Stanley Furniture Co. Inc., a residential furniture manufacturer, has announced that it will lay off almost 200 workers at the company’s Stanleytown, VA, plant.

According to a report from the Martinsville Bulletin, about 150 hourly employees and 40 temporary workers will be laid off.

“The economy just won’t let us be the same size company we were,” said Glenn Prillaman, president and chief operating officer of the residential furniture company. “We are re-sizing to fit the economy.”

Some employees will work the rest of this week, while others will be phased out over the next two months, Prillaman said.

In mid-September, Stanley Furniture announced plans to add 99 employees at the Stanleytown plant to help meet its goal of making all its Young America residential furniture products in the United States. By mid-October, the company was considering cutting some salaried positions to help offset a year-to-date loss of $14.6 million.

Prillaman said there are no plans to move production overseas.

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