Stanley to Outsource Furniture Manufacturing
05/13/2010
The current production and manufacturing facility will be used as a warehouse and distribution center. It also will keep a domestic assembly and finish process operations at its Martinsville, VA site.
Another product line, Young America nursery and youth products, will mostly still be made in Robbinsville, N.C.
A VirginiaBusiness.com report states the decision will include laying off 530 workers.
Stanley Furniture reported less than stellar earnings this week and shares dropped nearly 15 percent after the report.
For the three months ended April 3, the furniture maker said its net loss was $19.1 million, or $1.85 per share. In the year-ago quarter, the company lost $2.4 million, or 23 cents per share.
Revenue fell 8.1 percent to $36.5 million from $39.8 million, less than the $38 million analysts predicted.
Stanley said results were lower partly because of the increased cost of moving revenue from overseas into the U.S.
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