From Home Furnishing Business
Mastercraft Furniture Files Chapter 7 Bankruptcy
Upholstery producer Mastercraft Furniture has filed for Chapter 7 bankruptcy.
A Stayton, Ore., furniture manufacturer that had been lauded as a domestic manufacturing success story is shutting down amid a glue dispute.
Mastercraft Furniture Inc., a privately owned maker of upholstered furniture with clients that included home-furnishing giant Ikea, filed for Chapter 7 bankruptcy Monday. The filing lists $516,000 in assets and $6.8 million in liabilities.
"We have been particularly proud to show that U.S. manufacturers can be competitive with overseas producers," owner Marty Olson said in a statement provided by an attorney for the company. "Mastercraft has provided good jobs to the people of Stayton and the surrounding area, and we are devastated that the business we have worked so hard to build has to close its doors."
Read Entire Story Source: Oregon Live