Layoffs loom after furniture company files bankruptcy

Reported by: WTVA News
Email: news@wtva.com
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
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.
Share
Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.

Copyright © 2009–2014 WTVA Inc. | Terms Of Use | Privacy | EEO Report | FCC Public Inspection File