Henkel Harris hires Stump & Co. to explore possible sale
Thomas Russell -- Furniture Today, November 16, 2012
WINCHESTER, Va. — Upper end case goods manufacturer Henkel Harris has hired Charlotte, N.C.-based Stump & Co. to help it determine its strategic options, including a possible sale of the furniture operations, the company said Thursday.
The company announced in late October that it will likely close its manufacturing operations in late December, a move that will affect its 109 production workers and 13 administrative employees. It attributed the decision to financial hardships it has experienced due to the economic slowdown and overseas competition.
Stump & Co. largely handles merger and acquisitions of privately held furniture companies.
"Our business has struggled with the great recession and overseas competition, but we still make the finest case goods in the world," Bill Henkel, president and CEO, said in a statement. "Our phone has rung off the hook since our announcement, and we believe there is a market for our products and our company. We are excited about looking at options for how to continue this wonderful company."
The company was founded in 1946 by Bill Henkel's parents, Carroll and Mary Henkel, and has since produced high-end, heirloom quality furniture based largely on 18th and 19th century-inspired designs.
"These products are unique to our industry, and our dealers and customers are begging us to continue on with our production to meet existing orders," said Cole Whitt, chief operating officer and executive vice president. "I am convinced this company can prosper, and our team is working hard to make that happen."
Officials were not immediately available for further comment. However, in October the company said that while it planned to suspend production on new orders, it was continuing to work through orders placed on existing inventory.
Interested parties can contact Tim Stump, president of Stump & Co., for more information at (704) 905-2058.
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