertaining.blogspot.com.

Numbers. Total attendance was 7,425, down 6.4% from a year ago. CHA used a new system of counting registration, so for the first time it does not include those who pre-registered but did not attend. The attendance was also divided for the first time into three groups – Buyers (3,260); Business Networkers (e.g., members of the press) (1,462); and Exhibitors (2,703), so future show reports can provide apples-to-apples comparisons.

Scrapbooking. A group of scrapbook/paper craft manufacturers formed a Category Interest Group within CHA and elected Nate Arnesen of Basic Grey as Chair and Tom Vasko of 3l Corp. as Vice Chair. The group announced its members plan to exhibit at the CHA Winter Show and is compiling a list of ways in which CHA can help the group and the category. An additional meeting is planned for the CHA Winter Show. Any scrapbook/paper craft manufacturer interested in learning more about the Group's activities should email Nate at nate@basicgrey.com.

(Comment: Every industry section should form a group like this; it could only improve communication between members and CHA's board and staff and help CHA better understand the specific needs of the group.)

Bright Idea. The crop room at Scrapbook 911 in San Antonio was empty on Wednesdays, so retailer Michael Dolan offered it as a meeting place to the local Weight Watchers group. Now every Wednesday evening 60-some women visit his store.

Awards: Innovations (best new products) winners included 1st place to Wrights for its SideWinder™ portable bobbin winder, a battery-operated winder that works with the touch of a button. www.wrights.com ... Ranger Industries won 2nd place with its Tim Holtz ™ Distress Crackle Paint™, a one-step paint that cracks as it dries, enabling the user add instant aged, weather-worn looks to cardstock, chipboards, die cuts, paper mache projects, etc. www.rangerink.com ... 3rd place went to Pageframe Designs for its Clearly Cutting Edge album which features see-thru, clear pages that provide a backdrop for virtually any embellishments, pictures, etc. www.scrapbookframe.com.

In the Art Materials category, Fiskars won 1st place for its Squeeze Punches. www.fiskarscrafts.com. ... Crafty Dab won the Best Packaging award www.craftydab.com. ... The Most Innovative Product award went to Glue Arts for its GlueGlider®.

Ellison won the Golden Press Kit award for manufacturers (www.sizzit.com) and Marie Browning Creates won for designers. www.mariebrowning.com

Products. Unique items at the CHA Summer Show: A scrappable baby tooth organizer, the Baby Tooth album, invented by a practicing dentist who created it after hearing complaints from patients that they wanted to preserve their kids' baby teeth, but didn't know what to do with them. Visit www.babytoothalbum.com ... The Webcaster Gun from Midwest Design Imports creates instant, colorful spider webs for Halloween and other displays. Works as easy as a glue gun. Visit www.thewebastergun.com.

2008. Next year's Summer Show will be July 18-20; education begins the 17th, again at the Rosemont, IL Convention Center. The Winter Show returned to Anaheim Feb. 10-13.

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CONSEQUENCES OF WAL-MART DROPPING STITCHERY

Just days before the CHA Summer Show, Wal-Mart told its stitchery vendors it was dropping the category. (To read the Wal-Mart note, click on Newsbriefs in the left-hand column.)

Short term: Layoffs by vendors, particularly warehouse staff and some salespeople ... Increased emphasis by vendors on diversifying into other product categories ... A glut of excess inventory being unloaded to other stores, such as dollar stores ... An increase in business for e-commerce needlework sites ... Remaining Wal-Mart vendors wondered, "Uh oh, are we next?"

Long term: A boost in needlework sales for Wal-Mart's chain and independent competitors ... There may eventually be an increase in the number of new needlework shops ... Vendors in all categories will pay more attention to their independent retail business, knowing the chains will cut them off in a heartbeat if the numbers aren't strong ... Because Wal-Mart is the only local source of needlework in many smaller towns, some business will be lost forever.

(Note: What consequence, positive or negative, has CLN missed, or that you disagree with? Email your comments, on or off the record, to CLN at mike@clnonline.com and vote in Industry Polls.)

