Harden reopens in limited restart
McCONNELLSVILLE — Harden Furniture is again open for business although on a limited basis.
A week after operations were suspended following the the sale of assets, Gregory Harden said Tuesday afternoon that the company was reopening. The high-end furniture manufacturer was founded by his family 174 years ago.
“Initially it will be a limited restart with a significant number of recalls. Not full production, but a lot more than a minimal schedule,” he wrote in an email sent to news outlets.
The company had 172 employees a week ago, according to the factory closure notice sent to the state Department of Labor. The workers are not represented by a union.
Harden, which has been making furniture in western Oneida County since 1844, was shuttered Jan. 31 after its assets were sold in a foreclosure auction to Big Shoulders Capital, Northbrook, Ill., for a reported $3 million. The suspension of production and layoff of employees followed immediately
Harden said then it was unclear when, if ever, production, would resume although he expressed hope that the factory would restart making furniture quickly. On Tuesday, he offered an optimistic outlook.
“We continue to have very productive discussions with investors, potential strategic partners, and other parties that hopefully will allow us to complete the restructuring and return to full operations,” he said in his brief message. He promised an update on the situation on Wednesday.
Representatives of Big Shoulders Capital were scheduled to tour the factory on Monday, but did not because of weather.
The asset auction was ordered by Gemcap Solutions, a lender that loaned the money for a leverage buyout of the company by Miramar Capital Partners group in 2016. Greg Harden retained ownership of the buildings and land.
He said the capital structure surrounding the Gemcap financing was not sustainable and the company went into default.
The shutdown left unfilled orders on hold, even ones that were finished and awaiting shipment.
Harden said last week the company had a “healthy backlog” of orders, saying that last month’s orders were almost
double January 2017.
Regional Center for Wound Care earns national honors
Children’s Camp Lookout to hold Open House
Women’s Health Open House Wednesday
Medicare seminar Friday at Jervis Public Library
- 4:00pm 05/19/18Local ministry seeks to spread message of love to community
- 4:00pm 05/19/18Donation to Rome Rescue Mission
- 4:00pm 05/19/18Women’s Day service Sunday
- 4:00pm 05/19/18Women’s club meets May 22
- 4:00pm 05/19/18‘Beauty Secrets’ theme for meeting
- 4:00pm 05/19/18Church offers free meal May 26
- 4:00pm 05/19/18First Baptist hosts basement sale
- 4:00pm 05/19/18Importance of spring cleaning
- 4:00pm 05/16/18Butterfly tea event Saturday
- 4:00pm 05/12/18Strength of a mother’s love