united furniture industries

Woodworking Industry News

Creditors owed $99.5M by United Furniture; seek to force shuttered company into bankruptcy

TUPELO., Miss. — Creditors are seeking to recoup nearly $100 million from United Furniture Industries, and one of its largest creditors — banking giant Wells Fargo — is pushing the company into an involuntary Chapter 7 bankruptcy filing. In addition to Wells Fargo,the petition also names two other creditors — Security Associates of Mississippi/Alabama and V&B international — as being owed money. In total, United owes more than $99.5 million, excluding interest, fees and expenses, to the three creditors alone.

Woodworking Industry News

United Furniture owner says he was unaware of the company’s financial troubles

  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.

Furniture

Lane furniture owner 'disappears' while workers wait for check

David Belford, owner of United Furniture Industries in Northeast Mississippi, informed all 2,700 of his workers that they no longer had jobs. The New York Post reported that Belford is missing and nowhere to be found. However, multiple people told the Clarion Ledger Friday that Belford is believed to be in Paris staying at an upscale hotel.