Asheboro-based Klaussner Furniture Industries, Inc. to close all facilities
ASHEBORO – Klaussner Furniture Industries, which once had been the largest employer in Randolph County, is shutting down operations at all its facilities, the company announced Monday.
The company was tightly tied to Asheboro, which housed its corporate headquarters.
According to a news release: “Klaussner’s lending source has unexpectedly refused to continue to fund the Company’s operations. This outcome was not reasonably foreseeable, but due to these unexpected circumstances, Klaussner can no longer sustain its operations.”
There will be more than 3,800 job losses, with a majority of those connected to Asheboro and Randolph County, based on some reports. The company’s announcement said the process of shuttering all its facilities began Monday.
The company is working to provide additional information and resources for its displaced employees.
“This information will be communicated directly to employees via contact information we have on file,” the company’s release said.
Klaussner Home Furnishings has been a leading solutions provider to the furniture industry since 1963. The company manufactures more than 70 percent of its products domestically through its five manufacturing campuses in North Carolina.
A published report in 2020 said that about 4,000 people were employed in the state by Klaussner. There were also facilities in Candor and Robbins after more than 160 workers were impacted by a Greensboro plant closing. That was believed to be the first time the company closed a plant.
FurnitureToday, a trade site, reported Monday that based on multiple industry sources “the company had been challenged recently to maintain current payments with key suppliers and had difficulty receiving goods.”
According to Furniture World Magazine, the company was founded by Stuart Love in 1963 and purchased by Hans Klaussner in 1979. Klaussner’s management team acquired the company in 2011, then sold it to private equity firm Monomoy Capital Partners in 2017.
Brands that might be most recognizable that were manufactured by Klaussner Furniture are Trisha Yearwood Home Collection and Stacy Garcia Home.
Klaussner Furniture’s announcement follows the March closing of a furniture manufacturer in Thomasville. Creative Metal and Wood, Inc., had been in business since 1954.
In June, Cox Manufacturing in Hickory shut down after 90 years in operation.
