HIGH POINT, NC - Stanley Furniture (Nasdaq-NGS:STLY) will relocate its headquarters from Stanleytown, VA to a 60,000 square foot office with showroom in High Point, NC. City, state and county governments provided $755,000 in incentives to beat competing locations.
The deal was clinched by a $335,000 grant from the One North Carolina Fund. Stanley Furniture plans to create 42 jobs and invest $4 million over the next three years in High Point.
While the move may be emotionally charged for Stanleytown, VA, where the company originated in 1924, Stanley has already made a large investment in manufacturing in Robbinsville, NC, where it's Young America furniture line is produced. Stanley employs over 350 people there.
In announcing the selection of High Point over two other potential sites considered by Stanley Furniture, North Carolina Governor Bev Perdue's office said the headquarters would generate more than $2.5 million in payroll.
“The State has helped Stanley adapt, sharing with us the belief that past business models were no longer relevant and that new thinking and investment would position us well to return to a pattern of growth," said Glenn Prillaman, president and CEO of Stanley Furniture. "We are working to become the largest and most efficient children’s furniture manufacturer in the country."
Stanley Furniture Company, Inc. announced earlier this year it will spend $4 million retooling its Robbinsville, NC factory, based on the belief that consumers prefer children's furniture made in the U.S.
Stanley Furniture, midway in its transition to domestic production of furniture, says it made $4.2 million in capital expenditures in 2011, and it is also spending $3 million over the next two years on customer management information systems.