BASSETT, Va. -- Bassett Furniture Industries Inc. said yesterday that it will close its fiberboard plant in Bassett by year's end, eliminating 45 jobs.
The plant, which began production in 1970, produces medium-density fiberboard made from wood fibers.
Robert Spilman Jr., the president and CEO of Bassett, said that local demand for the medium-density fiberboard "has been depressed and no longer supports our long-term strategy."
The company said it will take a $1 million charge in the fourth quarter associated with the plant closing.
Bassett reported on Oct. 8 that it lost $3.4 million in the third quarter. Sales slid 18 percent to $57.7 million, which included a 30 percent drop in its wholesale segment.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement