Stanley Furniture Sells Stanleytown Facility for $2.4 Million
January 7, 2011
Jan. 7-Stanley Furniture of Martinsville will sell 2 of its local plants. One at Stanleytown for $2.4 million and Bowles Industrial Park for $2.5 million. They will lease back some of the facility for a 5 year term
Source of the news: Martinsville Bulletin
www.martinsvillebulletin.com
UPDATE: Stanley sells plants
Operations to continue in Stanleytown and Bowles Industrial Park
Friday, January 7, 2011
By GINNY WRAY - Bulletin Staff Writer
According to a federal filing, Stanley Furniture Co. has sold its Stanleytown and Bowles Industrial Park plants.
The Stanleytown facility was sold for $2.4 million and the Bowles Industrial Park facility was sold for $2.5 million, both on Dec. 29, according to a filing with the federal Securities and Exchange Commission (SEC).
The company plans to keep its headquarters and some finishing and warehouse operations here, its president/CEO, Glenn Prillaman, said Friday.
The filing stated that Stanley Furniture will lease back 952,667 square feet of the 1.7 million-square-foot Stanleytown facility for a five-year term with monthly rent payments of $40,000. It added that the lease is a triple net lease with the company responsible for taxes, insurance and maintenance for the property it is leasing.
Stanley also agreed to lease back the facility on Hollie Drive in the Bowles Industrial Park (which the company calls its Martinsville plant) on a rent-free basis for an initial one-year term, with a renewal option to rent for a second year, according to the filing. That also is a triple net lease with the company responsible for taxes, insurance and maintenance for the leased property, it stated.
Stanley ceased production at the Stanleytown plant in late 2010, eliminating 530 jobs, and sent that production overseas. Its Young America juvenile lines are produced at its facility in Robbinsville, N.C.
The equipment from the Stanleytown plant is being auctioned online by Industrial Recovery Services. It lists 72 types of machinery being sold at irsAuctions.com.
See this site and Sunday's Martinsville Bulletin for more details.
