Stanley Furniture to close factory, cut jobs
Published: Tue, Jul. 08, 2008 04:45PM
Modified Tue, Jul. 08, 2008 04:46PM
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closeStanley Furniture Co. plans to close its Lexington factory and eliminate about 350 jobs over the next several months.
The Virginia company is cutting costs as the economic slowdown hurts demand for home furnishings. Stanley is the latest furniture maker to announce job cuts in North Carolina, amid foreign competition and weaker sales.
“Historically low levels of consumer confidence, housing activity and personal disposable income has led to an industry-wide weakness in consumer demand for residential furniture not seen since the early ’80s,” said Stanley CEO Jeffrey R. Scheffer, in a prepared statement.
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Some production in Lexington will shift to another Stanley factory in Robbinsville. That move is expected to create about 200 jobs in Robbinsville over the next couple of years, the company said.
Some employees in Lexington, located in Davidson County, south of Winston-Salem, will be eligible for positions at the Robbinsville factory.
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