Wednesday, May 12, 2010
Stanley Reportedly Closing Martinsvllle Factory
Stanley Furniture Company, which is headquartered near Martinsville, plans to close its factory between October and December and has laid off 530 workers. The company laid off 190 workers in recent weeks and said at the time of those layoffs that they would help solidify it.
Stanley had a $19 million loss in the first quarter of 2010 and officials say they have "held on as long as we could," according to a report on WDBJ7. Net sales for 2009 were down 29 percent, more than $11 million. The factory will become a Stanley warehouse and some of its jobs in one line are expected to be sent overseas to vendors while others of the remaining 200 or so will be sent to its Robbinsville, N.C., plant.
Stanley blames the deep recession and competition from overseas furniture makers for its failure.