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Furniture maker trims losses in second quarter

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West Lafayette furniture maker Chromcraft Revington Inc. narrowed its losses in the second quarter by shedding unprofitable products, closing plants and reducing expenses, the company said yesterday.

Chromcraft reported a loss of $2.5 million, compared with a loss of $6 million during the second quarter a year ago. Revenue fell to $14.6 million, from $25.6 million in the year-ago period.

Chromcraft has struggled to regain profitability at a time that it and other domestic furniture manufacturers face rising low-cost competition from China and other developing nations.

As part of its restructuring, the company is “moving away from a high-cost manufacturing model to a global-sourcing model with lower costs,” CEO Ronald H. Butler said in a prepared statement.

In 2008, Chromcraft closed a 150-employee manufacturing plant in Delphi. The action was the latest in a string of closings in the past two years as the company moved more production overseas.

Company stock is trading at 80 cents a share after reaching a 52-week high of $3.05 last September. 
 

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

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  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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