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Hooker Furniture to close plant in Woodleaf this yearHooker Furniture to close plant in Woodleaf this year (July 27, 2009)MARTINSVILLE, Va. - Hooker Furniture Corp. said Friday that it is closing a frame-manufacturing plant of its Bradington-Young subsidiary in Woodleaf by the end of the year. The upholstery production is being transferred to a Bradington-Young plant in Cherryville. About 23 employees are affected by the decision. Hooker said that its goal is to sell the 34,000-square-foot plant and equipment at an "on-going business." But it also said it would close the plant and sell off the equipment separately if such a deal could not be reached by year's end. Hooker said that the move would reduce fixed overhead costs by a range of $350,000 to $550,000 annually, or about two to three cents a share after taxes. If it does not find a buyer for the plant, it expects to take a restructuring charge of about $140,000 pretax, or 1 cent, in the third quarter.
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