Craftique Furniture ceases production, will sell assets
Heath E. Combs -- Furniture Today, December 11, 2012
MEBANE, N.C. — Officials with domestic high-end case goods manufacturer Craftique Furniture said it will continue with plans to liquidate, selling equipment and other assets over the next two to three months.
No sale date has been set yet for those items, according to co-owner Craig Shoemaker, and the company isn't likely to be sold.
"Having gone this long a period of time I don't think selling it is a realistic option now. Certainly if somebody came along we'd be happy to talk to them, but having gone as long as we have without much activity, I just don't think it's likely to take place at this point," Shoemaker said.
Craftique reported in March that it planned to cease manufacturing and retail operations due to a tough economy and shrinking consumer demand for heirloom quality furnishings. It has not filed for bankruptcy protection.
The company was still operating until last week, when it laid off its remaining 20 production employees, according to a report on a local Fox TV affiliate. Workers did not receive paychecks on Friday, the station said, but it quoted a company official as saying employees should be paid this week. The report said Regions Bank had frozen Craftique's assets because a creditor wasn't paid.
Shoemaker said today that the company had no comment on the employee paychecks.
Craftique was founded in 1946 by L.P. Best, who sold the company to Pulaski Furniture in 1988.
In 1997 it was purchased by a management group that included veterans of Pennsylvania House, Singer and Traditions France, including Shoemaker and John Erwin. Among its collections were licensed lines with Biltmore House and the Thomas Day Restoration Foundation.