A weakened retail environment drove losses deeper in the first quarter, West Lafayette furniture maker Chromcraft Revington Inc. reported yesterday.
The $3.2 million loss was 45-percent greater than in the same period a year earlier. Revenue declined 39 percent to $16.7 million.
Chromcraft has struggled to restore profits at a time that it and other furniture manufacturers face rising low-cost competition from China and other developing nations.
In 2008, the company closed a 150-employee manufacturing plant in Delphi, which is about 75 miles north of Indianapolis. The action was the latest in a string of closings in the past two years as the company has moved production overseas.
“As part of its restructuring, the company is transitioning to lower-cost global product sourcing and repositioning its product line offerings … to improve profitability and to support a more efficient distribution business,” CEO Ronald H. Butler said in a written statement.
Still, Butler said he expects second-quarter revenue to fall as the company eliminates products and the economic slump continues.
Chromcraft stock has sunk to 65 cents per share after trading near $4 in June of last year.