Asheboro-based Klaussner Furniture, once one of North Carolina’s major manufacturers, ended its operations on Monday.
“Klaussner’s lending source has unexpectedly refused to continue to fund the company’s operations,” according to a company statement. “This outcome was not reasonably foreseeable, but due to these unexpected circumstances, Klaussner can no longer sustain its operations.”
The company, which had five plants in North Carolina, was owned by New York-based Monomoy Capital Partners since 2013. At that time, Klaussner had 10 plants, $350 million in annual revenue and about 1,800 employees, according to WoodworkingNetwork.com
In 2022, the company had five N.C. plants and estimated sales of $300 million, ranking 36th on a ranking of the largest U.S. wood products manufacturers, according to the trade publication.
Stuart Love founded the company in 1963, then sold it to Hans Klaussner in 1979. It grew rapidly over the next three decades as a manufacturer or supplier of upholstery, motion furniture, case goods and mattresses.
Its product licenses included the Trisha Yearwood Home Collection and Stacy Garcia Home, Furniture Today reported.