Norwalk Gets $2 Million To Continue Operations

Furniture World Magazine

Comerica Inc. is offering its assistance to Norwalk Furniture to continue operations and help save the jobs of as many as 2,000 workers across Ohio, Mississippi, North Carolina and Tennessee. Financial issues forced a shutdown of Norwalk Furniture operations on July 21. Since the shutdown, a number of private equity firms and state governments have come forward with investment and loan proposals to allow the company to resume operations and pursue its restructuring plan. Friday, Comerica extended its help as well to resolve debt issues related to the company. "On behalf of Norwalk Furniture, its employees and their families, we'd like to thank Comerica for its willingness to work through a tough situation on a tight schedule," said Domenic Aversa, acting CEO of Norwalk Furniture. "We are grateful that Comerica understands the importance of helping save these jobs and keeping this 106-year-old company in business." Aversa said he anticipates a transaction to save the company within a week. 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. For information, visit the Norwalk Furniture Web site at www.norwalkfurniture.com.