Major furniture company closing down, no bankruptcy plans
A key supplier of furniture to major retailers is closing down its business.
The U.S. furniture retail sector has struggled with economic problems over the last year, with retailers closing stores, manufacturers shutting down production facilities, and companies sometimes filing for bankruptcy.
The furniture business has been dealing with rising labor and product costs caused by inflation, a slowdown in the real estate market that has depressed furniture sales, and increased interest rates on debt, all of which have led to financial distress.
