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Vortex Tool helps you gear up by offering precision-
manufactured tooling accessories. To make sure your
machines run at optimal levels, we supply affordable,
perfect-fit tool holders and pullstuds for CNC routers,
along with arbors, collets, nuts and more.
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Flexsteel exits commercial & hospitality
furniture, lays off 130
Flexsteel Industries, the fifth largest residential furniture
maker in the U.S. and number 24 on the FDMC 300, will shut
down its commercial, office, and hospitality furniture lines.
The company will also close a manufacturing facility in Riverside, California, laying off 130 workers.
“While exiting businesses and reducing staff is not an
easy decision, we are confident it is the right first step toward
Flexsteel’s future,” said Jerry Dittmer, President and CEO of
Flexsteel Industries. “The Commercial Office and custom-
designed Hospitality product lines we are exiting represent ap-
proximately 7% of our annual revenue and did not align with
our strategic direction to focus on profitable core businesses.”
In total, Flexsteel expects to incur approximately $4 mil-
lion in one-time cash charges for employee severance and re-
lated costs and approximately $9 million in non-cash charges
for inventory impairments because of the closure.
Flexsteel’s main manufacturing location is in Dubuque,
with five other plants throughout the United States and
Mexico before the closure. Its sales were an estimated $469
million in 2017. Flexsteel employed around 1,400 workers
before the closure.
Flexsteel was big news on Woodworking Network late 2016
after it announced it would abandon its manufacturing presence in Iowa. – R.D. bit.ly/2KGSn0k
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