Dunmore 'forced' to close doors
By Gary Evans -- Furniture Today, January 16, 2005
Hickory, N.C. — Upholstery manufacturer Dunmore Furniture Inds., with annual volume estimated at about $25 million, has ceased operations.
Executives at the factory could not be reached, but a recorded message said, "Due to circumstances beyond our control, we have been forced to close and will not reopen."
The company, which was a supplier to defunct retailer Heilig-Meyers, had sustained debt that apparently proved insurmountable. A source close to the situation said banks decided to force the company to close rather than risk losses.
The end came at a time when sales were growing. Dunmore had reopened an 85,000-square-foot plant in Maiden, N.C., to take pressure off two other facilities, here and in Granite Falls, N.C., resulting from orders from JCPenney.
In total, the company has 375,000 square feet of manufacturing space and about 150 employees.
In addition to Dunmore, the company has two other divisions, Morgan Stewart and Morgan Stewart Gold. Retail price points ranged from $899 to $1,599 for a sofa.
The company, founded in 1983 by Andre Teague, was acquired a few years later by Wall Street financier Webb Turner and put under Turner Enterprises' upholstery umbrella with DeVille and State of Newburgh. When Turner's venture collapsed, Teague bought Dunmore back, along with State of Newburgh. Anthony Teague, Andre's son, is president now.
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