HIGH POINT
A company that specializes in transporting furniture and employs 600 workers intends to close facilities in High Point and Lenoir, The High Point Enterprise reported.
Furniture Transport Group plants to liquidate its assets after unsuccessfully trying to renegotiate its financing with several lenders, the newspaper said, citing a report on WXII-TV.
"It has been determined that an orderly liquidation of substantially all of the company's assets is the only viable course of action," Chief Executive Officer Steven Lusty said Tuesday.
Furniture Transport Group was formed in 2007 through the merger of several companies, including MGM Transport Corp. of High Point. MGM Transport is a company that has specialized for decades in transporting furnishings. The impending closing of the MGM Transport operation on Jackson Lake Road in High Point was confirmed in a layoff notification sent to the city of High Point Tuesday, according to a copy provided to The Enterprise.
The merger involving MGM Transport took place four years ago before the Great Recession took its toll on the economy and home furnishings industry.
In 2007, MGM Transport announced that it would become a subsidiary of the CF Holding Co. Inc. The other companies involved in the deal include Lenoir-based Caldwell Freight Lines Inc. and Foothills Trucking Co. Inc. based in Catawba County. At the time, the combined companies were to have annual revenues in excess of $120 million.
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