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WAL-MART/STITCHERY: THE INDUSTRY COMMENTS

1. "The writing has been on the wall for Wal-Mart for a long time. Maybe the needlework buyer could have given more warning, but I would be willing to bet that her bosses didn't give her the green light to discuss it. No one is surprised over here. A little sad – it's been a category for them for so long, but hey, we've always said about their business: perform at a certain level numbers wise or tomorrow it will be tires and Windex!" Manufacturer

2. "It's only just begun for these vendors. Wait until Wal-Mart starts debiting them for all those 'bad' products that the stores will report. I hope they have it in their contracts that the goods are returned and not destroyed at store level. That will at least cut down on the bogus reports. I hope they can survive this hit." – Manufacturer (a Wal-Mart vendor but not in stitchery.)

3. "We talked to Wal-Mart recently and asked if there were any changes. She said no." – Industry Manufacturer

4. "Pretty unbelievable. I can tell you this kind of thing has happened to us at Jo-Ann's and Michaels, though – cancelling orders and programs with no regard for their vendors. This industry is as sick as I've ever seen it. We made a decision. We are minimizing our exposure to the craft and hobby market starting in 2008 for other, better retail and direct-to-consumer markets in other industries." – Manufacturer's Rep

"We cut back on stitchery somewhat a few years ago because of Michaels (now gone from Pocatello) and Wal-Mart. With Hancock also gone, our stitchery business will likely increase. – Emma Gebo, Sierra's (an independent retail store)

5. "Sam Walton must be turning over in his grave." – Numerous Manufacturers

6. "Wal-Mart is oblivious to the effect it has on this industry. Otherwise, they would have waited until after the Summer Show to announce the stitchery decision." Manufacturer

7. "I'm delighted, because this should help Michaels. I'm worried about all the debt Michaels has now, and if this helps, so much the better." – Michaels Vendor

8. "I like my Wal-Mart buyer, but now I'm not sure I can believe what he says." – Manufacturer

9. "Helen Walton was the big supporter of crafts. The company's been cutting back ever since she died." Numerous Manufacturers

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MARTHA: REVENUE UP, BUT SO ARE LOSSES

Martha Stewart Living Omnimedia announced second-quarter revenue rose 7.7% to $73.4 million, but the operating loss was $7.8 million ($0.09/share), compared to $1.8 million ($0.07) a year ago. Revenues in the merchandising division fell to $10.4 million from $10.9 million. The company blamed it on declining sales at Kmart, but President/CEO Susan Lyne said the initial performance of the Martha Stewart Crafts line has been "solid."

The stock fell to a 52-week low, $13.12, after the second-quarter results were announced. Morgan Stanley analyst Lisa Monaco said in a research note, "The stock will not move materially higher until there is some indication about the success of the new Macy's line in September, and there was little in today's release to conclude one way or the other about the success of new partnerships...." The stock had traded at a 52-week high of $23.21 last December.

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HANCOCK BANKRUPTCY UPDATE

Hancock asked for a seven-month extension of its deadline for filing a Chapter 11 plan, a move that wasn’t protested by unsecured creditors. The company says it won't even know until this month how much it owes creditors, so it needs more time, the Associated Press reported.

"I don’t think the case will last too long," said Jay Indyke, the attorney for the unsecured creditors committee, told the AP. .

Some people are optimistic about the outcome. The AP reported, "Buyers of bankruptcy claims, who were offering 50 cents on the dollar to suppliers who are owed money by Hancock, are now offering 75 cents on the dollar or higher, according to some who sold their claims."

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NEEDLEWORK IS "A LEGITIMATE FASHION PURSUIT"

A recent article in the New York Times reported needlework has become chic among the young and the fashion conscious. "Formerly neglected domestic arts like knitting, quilting, sewing and embroidery are being eagerly embraced, especially by the young. Their passion kindled by the abundance of handcrafted looks on the runways, they are blowing the dust off these folksy skills and lending them the bright sheen of style," wrote reporter Ruth La Ferla.

The article said young women are turning to sewing, knitting, and crochet, and are emulating high-end fashion designers such as Marc Jacobs, Nicolas Ghesquiere of Balenciaga, and Michael Kors. But the fashion industry is emulating the needleworkers, too. "I do think the runways were inspired by people doing crafty things at home and by how inventive this generation is," Ruth Sullivan, an editor at Workman Publishing, told the Times.

