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Fri March 9, 2012
Linwood Furniture Files For Chapter 11
Another North Carolina furniture maker is facing financial trouble. Jessica Jones reports Linwood furniture of Davidson County has filed for Chapter 11 bankruptcy.
Jessica Jones: Linwood furniture was founded in 2006 by the North Carolina artist, Bob Timberlake, who first gained fame for his watercolors. He established the company to make sure his rustic furniture line was produced here in the U.S. But costs have caught up with the company, which is now nearly seven million dollars in debt. The CEO of Linwood says he hopes the bankruptcy filing will allow the company to modernize its operations. He says it won't affect 80 full time employees' jobs, though some temporary workers have been released. This is the second North Carolina furniture company to suffer difficulties this week. A few days ago, the high-end company Craftique of Alamance County made plans to close its doors. Craftique is famous for its hand-crafted mahogany furniture. The company is closing its factory and liquidating its entire stock of inventory.