Bradington-Young's leather cutting and sewing operations will remain at its separate, existing cover plant in Cherryville due to the specialized nature of that auxiliary plant for the storing, cutting and sewing of leather. The leather cutting and sewing plant will supply the consolidated Hickory plant.
Bradington-Young plans to implement the consolidation over the next 60 days and expects it to be complete by mid January 2011. "Once the consolidation is finalized, we expect the Hickory plant to operate at close to its capacity," Cole said. "We believe this move will result in a strong, growing and profitable upholstery division that contributes financially to the ongoing success of Hooker Furniture," Cole said.
Ranked among the nation's top 10 largest publicly traded furniture sources based on 2009 shipments to U.S. retailers, Hooker Furniture Corporation is an 86-year old residential wood, metal and upholstered furniture resource. Major wood furniture product categories include home entertainment, home office, accent, dining, and bedroom furniture in the upper-medium price points sold under the Hooker Furniture brand, and sold at moderate price points under the Envision Lifestyle Collections by Hooker Furniture brand. Youth bedroom furniture is sold under the Opus Designs by Hooker Furniture brand. Hooker's residential upholstered seating companies include Cherryville, N.C.-based Bradington-Young LLC, a specialist in upscale motion and stationary leather furniture, and Bedford, Va.-based Sam Moore Furniture LLC, a specialist in upscale occasional chairs with an emphasis on cover-to-frame customization. Please visit our websites at www.hookerfurniture.com , www.envisionfurniture.com, www.bradington-young.com , www.sammoore.com and www.opusdesigns.com .
The Hooker Furniture Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4305Certain statements made in this release are not based on historical facts, but are forward-looking statements. These statements reflect our reasonable judgment with respect to future events and typically can be identified by the use of forward-looking terminology such as "believes," "expects," "projects," "intends," "plans," "may," "will," "should," "would," "could" or "anticipates," or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Those risks and uncertainties include but are not limited to; when or whether we are able to implement and complete the Cherryville relocation and consolidation as expected; whether the expected number of employees will be willing to transfer to the Hickory manufacturing and administrative facilities; whether we incur higher than expected charges or cash expenditures related to the Cherryville relocation and consolidation; whether we will achieve anticipated operating cost savings and efficiencies when and if the Cherryville relocation and consolidation is completed; whether we experience disruptions to our domestic manufacturing operations resulting from the planned Cherryville relocation and consolidation; when and whether we will be able to dispose of the Cherryville plant and surplus or obsolete machinery and equipment at anticipated values; as well as other risk and uncertainties discussed under the heading "Forward-Looking Statements" in our Quarterly Report on Form 10-Q for the fiscal quarter ended August 1, 2010.