STANLEYTOWN, Va. (AP) -- Stanley Furniture Co. is planning layoffs and implementing a voluntary early retirement program due to slumping earnings and sales.
President and Chief Operating Officer Glen Prillaman said Thursday the number of layoffs will be determined by the first week of December. He said a "vast majority" will occur at the furniture maker's manufacturing facility and corporate offices in Stanleytown.
Stanley Furniture on Wednesday reported a $5.1 million third-quarter loss. Revenue fell 29 percent to $38.5 million from $54.5 million.
Prillaman says consumer demand for high-end wood residential furniture remains lackluster. But the company's Young America youth furniture lines are leading that market.