Layoffs loom after furniture company files bankruptcy

Reported by: WTVA News
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Updated: 7/10/2013 5:05 pm
NEW ALBANY, Miss. (WTVA) -- Newport Furniture in New Albany has filed for Chapter 11 bankruptcy protection.

In court documents, the company says it owes between $10 and $50 million dollars, but only has between $1 and $10 million in assets.

The company makes upholstered furniture.

In the court documents, officials asked the court for permission to pay unused vacation pay to nearly 110 employees it says were notified they would be let go on June 17.

At one time, the company employed nearly 150 people.

Company officials asked the court to allow the payment of utilities to keep the company operating on a daily basis until the company was able to come out from under bankruptcy.
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