Higdon Furniture under Chapter 11 protection
By Heath E. Combs -- Furniture Today, January 20, 2008
Quincy, Fla. — Promotional wood bedroom and entertainment manufacturer maker Higdon Furniture filed for Chapter 11 bankruptcy protection in late October and posted a $300,000 loss in November, according to court documents.
Company officials could not be reached for comment last week.
Court papers filed in December also said Higdon's books reflected $6 million in assets and $4.5 million in debts at the end of 2006. Higdon recorded $14.3 million in revenues in 2006 and a loss of $1 million that year.
A summary of open orders report filed on Jan. 16 lists $877,178 on order and $255,282 in active invoices.
Its largest unsecured creditors were Capital City Bank of Tallahassee, Fla., $3.8 million; High Point Building Partnership, $1.8 million; Alter Moneta Corp., $766,769; and Joseph Higdon Jr., $590,262. Other unsecured creditors included Warren Higdon, $191,000; Marie Middlemas, $160,000; Ralph Higdon $120,000; and Pennsylvania Lumbers Mutual, $111,625. Principals in Higdon and their stakes were listed as Joseph Higdon Jr., 42%, J. Warren Higdon III, 27%, Ralph W. Higdon, 19%, and Margaret Smith, 12%.
The company was founded in 1953 by J. Warren Higdon. In 2005, it began production in a new 100,000-square-foot facility in Cairo, Ga.
Higdon was one of the U.S. companies that petitioned for an antidumping investigation of Chinese wood bedroom manufacturers. Because of that, it received about $824,954 last year and $602,102 in 2006 for its share of the funds arising from import duties.
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