Hooker Furniture Corp. on Tuesday lowered its estimate of charges from the closure of its plant in Roanoke, Virginia, saying it entered into a definitive agreement to sell the property and equipment in late July.


The company said in a federal filing that it expects restructuring and related charges of $1.9 million to $2.1 million after taxes, or 16 cents to 18 cents a share, with the majority to be recorded in the third quarter. Hooker said the charges would lead to future expenditures for severance and related worker benefits costs.

The Roanoke plant, one of two Hooker plants in Virginia that make wood furniture, has about 275 employees, or 20 percent of the company’s total workforce.

The decision to close the plant, which makes home office and home entertainment furniture, followed a drop in orders for wood furniture made in the United States and rising demand for imported products.

Hooker shares were off 51 cents, or 3 percent, at $14.94 on Nasdaq. The stock is down about 12 percent so far this year.
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