Linwood Furniture in Lexington files for bankruptcy
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.