Chromcraft Reports Losses For 2008

Posted by MCC on April 29th, 2009 at 08:26pm

Chromcraft Revington a company which manufacturers furniture that is sold under the brands Chromcraft, Cochrane and Peters-Revington, has reported a net loss of $8 million dollars for the fourth quarter resulting in a decrease of sales of over 19 percent. The company reported that the decreases were felt throughout all of the categories of products.

Reasons cited by the company for the sales decrease were competitive pressures, transisioning into a business model that relies heavily on imported products and several unsuccessful attempts at introducint products. The total sales for the fourth quarter were reported at $22.9 million, a total well under the reported $28.3 million for the ending quarter of 2007.

Overall in 2008, Chromcraft’s net losses totalled over $26 million. The amount also included $9 million that were lost to restructuring charges due to the closing of two of the companies factories, consolidating warehouses and paying severance costs while reorganizing management positions. The total sales for 2008, totaled $99 million.

Under Furniture News