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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA 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.
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