Bassett Furniture closing fiberboard plant in Bassett, Va.
Move will affect about 45 employees
Furniture Today Staff -- Furniture Today, October 16, 2009
BASSETT, Va. — Bassett Furniture Inds. said Thursday it will close its fiberboard plant here by the end of the year, affecting about 45 employees.
"We have struggled with this decision for some time and regret the impact it will have on our employees," said Rob Spilman Jr., president and CEO. "Unfortunately, the local demand for medium density fiberboard has been depressed and no longer supports our long-term strategy."
He said the plant's employees "have been extremely dedicated and loyal for many years," and that the company will provide outplacement assistance and severance.
Bassett said it will take a charge of about $1 million in the fourth quarter, primarily associated with the writedown of property and equipment.
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