Stanley Furniture

From Wikipedia, the free encyclopedia

Stanley Furniture is an American furniture manufacturer based in High Point, North Carolina, United States. It was founded in 1924 by Thomas Bahnson Stanley, who later became governor of Virginia.[1]

Stanley Furniture is the basis for Stanleytown, essentially a former company town.[1] In 2010, the firm announced that it would shutter its Stanleytown manufacturing operation, laying off 530 workers and converting the former factory into a warehouse and distribution center.[2]

In 2009, Stanley announced that its line of youth furniture, Young America, would undergo a major overhaul. Stanley ceased all overseas production of the Young America line, moving it to USA, primarily North Carolina and Virginia. Every item shipped from Young America on or after 9/16/2009 has been made in the USA, and comes with a five year manufacturer's warranty. In addition, Young America has introduced new finishes and stains, over 40 available in select collections, and the only cribs in America to be certified by both the GREENGUARD Environmental Institute and Intertek for child safety.

In December 2010, Stanley concluded a rights offering, raising $12 million USD. Stanley then went on to pre-pay in full ($15 million USD + accrued interest) its outstanding debt with Prudential Insurance Company of America, among other lenders. Lenders agreed to waive the premium due on prepayment.

References

  1. ↑ 1.0 1.1 Clabaugh, Jeff (2003-03-11). "Stanley Furniture cuts jobs, moves production". Washington Business Journal. Archived from the original on 2009-12-06. Retrieved 2009-12-06. 
  2. ↑ "Move by Stanley Furniture Will Cut 530 Jobs in Va., Greensboro News & Record, Greensboro, N.C.". Winston-Salem Journal. 2010-05-13. Retrieved 2010-05-13. 

External links


This article is issued from Wikipedia. The text is available under the Creative Commons Attribution/Share Alike; additional terms may apply for the media files.