NAPANEE, ON – Bruce McPherson Sr., owner of Gibbard Furniture, a 172-year-old residential furniture manufacturer, said he and his family lack the health and energy needed to succeed against today’s competitive challenges, according to Report on Business. McPherson announced he is putting the business up for sale.

“It’s a way of saving the company and saving the jobs. We think there are others out there who can do a better job,” McPherson said. “We’re getting a little long in the tooth, and health isn’t that good for either my sons or myself.” McPherson’s three sons are all in their 50s and have held senior jobs in the company.

Reportedly, the company has struggled with the rising Canadian dollar, and has been impacted by the importing of lower-cost furniture from China. Read more.