THOMASVILLE, NC -- The licensing agreement inked between artist Bob Timberlake and Lexington Furniture in 1990 will not be renewed.
The agreement, which reportedly has netted Lexington, NC, native Bob Timberlake $26 million in royalties, expires on December 31.
Timberlake, an internationally acclaimed realist painter and designer, is choosing to end his pact with Lexington that, according to the Winston-Salem Journal, became increasingly antagonistic in the past 11 years due to changes at the top at Lexington Furniture after the agreement was originally signed. TImberlake, who on several occasions has unabashedly said he believes American furniture manufacturing is the best quality, expressed displeasure that the World of Bob Timberlake furniture collection was sourced off-shore by Lexington to save money.
The newspaper said Timberlake will soon announce plans for a new licensing agreement for his World of Bob Timberlake furniture line.
In a press release, Phil Haney, chief executive of Lexington Furniture Home Brands, said his company will sell its Timberlake inventory until it is exhausted.
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