(AP) STANLEYTOWN, Va.
Stanley Furniture Co., a maker of wood furniture, said Tuesday it

will cut about 200 jobs at its Robbinsville, N.C., facility due to flagging sales.

“The industry wide slowdown that has led to lower sales requires us to balance production and staffing levels throughout our four facilities,” Chairman, President and Chief Executive Jeffrey R. Scheffer said in a statement.

The plant currently employs about 450 people. Stanley Furniture said the job cuts will affect both management and hourly employees.

In October, the company said its third-quarter sales slipped 11 percent to $75.9 million, while quarterly profit fell 48 percent to $3 million as the company dealt with the effects of the slowdown in the U.S. residential housing market.

Shares rose 60 cents, or 2.8 percent, to close at $22.38 on the Nasdaq. The stock has ranged between $19.11 and $29.96 over the past year.