Thornwood Furniture Files Chapter 11

June 10, 2010  by in UnCategorized   

By Home Furnishings Business in Case Goods on June 11, 2010

Bedroom, home office and home entertainment furniture manufacturer Thornwood has filed for Chapter 11 bankruptcy protection, the Arizona Republic reported Friday.

Thornwood plans to continue operations at its 500,000-square-foot Phoenix plant and maintain its 250-strong work force as it restructures its finances. The filing resulted from Thornwood's inability to reach an agreement with M&I Marshall and Ilsley Bank on an outstanding loan balance of more than $12 million.

An attorney for the company told the paper Thornwood hopes to emerge from bankruptcy later this year.