WEST LAFAYETTE, IN – Furniture manufacturer Chromcraft Revington Inc. reported sales for the quarter ended Dec. 31, 2007 of $28.3 million, compared to $38.9 million during the prior year period, according to FoxBusiness.com.
Sales for the year ended Dec. 31, 2007 were $123.4 million, which was a 23.1% decrease from sales of $160.5 million in 2006. Shipments of residential furniture in 2007 were lower due to competitive pressures from imported furniture and the impact of restructuring activities at the company. Commercial furniture sales grew in 2007 compared to 2006 due to higher shipments of office seating products.
Additionally, the company announced that on March 25, its board of directors approved the next step in the transition of its U.S.-based operations toward greater use of the global supply chain. This step involves shifting manufacturing of products from its Delphi, IN plant to suppliers primarily in Asia. Manufacturing activities at the Delphi facility will conclude on May 30. Chromcraft anticipates that it will sell the manufacturing equipment used at this site and convert the plant to a warehouse and distribution center. It is expected that approximately 150 jobs will be cut from this location.
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