Stanley Furniture (STLY) to Cut 100 Jobs
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Stanley Furniture Company, Inc. (Nasdaq: STLY) announced plans to reduce the workforce at its Stanleytown, Va., facility by approximately 100 production positions.
"The recession in the U.S. economy has continued to lead to lower sales, requiring us to balance production and staffing levels," says Albert L. Prillaman, chairman and chief executive officer. "We have a proven business strategy and are focused on improving our product offerings, quality and service as we prepare for the eventual upturn in business. We are preserving as many jobs as possible so we retain the flexibility to quickly respond to improving demand with our mostly domestic manufacturing model. We sincerely regret the impact of this decision on our Virginia associates and their families who are affected."
The Company currently employs approximately 1,500 people. This action impacts only the Company's Stanleytown, Va. facility. [SM]
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