Cotton2226
Mayor
Action Industry... our biggest employer. Thousands of workers...
Hasn't hit the news yet, but our biggest employer declared bankrupcy today...
- Thread starter Cotton2226
- Start date
NightSwimmer
Senator
Is it this Action Industries?
It was March 1912, and a man named John Lane had purchased a box plant in Altavista, Virginia. His son Ed Lane, twenty-one at the time and with little manufacturing experience, was encouraged by his father to try his hand at starting a chest factory in the newly acquired plant. Since the Lanes didn't know how successful their new venture was going to be, they didn't want to put their name on it, so they incorporated the little company as the Standard Red Cedar Chest Company, with John Lane as President and Ed Lane as Vice President and General Manager. From cedar chests, Lane expanded to occasional tables in 1951, casegoods in 1956, and accent pieces in 1965.
In 1972, Lane bought a small reclining chair company in Tupelo, Mississippi named Action Industries. Action Industries was founded in 1970 by Bo Bland and Mickey Holliman. Action sustained tremendous growth through gains in market share and product diversification over the next 20 years becoming a major force in the upholstered furniture industry. Today, the wood and upholstered divisions have become Lane Home Furnishings. Lane Furniture Industries is owned by Furniture Brands International which also owns other well known brand name companies . . . Broyhill, Thomasville, Drexel Heritage and Maitland Smith.
Corruptbuddha
Governor
Where did you hear this Cotton?
Mr. Friscus
Governor
Don't worry, we're in an economic revival.. just trust them..
NightSwimmer
Senator
Just trust whom?
Cotton2226
Mayor
Bought a house from Bo... played golf with son. Played golf with Mickey's son-in-law for 30 years. It came from the "horse's mouth," Swimmer..someone close to business.
NightSwimmer
Senator
It's too bad that your area will be losing all of these jobs. Considering the fact that the business is now owned by this gigantic international holding company, I doubt that the bankruptcy is due to an actual lack of funding.
It's more likely that they're busting the company out, Mafia style, so that the jobs can be moved to a low-wage, unregulated area in which they can maximize their profit margin.
Oh well... Corporations are people too, my friend. They just aren't citizens.
Cotton2226
Mayor
Yep.. hopefully, most of the experienced and longtime employees (and I know many) will come out okay. Sure hope so... the effect will be big in this area. Good thing Toyota opened here recently.
Cotton2226
Mayor
Swimmer, Ashley has their home office in this area...and they build their furniture based on demand. It takes 4 to 6 weeks to get your furniture....as they don't make it until the customer has paid. They are huge here.
Cotton2226
Mayor
Do they (PJ) pay us for likes...haaaaaaaaa
What are points? I've got 30..... woo-ha !
What are points? I've got 30..... woo-ha !
Bankruptcy doesn't mean they are going under.
NightSwimmer
Senator
Looks like it's Furniture Brands International that is filing for bankruptcy.
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