LEXINGTON, NC - Linwood Furniture has officially ceased as a business following a U.S. Bankruptcy Court judge's issuance of a final decree on Nov. 27. This closes the chapter on the firm once cited by President Barack Obama as a Made-in-America furniture success story.
According to reports by the Winston-Salem Journal, the residential furniture manufacturer listed $6.35 million in unpaid claims and more than $100,000 in paid administrative costs. More than $8 million of the company's assets were purchased by Liquid Asset Partners and sold through public auction earlier this year.
Linwood Furniture filed for Chapter 11 bankruptcy protection on March 5, 2012, and was put in Chapter 7 in September 2012. Prior to the filing, more than 100 people worked at the 800,000-square-foot factory.
Linwood Furniture was founded in 2006 as a joint venture between Bob Timberlake Inc., Kepley-Frank Hardwood and a group of investors. The company became renown for its promotion of Made in the USA solid wood bedroom and dining room suites.