Alan White going out of business
Longtime upholstery supplier will liquidate
Gary Evans -- Furniture Today, January 16, 2007
MEMPHIS, Tenn. — Alan White, a longtime supplier of midpriced upholstery to the industry, said Tuesday that it is going out of business.
The 52-year-old company, which has its headquarters here and operations in Shannon, Miss., and Stamps, Ark., said it began exiting the business on Friday and “will liquidate assets in a controlled manner to meet as many obligations as possible.”
The company said the closing was due “to chronic and overwhelming industry pressures.”
Officials of the company were not available for comment Tuesday but released a statement of the closing.
“The management team and ownership have worked hard to avoid this last option and are deeply grateful for the loyalty shown by our employees, suppliers and lenders,” the release said. “They have continued to take care of the needs of our customers while knowing about the struggles facing the company. We are saddened about any hardship they face yet we must address the reality of the situation facing the company.
“Exceptional industry pressures have proven too great to sustain operations, specifically, intense price competition; elevated material costs associated with Hurricanes Katrina and Rita; and a shrinking and consolidating customer base,” the company said.
In 2002, the family-owned manufacturer sold a stake in its operations to private St. Louis equity company Thompson Street Capital Partners. The amount of the stake was not divulged.
The closing will affect about 300 employees in Shannon, about 15 in Stamps and five here.
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