New Norwalk Team Sets High Point Events

October 14, 2008  by in UnCategorized   

By Home Furnishings Business in Case Goods on October 2008 As Norwalk Custom Order Furniture moves to re-establish itself in a new form, top executives will be at the High Point Market next week and will host receptions on Tuesday and Wednesday with retailers and vendors.

The receptions will take place 4-8 p.m. Tuesday and Wednesday in the President’s Room on the Ballroom level of the International Home Furnishings Center. The new executive team also will hold retailer and vendor meetings on Tuesday and Wednesday from noon to 8 p.m.

With new investors, the leadership team of the 106-year-old company expressed optimism in a news release Tuesday. Norwalk Custom Order Furniture purchased assets of the former Norwalk Furniture, which filed Chapter 7 bankruptcy earlier this month.

“In many ways, we are better off than many companies because we don’t need credit,” said Dan White, an investor serving as interim president with a background in finance and venture capital. “We have a radically different balance sheet than our predecessor, are well capitalized with virtually no debt and are already back in production with sufficient assets to offer assured delivery of previous Norwalk product lines.”

News accounts Tuesday from Toledo reported on a federal judge’s order for machinery to be seized at a Norwalk factory. A spokesman Tuesday said the order covers only property belonging to Norwalk Furniture and doesn’t affect Norwalk Custom Furniture.

In Tuesday’s press release, White said, “We have received positive feedback from our customers and our vendors. We want them to meet our investors and see familiar faces with a new Norwalk vision of quality, informed communications and guaranteed commitment to our retail partners.”
The new executive team includes many Norwalk veterans. Ten of the company’s 13 sales representatives have joined Norwalk Custom Order Furniture. White has operated Next Generation, a venture capital firm, and Geotrac, a provider of information to the finance industry. He will serve as president for the next 12 months as a search is conducted for a permanent president.