By Sue Schultz
Staff Writer
HIGH POINT — Rose Furniture Co., an 81-year-old family-owned High Point furniture store,


announced Tuesday that it will go out of business and could file for bankruptcy.

About 240 employees work at the company’s three locations in High Point.

“The goal here is not to have an abrupt closing but to manage the process over a period of months,” said James Cullen, a restructuring consultant with Alliance Management in Minneapolis, which was hired to represent Rose Furniture.

Cullen said the company will continue to do business at its three locations and that a specific closing date hasn’t been determined.

He said Rose Furniture hadn’t decided how many of its employees will be involved with the company’s operation over the next few months.

The company also may file for Chapter 11 bankruptcy.

“It’s definitely a consideration,” Cullen said.

In business since 1925, the company operates Rose Furniture at 916 Finch Ave., Rose on Main at 1813 S. Main St. and Rose Furniture Clearance at 2020 Logan St.

News of the closure of Rose Furniture comes just months after Wood Armfield, a 67-year-old High Point furniture store, filed for bankruptcy in July.

Earlier this year, Holton Fine Furniture & Accessories, a Thomasville furniture store in business since 1927, also closed.

Cullen said Tuesday that challenges in the furniture retail industry over the past year — such as the growing competition from lower-priced furniture imports and a poor housing market — have led to the decision by Rose Furniture to close.

In June, Wood Armfield also cited competition from imports and a tough economy as reasons for its closing and eventual bankruptcy.

At Furnitureland South off Business 85 in High Point, Jason Harris, the vice president of sales and marketing, said the furniture retail business has changed drastically over the past few years.

Furniture stores, no longer relying on a handful of domestic furniture makers, are dealing with hundreds of new overseas factories.

And stocking furniture imports often takes some stores longer, which may delay how quickly a consumer receives an order.

“We are in a want-it-now society,” Harris said. “But in this industry, if you want nicer things, there may be a lag time.”

Consumers buying larger homes and cars — along with the increases in interest rates and gasoline prices — are also taking a toll on furniture stores.

Because they have less cash left for major furniture purchases, many consumers are looking for lower-cost options — and some just delay shopping.

“There’s a trend in consumers trading down in quality,” Harris said.

He said some consumers are choosing stores such as Rooms to Go, with ready furniture and quick deliveries, over high-end and often more customized furniture.

As these challenges continue, Harris said it could have an impact on the overall future of some stores — especially those in High Point, known as the home furnishings capital of the world.

“We are seeing a polarization in this area for furniture shopping,” Harris said.

“Consumers will still have a tremendous amount of choices, but just under fewer roofs.”

Contact Sue Schultz at 883-4422, Ext. 232, or sschultz@news-record.com