Vaughan Furniture Will Close
Posted on January 2, 2015 by
GALAX, Va.-Vaughan Furniture Co., a longtime case goods producer, is closing.
In an internal memo sent to its sales force Dec. 30, the 91-year-old company said that despite extensive efforts to grow its business and return to profitability, the company had experienced declining sales and losses to its income statement.
The company confirmed that while it will honor all orders currently on file, and will continue to fill new orders as long as inventory allows, it will "cease normal operations and begin the process of liquidating the remaining inventory in an orderly manner."
The memo also assured the sales team that they will receive commissions on orders currently in the system and will continue to be paid on any new orders written as the company sells off remaining inventory.
In the memo, company President Taylor Vaughn said, "Through three generations of the Vaughan family, we have always strived to present the company and conduct ourselves with the highest levels of honesty, integrity, and respect."
Vaughn thanked his team and encouraged them to work together in order to keep those values present as it progresses through the liquidation in the coming months.