Tough day for many in N. Miss... Lane Furniture shuttered operations

[Duke Humphrey]

awful news for families heading into the holiday season

United Furniture laid off entire workforce

United Furniture has terminated all employees. Workers learned of the news overnight via electronic message.

www.wtva.com

 

[theoriginalSALTYdog]

Sounds like a WARN act violation to me.........In mass layoff situations you're supposed to give a minimum of 60 days notice.........That didn't happen here........

 

[Duke Humphrey]

Sounds like a WARN act violation to me.........In mass layoff situations you're supposed to give a minimum of 60 days notice.........That didn't happen here........

Not sure that applies since the entire company closed and reportably due to not being able to obtain capital.

 

[Walkthedawg]

awful news for families heading into the holiday season

United Furniture laid off entire workforce

United Furniture has terminated all employees. Workers learned of the news overnight via electronic message.

www.wtva.com

Man.. they still have the “now hiring” sign out front of the one in Belden. Talk about a swing from one day to the next. Interviews one day, shut down the next.

 

[UpTheMiddlex3Punt]

The worst part about all the furniture manufacturing getting moved out of the US is that furniture is more expensive than ever, is of worse quality than ever, and the people who used to make it are out of jobs.

 

[L4Dawg]

Not sure that applies since the entire company closed and reportably due to not being able to obtain capital.

Yes, it sounds like the whole thing went under. No benefits for employees starting today either.

 

[57stratdawg]

Think this has been in the making for quite some time. They had asked for terms extensions from vendors which raised flags. There are also rumors of a material financial statement issue. I doubt this is the end of the story.

 

[Leeshouldveflanked]

I wonder if Ashley will buy any of their assets?

 

[Preacher Franklin]

Sad. Especially during the holiday time frame.

 

[She Mate Me]

Sounds like a WARN act violation to me.........In mass layoff situations you're supposed to give a minimum of 60 days notice.........That didn't happen here........

This is not a layoff, unfortunately. You can't regulate a failed business.

 

[PooPopsBaldHead]

As a fan of irony I must post this image, but as someone who has friends in the furniture industry in NMiss I am saddened by the situation. One Lane train has definitely derailed now let's hope for the other to explode into a heaping pile of ****.

 

[The Cooterpoot]

Y'all haven't seen layoffs yet. Give it a few months.

 

[Dawgbite]

I wonder if Ashley will buy any of their assets?

Doubtful. Someone will buy the Lane name but that wasn't Lane Furniture, United Furniture bought the name several years ago. United and Ashley aren't really competitors. Very different clients and business models.

 

[johnson86-1]

Think this has been in the making for quite some time. They had asked for terms extensions from vendors which raised flags. There are also rumors of a material financial statement issue. I doubt this is the end of the story.

They probably had exposure to some floating rate debt, or else needed to roll over some fixed rate date coming to term and couldn't make it with the new interest rates. Kind of surprising you aren't seeing more layoffs already from leveraged companies seeing their cost of debt explode.

 

[L4Dawg]

Y'all haven't seen layoffs yet. Give it a few months.

 

[She Mate Me]

They probably had exposure to some floating rate debt, or else needed to roll over some fixed rate date coming to term and couldn't make it with the new interest rates. Kind of surprising you aren't seeing more layoffs already from leveraged companies seeing their cost of debt explode.

It's coming. And when it comes, it won't be a trickle.

It's going to be very painful for many, but we have to pay the piper at some point. That point is now here.