Article

2022-12-27 Economy

‘Agonizing': United Furniture owner quietly surfaces after firing 2,700 overnight

[NYP] The owner of United Furniture Industries, which abruptly fired all of its 2,700 employees during a single night last month, has been quietly assisting a wind-down of the business — with some insiders claiming he’s trying to "save face" following the bloodbath, The Post has learned.

David Belford — a wealthy Ohio businessman who had gone silent for several weeks following the Nov. 21 layoffs at furniture factories in Mississippi, North Carolina and California — resurfaced earlier this month, telling a local business publication he is "devastated by the turn of events" and calling the situation "agonizing."

But Belford also insisted he’s not to blame, according to the Dec. 12 interview with Columbus Business First. He called himself a "passive investor" in the Okolona, Miss.-based business, according to the report, adding that "my insight into the company’s finances was limited."

"Only very recently did I learn just how dire the situation had become, how limited the company’s options were," he said. "Unfortunately, the reality of UFI’s circumstances was brought to the board’s attention far too late."

Posted by Besoeker 2022-12-27 02:45|| || Front Page|| [22 views ] Top

#1 He called himself a "passive investor"

Whose signature is on the tax and corporation forms?

Posted by Procopius2k 2022-12-27 06:50|| 2022-12-27 06:50|| Front Page Top

#2 It's ~~hard~~ impossible to compete with $300/month labor. If you want furniture, or anything else, made in the USA, then trade policy has to be rebuilt from the ground up.

Posted by Thesing Gurly-Brown8929 2022-12-27 07:12|| 2022-12-27 07:12|| Front Page Top

#3 If you want furniture, or anything else, made in the USA...

Maybe learn to make it yourself?

Posted by M. Murcek 2022-12-27 07:13|| 2022-12-27 07:13|| Front Page Top

#4 I read a list of "The most American made cars and trucks" the other day. Seems 80% is the ceiling.

Posted by M. Murcek 2022-12-27 07:15|| 2022-12-27 07:15|| Front Page Top

#5 /\ The Wood Yard, Concord, GA.

While yer there, don't cheat your body:

Concord Cafe next door - Opens at 11:00

Posted by Besoeker 2022-12-27 07:21|| 2022-12-27 07:21|| Front Page Top

#6 Maybe learn to make it yourself?

You try to compete at your job (whatever it is) when your competition is paid $2/hour. Free trade does not work (except for the tiny population of middle men) when there is a vast difference in wages or predatory government trade policies.

Posted by Thesing Gurly-Brown8929 2022-12-27 07:24|| 2022-12-27 07:24|| Front Page Top

#7 All of what I do to keep my house satisfactory to live in for me pays $0 / hr. I can't make a living at it, but not doing it is no way to live.

Posted by M. Murcek 2022-12-27 07:28|| 2022-12-27 07:28|| Front Page Top

#8 ^ Yes, yes. If I paid someone else to do it, it would cost $X / hr. So I'm technically saving that.

Makes an economist's eyes water.

Posted by M. Murcek 2022-12-27 07:29|| 2022-12-27 07:29|| Front Page Top

#9 Student: "So, professor, is 'not spending' the same as 'saving?'"

Professor: Mumbles an obscenity in German and runs out of the room.

Posted by M. Murcek 2022-12-27 07:32|| 2022-12-27 07:32|| Front Page Top

#10 Had a bachelor uncle who wouldn't light his cigar with a box of matches from Japan. "We'll have to fight those SOB's someday." Circa 1935

Posted by Besoeker 2022-12-27 07:33|| 2022-12-27 07:33|| Front Page Top

#11 Trucks and SUVs based on trucks - 25% import tariffs.
Cars - Informal agreement w/ Japan Inc to limit imports and build cars in the USA. Probably same for the Koreans in order to get free trade agreement w/ US.
Mexico - Agreement to pay Mexicans at least $15/hour so all US auto manufacturers don't stampede across the border.

Posted by Thesing Gurly-Brown8929 2022-12-27 07:35|| 2022-12-27 07:35|| Front Page Top

#12 One of my dad's golfing buddies fought in the Pacific. He got really worked up talking about "the Japs..."

Posted by M. Murcek 2022-12-27 07:35|| 2022-12-27 07:35|| Front Page Top

#13 #11, funny how that works when the gummint wants to preserve union jobz.

Posted by M. Murcek 2022-12-27 07:36|| 2022-12-27 07:36|| Front Page Top

#14

Any bets it will restart under a new company name, setup South of the border?

Posted by NN2N1 2022-12-27 08:01|| 2022-12-27 08:01|| Front Page Top

#15 I saw so much furniture thrown out down here after Ian and Nicole that somebody has to be selling all the replacements.

Hopefully not Ikea and Alibaba...

Posted by M. Murcek 2022-12-27 08:04|| 2022-12-27 08:04|| Front Page Top

#16 Any bets it will restart under a new company name, setup South of the border?

My money is on Vietnam. Dirt cheap labor, container shipping is cheap and all that production machinery won't be thrown away.

Posted by Thesing Gurly-Brown8929 2022-12-27 14:10|| 2022-12-27 14:10|| Front Page Top

#17 Fred’s first published novel is also about profitably manufacturing furniture in America...

Posted by trailing wife 2022-12-27 20:04|| 2022-12-27 20:04|| Front Page Top

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