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Stanley Furniture Plans Layoffs
posted 10/16/09
3:23 pm
President and Chief Operating Officer Glen Prillaman said Thursday the number of layoffs will be determined by the first week of December. He said a "vast majority" will occur at the furniture maker's manufacturing facility and corporate offices in Stanleytown.
Stanley Furniture on Wednesday reported a $5.1 million third-quarter loss. Revenue fell 29 percent to $38.5 million from $54.5 million.
Prillaman says consumer demand for high-end wood residential furniture remains lackluster. But the company's Young America youth furniture lines are leading that market.
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