NORWALK, Ohio (AP) -- A furniture company will stay in business under new ownership, helped by $4 million in loans from officials in Ohio and Mississippi.
Investment firms IRG Capital Group and Blackbird Capital Partners announced a deal on Monday to acquire Norwalk Furniture, based in Norwalk in northern Ohio. With a national housing slump hurting furniture sales, the company suspended operations last month after a bank called its loan.
Terms of the sale were not disclosed.
A news release says the company's restructuring plan includes a $2 million low-interest state loan from Ohio and a matching one from city and county officials in Fulton, Miss., where Norwalk Furniture has a factory with 300 employees.
About 500 work at the headquarters and a factory in Norwalk.