David Belford, the owner of United Furniture told the Columbus Business First journal that he had been unaware of the company’s financial troubles before the closure.

"Only very recently did I learn just how dire the situation had become, how limited the company’s options were," Belford said in a statement to the business news journal.

In the first statement since abruptly shutting down the 35-year-old company and laying off hundreds of workers just days before Thanksgiving, Belford said that he was a passive investor who trusted executives to run the company without "micromanagement."

"My insight into the company's finances was limited," he told Columbus Business first.

“I am devastated by the turn of events that led to management’s difficult decision to close the doors of United Furniture Industries, a company built with thousands of dedicated associates over 35 years," Belford's statement said. "It is agonizing."

Belford is a philanthropist who supports causes in Central Ohio. In his statement, he said that the furniture business’ troubles would not change his support for the causes he supports. 

On Nov. 21, some 2,700 United Furniture employees were terminated via a mass email and text. 

Remaining United staff are working with lenders to wind down the company and liquidate assets, Belford's statement said. Proceeds will be distributed to former employees and creditors.