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ELKIN, N.C. — Vaughanee'Bassett Furniture Company announced Monday that it will "mothball" its Elkin plant in 60 days, which will lead to the loss of approximately 400 jobs.
The Galax, Va.-based company emphasized, however, that it has no plans to sell either its plant or its equipment.
"We are now facing a severe and possibly prolonged recession and the worst slump in the furniture business in at least 30 years, but one day business conditions will improve," said Wyatt Bassett, president and CEO of Vaughanee'Bassett Furniture Company. "By keeping both our factory and equipment intact, we will maintain the ability to reee'open a portion or all of the facility when demand returns to normal levels," he added.
Vaughanee'Bassett will continue to manufacture bedroom furniture at its factory in Galax and will deliver furniture from Galax and from both its Elkin and Boonville warehouses in North Carolina.
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