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Doxey ends operations

By Furniture Today Staff -- Furniture Today, January 11, 2004

ABERDEEN, N.C. — Ready-to-assemble manufacturer Doxey Furniture has ceased operation, closing its 200,000-square-foot plant here.

Doxey lost its largest customer, OfficeMax, in December, and Republic Financial of Aurora, Colo., which owns the company, closed the plant Jan. 7.

Republic acquired the Doxey loan from the company's longtime lender, Provident Bank of Cincinnati, in November.

Richard Henkel, Doxey's chief executive officer, said Republic, Doxey's only secured creditor, might try to sell the plant and assets. But he doubted that effort would succeed and said there likely won't be any payouts to unsecured creditors.

"We had 30 hourly employees, 13 salaried employees and quite a few temporary workers," Henkel said. "At our maximum, when things were going well in '98 and '99, we had around 150 people."

Doxey, founded in Fayetteville, N.C., in 1969, moved to Aberdeen in 1975. It made RTA storage pieces, bookcases and other home office furniture.

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