High Point's Wood-Armfield closes
Staff -- Home Accents Today, 6/1/2006
Wood-Armfield, a High Point furniture retailer since 1939, abruptly closed its doors June 5, telling customers and vendors the company's assets would be liquidated.
The North Carolina retailer, which has been on Furniture/Today's Top 100 list, gave no reason for the closing in a brief recorded message that greeted callers to its store on Tuesday.
"It is with great sadness that the company announces this action," the message said. "We are working with our secured lender to determine how to best liquidate the company's assets."
The message urged vendors and customers with pending orders to call back later that week for additional information.
"We would like to thank our suppliers and our employees, as well as our customers, for their past support and service, as well as their patience and understanding during this difficult time," the message concluded.
The retailer, which had estimated revenues of $58.5 million in 2005, announced in March that it was closing its 16,000-sq.-ft. Utility Craft store in High Point and consolidate the business into its larger Wood-Armfield store in downtown High Point.
Its downtown store, a five-story, 136,000-sq.-ft. facility, has been for sale for several months. The company had said it wanted to sell that property and build a new store on property it owns along Business Interstate 85.
Wood-Armfield President Phil Kennett also is principal owner of Gallahan's in Fredericksburg, Va., but the Virginia store is part of a separate corporation. It remains open and has been essentially unaffected by the Wood-Armfield closing, according to Lee Capshaw, the store's general manager. — Furniture/Today
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