Norwalk Furniture’s Fate Still Undecided

Posted by MCC on September 30th, 2008 at 05:04am

Norwalk Furniture’s hope for a reprieve through investors still isn’t a signed deal. With an $11 million dollar outstanding debt balance, Norwalk’s only hope for survival is through reaching an agreement with investment groups or individual investors.

The company was negotiating a deal with two equity firms, allegedly they’d planned on buying the company. But, the two private firms have pulled out and they’re no longer even discussing the deal.

Norwalk has turned to a local group in hopes of getting investors for the default company. Talks have just begun and depending on the progress it could be days or weeks before any type of agreement is reached.

In the meantime, stories of deals and investors saving the company are keeping the laid off employees on a roller coaster ride. A company spokesman said that getting the company up and running again is top priority for the entire community.

Under Furniture News