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Last updated on Monday, November 17, 2014
(DUBOIS CO.) - A Dubois County furniture manufacturer is calling it quits after 66 years in the business.
Inwood Office Furniture in Jasper says it will close on November 26 and 85 employees will be out of work.
The company says it's closing because of decreased demand.
The building and the land has been sold. We're told a few different businesses will be leasing the space.
Inwood Office Furniture opened its doors in 1948 under the name Jasper Table Company.
Here is the full statement released by Glen Sturm, Chairman of Inwood Office Furniture:
"As the demand for quality wood private office furniture continues to decline, and because we have a committed purchaser for our plant and land, I regret to announce that Inwood Office Furniture will cease operations effects November 26. 2014.
People who follow our industry have seen the negative impact that changes in our economy, changes in work styles, and changes in technology have had on the market for our products. These negative impacts have already been felt within our local community. Beginning in 2009 we hoped the economy would rebound and the market for wood office furniture would return, but the last few years have caused us to believe this will not be the case.
This is an orderly wind-down of our business. All of our employees, suppliers and vendors will be paid in full. Our ability to fund our operations for the past 6 years has been based upon the long-term financial success of our company from the previous years of operation. The changes in our market simply cannot be sustained indefinitely.
Our Board and our stockholders have concluded the time to exit our business is now when we have a committed buyer for our facility and land. The purchaser and new owner of the building and land is Braun Family Properties LLC. Meyer Distributing and others will be leasing space in this location.
This has been a very difficult and sad decision to make. For 66 years this company has been able to be a vibrant source of employment for generations of individuals and families. This has always been our most important and cherished core value. Not being able to continue to provide jobs for local people and their families, and to have the efforts and sacrifices of our people for so many years, end without them being able to voluntarily retire with us, will always haunt me."
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