Ohio furniture maker says bank forced shutdown

Filed by Associated Press July 24th, 2008 in Top Stories.
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NORWALK, Ohio (AP) — A furniture maker that suspended operations this week at plants in Ohio and Tennessee says it was forced to make the move after the bank called its loan.

Norwalk Furniture spokesman Joe Mosbrook says the company got the call from Comerica bank on Friday.

The bank told the company it was cutting off its credit and that it had to pay its loan immediately.

Norwalk Furniture managers decided the only option was to suspend operations at its plants in Norwalk and Cookeville, Tenn.

The company says Comerica is now deciding whether to find a new buyer for the company or force it to shut permanently and sell off its assets.

 


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