For example, after seeing an exhibition of quilts from Gee’s Bend, AL, at the Whitney Museum, Marc Jacobs designed patchwork skirts and dresses for his secondary line for spring.

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EMAIL: GAS PRICES HURT E-COMMERCE, TOO

You mused on why an e-commerce site that shouldn’t be hurt by gas prices would be suffering reduced sales. Actually, while sales aren’t down yet, my profits are down. My vendors have increased prices; inbound freight has gone up substantially, causing me to have to raise inventory prices a bit; outbound shipping costs went up last year and I didn’t raise my shipping costs, but tried to recoup by using lighter packaging, carrying more inventory (to avoid back orders and expensive split ships), and other cost-cutting measures.

This year, shipping costs went up another 15% on May 15. We started losing a measurable amount on every package we shipped under our old schedule, and I could no longer make up the losses with creative packaging. Starting May 16, on every order for yarn that was placed May 15 or earlier, I made a smaller margin (yarn price increase took effect May 15), and I lost at least 50 cents to $1 on shipping each package. Then the postal service changed the rules on box sizes, causing me to have to order a different size box to avoid a $20 surcharge on canvas shipments. The new boxes are almost $1 each; the old boxes were free because I recycled.

To recover all these costs, I have had to raise prices, both retail and for shipping. I also had to drop international deliveries entirely as being prohibitively expensive. That will cause a slight decline in volume. As my prices go up, shopping on the Internet begins to look less attractive compared to the stores, and I may lose local business as a result. I also had to shut my web store down for several weeks to do some storm repair and to restructure our entire pricing scheme due to these escalating costs, which has caused a rapid drop in sales (short term I hope).

E-commerce gets hit by high gas prices, but in some different ways from the brick and mortar stores. Needlework is up overall, but it’s getting harder to make a profit at it. – Catherine Bracken, www.discountneedlework.com

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RANDOM NOTES, RANDOM THOUGHTS

1. As I walked the CHA Summer Show, I was reminded of something John McDonald of Sugarloaf said years ago: "I look at these booths and sometimes I can't tell what they're selling." The same is still true: some booths are filled with beautiful made-ups, but... what IS the product? A book? A kit? Is it a product, or a line of products?

2. In the last issue I listed the past decade's most important influences on the industry of today, and the recent Summer Show made me realize I made a major omission: Wal-Mart. The decision to drop stitchery affects everyone. Whether you're involved in stitchery or not, Wal-Mart's competitors – chains and independents alike – should ultimately be stronger, and Wal-Mart's remaining vendors are worried.

This industry is like a calm lake. Then someone throws a pebble in the water and the ripples go on and on.

3. CHA reported attendance at the Summer Show was down; could have fooled me. I thought Sunday afternoon was the busiest last few hours of the show in years. The CHA board members divide up the show, and we each take a couple of aisles to ask the exhibitors how the show was, any complaints or suggestions for the board, etc. I couldn't get into half my assigned booths because the exhibitors were still busy with customers.

Hotel bookings were up; apparently there were slightly fewer attendees, but they stayed longer than in recent years.

4. To see an absolutely fascinating 8-minute video on the future of information – how we receive it and who organizes it and sends it to us – visit http://idorosen.com/mirrors/robinsloan.com/epic.

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MISCELLANEOUS NEWS: RETAILERS

STORES. The Sierra Pacific Crafts group has recently added more stores: Lady Jane Crafts in Ozone Park, NY; Mangelsen's in Omaha, NE; Caravan Beads in Chicago; Briolette Beads & More in Forest Park, IL; and Ben Franklin stores in Quincy, IL; Macon, MO; Monroe City, MO; Palmyra, MO; and Havre, MT. The SPC group now controls 88 stores in 18 states, from New York to Hawaii and is still growing.

BRIBES. CBS News reported that four Home Depot purchasing managers are alleged to have taken millions of dollars in kickbacks so the company would carry certain unnamed flooring products. Home Depot fired the four and said the matter was under investigation by federal authorities. (Note: Years ago a J.C. Penney buyer went to prison for accepting bribes.)

