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September 18, 2008
NORWALK, OH - Norwalk Furniture said this week that earlier layoffs of employees are now permanent, and workers will have to be rehired if another company takes over its assets.
A notice by Chairman Jim Gerken, posted on a blog hosted by the Norwalk Reflector, said the company continues to pursue buyers. "Talks will continue through this week with two groups interested in making this purchase, putting people back to work and getting furniture out to our customers," he said.
Gerken gave no details on companies interested in a buyout.
"Should the purchase of the assets of Norwalk Furniture be made, it will be by a new company who would hire former Norwalk Furniture Corp. employees," he added. Gerken said the federal WARN act requires that the company inform workers of the permanent loss of jobs. A notice was given to the company's union, Steelworkers of America Local 48U.
Some 870 workers - more than 500 in Ohio and 300 in Mississippi - were idled in July when the company's lending source, Comerica, pulled the plug on Norwalk's credit line. About 300 returned to work to finish work in progress and ship orders but were out of work again when prospective buyers IRG Capital Group and Blackbird Capital Partners pulled out.
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