Higdon closes operations, sells inventory
February 15, 2014,
The closing and sale comes on the heels of the company's Dec. 16 Chapter 11 bankruptcy filing in U.S. Bankruptcy Court in Tallahassee, Fla. In that filing, the company listed as much as $50,000 in assets and liabilities ranging from $1 million to $10 million.
A separate appraiser's report dated Jan. 15 estimates the auction value of its manufacturing and lift equipment and furniture inventory at $523,850. Company President Joe Higdon was not immediately available for comment.
This is the second voluntary bankruptcy filing for Higdon since 2007 and its third since 1993. It emerged from the earlier proceedings, only to fall victim to ongoing challenges with its business again over the past few years.
The company, which celebrated its 60th year in business in 2013, was formed in 1953 by J. Warren Higdon, who established a millwork shop that made interior moldings for houses. It later evolved into the production of laminate bedrooms and home entertainment units.
Warren Higdon's son Joe Higdon joined the business in 1961, when it had about seven workers. It had more than 100 as of last summer. Joe Higdon also has had siblings in the business, including his brother Jack, who worked for the company until his death in 1980.
The company specialized in laminate bedroom production, mainly selling to small retailers. It claimed to be one of the first to adopt innovations such as synthetic particleboard papers that mimic wood and painted finishes on dressers, chests and beds.
Most Viewed Articles
Related Content By Author
From the desks of Furniture Today's editors ...
RSA Insights & Intelligence
RSA Insights & Intelligence gives you, the retail sales associates, critical intelligence and insights. We make it easier for you to sell by providing actionable tips and key takeaways you can and should use for every sale. Check out our latest two articles:
* One tip that will get customers to leave reviews
* Why buying online is harder than consumers think
Furniture Factory 4.0
If you missed our recent webcast with Lectra on what the furniture factory of the future will look like, then you can click here to watch the recorded version. Topics include what trends and challenges are affecting furniture factories in the US & Worldwide and how these challenges are changing furniture production.