By Sue Schultz
\nStaff Writer
\nHIGH POINT — Rose Furniture Co., an 81-year-old family-owned High Point furniture store,
\n
\n\t\t
\nannounced Tuesday that it will go out of business and could file for bankruptcy.<\/p>\n
About 240 employees work at the company’s three locations in High Point.<\/p>\n
“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.<\/p>\n
Cullen said the company will continue to do business at its three locations and that a specific closing date hasn’t been determined.<\/p>\n
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.<\/p>\n
The company also may file for Chapter 11 bankruptcy.<\/p>\n
“It’s definitely a consideration,” Cullen said.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Earlier this year, Holton Fine Furniture & Accessories, a Thomasville furniture store in business since 1927, also closed.<\/p>\n
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.<\/p>\n
In June, Wood Armfield also cited competition from imports and a tough economy as reasons for its closing and eventual bankruptcy.<\/p>\n
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.<\/p>\n
Furniture stores, no longer relying on a handful of domestic furniture makers, are dealing with hundreds of new overseas factories.<\/p>\n
And stocking furniture imports often takes some stores longer, which may delay how quickly a consumer receives an order.<\/p>\n
“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.”<\/p>\n
Consumers buying larger homes and cars — along with the increases in interest rates and gasoline prices — are also taking a toll on furniture stores.<\/p>\n
Because they have less cash left for major furniture purchases, many consumers are looking for lower-cost options — and some just delay shopping.<\/p>\n
“There’s a trend in consumers trading down in quality,” Harris said.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“We are seeing a polarization in this area for furniture shopping,” Harris said.<\/p>\n
“Consumers will still have a tremendous amount of choices, but just under fewer roofs.”<\/p>\n
Contact Sue Schultz at 883-4422, Ext. 232, or sschultz@news-record.com<\/p>\n","protected":false},"excerpt":{"rendered":"
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