Videos show storm damage around the Piedmont Triad

Linwood Furniture in Lexington files for bankruptcy

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.


LEXINGTON, N.C. — Linwood Furniture, one of two producers of the top-selling Bob Timberlake line, filed Monday for Chapter 11 bankruptcy protection, listing nearly twice as much debt as assets.

The company, based in Linwood in Davidson County, was formed in March 2006 in large part to follow Bob Timberlake’s expressed wishes that the collection be made domestically.

Linwood listed $3.65 million in assets, including $2.5 million in inventory and $719,855 in accounts receivable. It listed $6.89 million in debts — $4.05 million in secured creditor claims and $2.84 million in unsecured non-priority creditor claims.

Mike Mebane, Linwood’s chief executive, said Wednesday that the bankruptcy will not affect production of the Timberlake line or other residential and hospitality lines. He does not expect it to affect orders with existing customers.

He said that while its workforce of 80 full-time employees will not be affected, some temporary workers have been let go.

This article was written by Richard Craver and originally appeared in The Winston-Salem Journal. Click here to read more.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.