furniture brands to close plants, cut 330 jobs
International furniture brand LimitedFBN.
N said on Friday that in the case of weak sales across the industry, three factories will be closed and about 330 layoffs will be made to align costs with revenue.
Manufacturers of Thomasville, Broyhill, Henredon and other furniture brands said the initiatives are expected to save about $13 million a year, but will charge 5 cents a share, evenly distributed in the second and third quarters.
Its stock rose 3% to $16.
Afternoon trading on the New York Stock Exchange.
Furniture makers cut their profit forecasts, cut jobs and announced the closure of the plant as home sales slowed and grew year-on-year. over-
Annual borrowing costs lead consumers from large
Tickets for the past year.
In the first quarter of this year, Furniture Brands lowered market expectations, saying sales could drop by nearly 15%.
The layoffs announced on Friday include the reduction of about 80 administrative and administrative personnel;
Due to the closure of three manufacturing plants in North Carolina, 150 employees were fired;
And cut 100 additional jobs from other manufacturing operations.
As of December 31, the furniture brand had 13,800 employees, the spokesman said.
Furniture brand, planning to release its first-
The company said it will discuss \"these and other cost-cutting initiatives\" next week \".