Rich Smith, writing for the “Motley Fool” recently offered his

analysis of the furniture industry, a declining holdout here in Martinsville and Henry County.

Smith notes the closure of the huge Broyhill plant in Lenoir, NC last week. They intend to move production overseas where it’s cheaper.

Smith also notes that Hooker Furniture, headquartered in Martinsville, has been closing “down factories at the rate of roughly one per year.” They are down to their last wood plant in America and it’s here at headquarters.

Then there’s Stanley Furniture, we reported yesterday their plans to close part of a plant in Robbinsville, NC at the cost of 200 jobs. Stanley officials have also testified at a SCC hearing that if AEP gets approval for the latest rate increase, more jobs will have to go.

Smith thinks the slowdown in the housing industry will continue to put pressure on an already pressured furniture industry.