LINCOLNTON, NC — Lincolnton Furniture closed on Thursday, a year after being lauded by President Barack Obama as an example of America's manufacturing resurgence.
Lincolnton CFO Ben Causey said insufficient orders led to an indefinite manufacturing stoppage at the North Carolina furniture plant. Causey told The Charlotte Observer that only a few employees would remain at the company while it evaluates its options.
In a separate interview with WBTV, Lincolnton Furniture President and CEO Bruce Cochrane also cited price competition with Chinese furniture plus unanticipated costs to retrofit the plant for contributing to the shutdown. Lincolnton Furniture was located in the former Cochrane Furniture factory, which closed in 2008.
Bruce Cochrane opened the solid wood bedroom and dining room furniture company in December 2011 with 60 employees. An estimated 130 people were expected to be hired by the end of 2012.
Lincolnton Furniture received the Governor’s Award for Excellence in Workforce Development, Outstanding Employer category in November. The company was cited by Governor Bev Perdue for its part in the growing trend of reshoring jobs back to America.
View the video from WBTV.com
Have something to say? Share your thoughts with us in the comments below.