â Home Line Furniture Industries plans to close its factories and liquidate its retail inventory as it ends production and retail operations. When asked how long the process will take, CEO Bret Venekoff said, "I don't know." Venekoff also declined to outline the reasons for the shutdown.
Founded in 1962 as Chuck's Bargain House, Home Line Furniture Industries grew to become a major supplier of rent-to-own furnishings and economical wood and upholstered residential furnishings. It opened a factory and distribution center in Philadelphia, PA in 2002, and an upholstery factory in Asheboro, NC, in 2006. According to a timeline at its website, Home Line also contracted furniture manufacture in Vietnam, beginning in 2000, Italy in 2001, opened a factory in Viet Nam in 2003, and a High Point, NC distribution center in 2009.
Home Line Industries released a memo to employees earlier this week, first reported by Furniture Today, stating that the four principals of the firm were working on liquidating inventory and would close. Venekoff confirmed the contents of the memo and the decision to close in an interview with Woodworking Network.
"It is with much regret and sadness that we have to announce that Home Line, our family's business for three generations, has to come to an unceremonious end," said the memo, signed by Vernekoff and Executive VP Josh Verne. "It's been a topic of rampant speculation for some time now." Vernekoff and Verne assumed control of the company in January 2003 when Joe Verne and Lew Verne retired.
Separately, Global Link Logistics filed suit April 5 in U.S. District Court in Eastern Pennsylvania, against Home Line Furniture Industries, an affiliate firm MIE Industries and Vernekoff, alleging breach of contract among other charges. Global Link Logistics states in its filing that Home Line Furniture and MIE owe it $750,000 for shipping containers of furniture, and that the firm issued a check on March 11 for $80,000 that was returned for insufficient funds. A PDF of the Global Link Logistics filing against Home Line Furniture is attached. /ccmsdocuments/Woodworking-Network/Global Link suit Home Line MIE.pdf
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