A.C. MOORE. Releases its second-quarter sales/earning report this afternoon ... Was listed as #100 in "Hot 100 Retailers" list compiled by Stores, published by the National Retail Federation. to see the complete list, visit www.stores.org/pdf/07AugHOT100.pdf.

WAL-MART. Lowered prices by 10-50% on some back-to-school merchandise to win back consumers who have been shopping at Target, Bloomberg News reported..

RELIGION. Wal-Mart is cutting out stitchery in order to make room for better selling merchandise, probably electronics. One analyst predicted the company's electronics sales will jump at least 10% to 12% in 2007 .... USA Today reported next month Wal-Mart will sell "faith-based" toys in 425 stores – stores that have strong sales of Bibles. One toy will be a 12" talking Jesus doll ... The Decatur (TN) Daily published an article on the growth of "spiritual scrapbooking" and cited Reminders of Faith as a vendor and The Scrapnook, a Decatur store that's increasing its faith-related inventory.

SCHOOLS. Last Saturday Crayola joined forces with Wal-Mart in Florida to have teachers wearing Crayola aprons in the back-to-school section to assist families locate the correct items on their kids' school lists ... Teachers are invited to Michaels stores Aug. 12-18 to receive a "teachers only" 15% discount off of everything in the store, including sale items. (School ID is required to receive the discount.)

STOCK. Analysts at CL King initiated coverage of Jo-Ann's with a Strong Buy rating.

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MISCELLANEOUS NEWS: PEOPLE

PAINTING, I. The Society of Decorative Painters has named Kitty Bond as Exec Director. Bond has 20+ years experience as a manager in general management, finance, and accounting in a variety of industries, most recently as VP of Business Operations for the Children's Museum of Denver. She begins in September.

PAINTING, II. Jarden Branded Consumables, a business unit of Jarden Corp., promoted Michael Cornell, previously CEO of Jarden Home Brands (including Loew-Cornell) to President/CEO of Jarden Branded Consumables. Cornell joined Jarden following the acquisition of Loew-Cornell, in 2004. He's now in charge of Loew-Cornell; the Pine Mountain fire log business; the Jarden Home Brands businesses, including the Diamond and Ball brands; and the U.S. Playing Cards, Lehigh, and First Alert businesses.

TECHNOLOGY. T.J. Harty, former Dir. of eMedia Technology for Penton Media, has been named VP of Technology for Interweave Press.

WAL-MART. Claire Watts, Exec VP of apparel merchandising, has resigned.

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MISCELLANEOUS NEWS

BEADS. Interweave Press today unveiled BeadingDaily.com, a new online beading community with a library of free beading and jewelry-making projects, a daily blog, and an e-newsletter from the publisher of Beadwork, Step by Step Beads, Step by Step Wire Jewelry, and Stringing magazines. Recently Interweave launched KnittingDaily.com, a similar site for knitting enthusiasts. "These two new online platforms – KnittingDaily.com and BeadingDaily.com –

have created exciting new opportunities for cross-media content and will significantly increase our ability to connect to craft enthusiasts with our trusted brands," said CEO Clay Hall. Visit www.beadingdaily.com and www.knittingdaily.com.

IMPORTS. Fisher-Price recalled 83 kinds of toys, including popular Sesame Street characters Big Bird and Elmo, because the paint used in China contains large amounts of lead.

SHOWS. MemoryTrends sponsors, concerned about rumors regarding the show, went online to announce the show is not cancelled; the MemoryTrends show and The SMART Group are separate entities; the 2008 show will "co-locate" with the Photo Marketing Assn. show, but PMA did not buy the show, Previous MemorytTends exhibitors receive priority pricing and booth placement in 2008; exhibit booth rates are comparable to past Memorytrends fees. Visit www.memorytrendsexpo.com/myth/index.html .

REMINDER. The deadline to reserve a workshop for the CHA Winter Show is Aug. 15. For info, call the CHA Education Department at 201-794-1133, x 230 ... The deadline to submit names to the CHA awards committee has been extended to Aug. 15. Basically there are three awards, for service to CHA, for service to the industry, and for service to mankind. To access a nomination form, visit www.craftandhobby.org and click on "CHA Award Nomination Form."

