BASSETT, Va. (AP) ¿ Bassett Furniture Industries Inc. said Thursday it will cut 45 jobs as it closes its fiberboard factory in Bassett, Va., by the end of the year.
CEO Robert H. Spilman Jr. said the company regrets the cuts but that demand for medium density fiberboard has been depressed and "no longer supports our long-term strategy."
The company expects a fourth-quarter charge of $1 million to cover write-downs for property and equipment.
The company makes custom-built furniture and owns retail stores.Bassett shares rose 1 cent to $4.56 in after-hours trading following the announcement. In the regular session, the stock gained 14 cents to $4.55.