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.