BACK TO SCHOOL. The National Retail Federation’s 2007 Consumer Intentions and Actions Back-to-School survey, conducted by BIGresearch, reveals families with school kids expect to spend $563.49 on back-to-school merchandise, up 6.9% from a year ago. Total back-to-school spending this year is expected to reach $18.4 billion. Electronics will see the biggest increase in sales this year, with spending up 13.0%. "Electronics have evolved from luxuries to necessities, not only for college students but also for their younger siblings," said NRF President/CEO Tracy Mullin. "While some students may be pleading with mom and dad for an iPod or a cell phone, parents are also investing in desktop or laptop computers, educational software and printers to support their children’s learning."

PAINT. In "Six Surprising Beauty Solutions" in the Fall issue of In Style Makeover, the article quotes New York City makeup artist Christy Coleman: "I use Loew-Cornell's paint brushes on my clients all the time." One of Coleman's clients is Amanda Peet.

QUOTATION. "Beware of little expenses. A small leak will sink a great ship." – Benjamin Franklin

CROCHET. DRG released a 304-page crochet book, Mad about Scraps, with projects for crocheters who don't know what to do with left-over scrap yarn and thread from previous projects.

LOOKING TO HIRE. A key account manager to sell to and manage large key accounts for a craft/needlework publisher. Must have strong selling and communication skills and be able to develop/maintain strong relationship with all buyers. This position can work remotely but must be willing to frequently to the home office. For more, in complete confidence, email Mike Hartnett at mike@clnonline.com.

SCRAPBOOKING. Making Memories introduced the St. Nick vintage Christmas collection of papers, stickers, tags, trims, etc. ... The Halloween '07 line includes foiled and

flocked specialty papers, foam stamps, embellishments, etc. ... A Desktop Organizer for 12" x 12" paper, tools, etc., with removable drawers ... There are ledger designs in vibrant color families. Includes intelligent albums, floral brocade trims, glittered alphas, loopy striped paper, etc. ... Also a Flocking and Foiling kit. www.makingmemories.com/clients/login.cfm

DESIGNERS. CHA will significantly expand the License & Design section for the Winter Show. The section will include a central location on the show floor, enhanced booth packages, specially designated pre and post-show hours and other innovative exhibitor support programs, as well as new, aggressive promotional strategies -- designed to help designers tap into the growing art licensing opportunities. For exhibit info, call Anthony Licata, Sr. Sales Manager, at 800-822-0494, ext 201. or alicata@craftandhobby.org.

CLN STOCK INDEX: A.C. Moore: $16.67, down $3.39 ... Jo-Ann's: $24.40, down $2.81 ... Wal-Mart: $45.52, down x.xx ... CLN Index: 87.50, down 11.2%% ... Dow Jones: 13,182.15, down 5.2%. All changes in price are since 8/3 and are exclusive of dividends.)

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THE CREATIVE NETWORK: JOB OPENINGS

To see the listings from only personnel recruitment firm specializing in our industry, click on JOBS in the left-hand column, or click HERE.

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COMPANY CONSOLIDATION UPDATE

Since the industry seems to be awash with mergers and acquisition, a CLN reader proposed these:

1. Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and W. R. Grace Co. will merge and become Hale, Mary, Fuller, Grace.

2. Polygram Records, Warner Bros., and Zesta Crackers join forces and become: Poly, Warner Cracker.

3. 3M will merge with Goodyear and become MMMGood.

4. Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become ZipAudiDoDa.

5. Fed Ex is expected to join its competitor, UPS, and become FedUP.

6. Fairchild Electronics and Honeywell Computers will become Fairwell Honeychild.

7. Grey Poupon and Dockers Pants are expected to become Poupon Pants.

8. Knott's Berry Farm and the National Organization of Women become Knott NOW!

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REMINDERS

1. If you want a hard-copy of this issue, click on "Printer Friendly version."

2. If your company is a paid subscriber, everyone in the main office is welcome to register, free. Just click on "Work for a paid subscriber? Click Here to register" (center column, near the top).

3. If you ever have trouble with your password, click on "Trouble with your password" in the right-hand column of the main page. The computer will then email the correct information to you.

4. Creative Leisure News is published the first and third Mondays of each month.  Because July has five Mondays, your next issue will be Monday, August 20.

xxx

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