HIGH POINT, NC - The town that Stanley Furniture built may lose its storied namesake.
Stanley Furniture, Inc. has won approval from the High Point City Council for $340,000 in financial incentives to relocate its headquarters here, reports the High Point Enterprise. State and county aid are also on the table for a January 2013 relocation from Stanleytown, VA, where the company has been located since it opened in 1924.
Proposals for the move detail that 42 employees would be employed at the combination headquarters and showroom, in the home base of the High Point Market - the major national showcase for residential furnishings events. Thirteen would be expected to relocate from Stanleytown.
Relocating allows Stanley Furniture to consolidate marketing for its Stanley Furniture line, which is produced mostly in Indonesia and Viet Nam. It's Young America children's furniture is produced domestically, and Stanley has been investing to upgrade its production lines.
In 2011, Stanley invested $4.2 million in new machinery and equipment, and in 2012 will invest another $4 to $5 million to automate the Young America production lines in its 562,000 square foot Robbinsville, NC plant.
Last year, Stanley Furniture sold its Stanleytown facilities to JHS Master Capital LLC in a lease back arrangement, receiving a one year free lease, and afterward signing a five-year lease. Stanley ceased manufacturing in Stanleytown in December 2010.
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