Two Southside Virginia furniture plants laying off workers

Two Southside Virginia furniture manufacturing plants are laying off workers.

Bassett Furniture Industries said it will close its fiberboard manufacturing plant in Henry County by the end of the year, ending 45 jobs.

Bassett officials made the announcement Thursday.

President and CEO Robert H. Spilman Jr. said the local demand for medium fiberboard has been depressed and no longer supports keeping the plant open. The plant began production in 1970.

Stanley Furniture Co. also is planning layoffs and implementing a voluntary early-retirement program because of slumping earnings and sales.

President and Chief Operating Officer Glen Prillaman said 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.