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Norwalk Suspends Operations While it Seeks Capital

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Norwalk Furniture Corp., reported that effective Friday, July 18, Norwalk Furniture has temporarily suspended its operations until internal issues regarding their current banking partnership can be resolved. The 106-year-old family-owned manufacturer of custom upholstered furniture anticipates that operations will resume soon. Norwalk Furniture will fulfill all current and future orders in a timely manner to continue its tradition of providing high-end, custom furnishings nationwide. The temporary suspension is yet another symptom of banking issues being experienced across the United States. Currently, company executives are reevaluating their business options to expedite the reopenings. “We apologize for any temporary inconvenience that this issue may have caused,” said James Gerken, chairman of Norwalk Furniture. “We are committed to restarting operations as quickly as possible so that we may continue to provide our customers with the quality furnishings they have come to expect from Norwalk Furniture for more than a century.” Norwalk Furniture Corporation, founded in 1902, is a family-owned company that makes quality upholstered furniture sold under the Norwalk, J. Raymond and Hickory Hill trade names. The company also has a network of retail stores, Norwalk – The Furniture Idea, which includes company and independently owned franchised furniture stores throughout the United States and Canada. The Cleveland Plain Dealer (http://blog.cleveland.com) reported that, "The decision to idle the Huron County factory and a wood mill and other operations in Tennessee as well as to trim staff at retail stores resulted from banking problems, said Jim Gerken, chairman and fourth-generation owner of the 106-year-old upscale furniture maker." The Toledo Blade (http://www.toledoblade.com) wrote that, "the privately-held company blamed the suspension of operations at its plant in Norwalk and another in Tennessee on a slowing economy and changes in the furniture industry. Norwalk Furntiure’s sales dropped $8 million from 2006 to 2007."

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