Newport furniture files bankruptcy
New Albany-based upholstery manufacturer Newport Upholstery has filed for Chapter 11 bankruptcy.
The company estimated its assets at $1 million to $10 million and liabilities of $10 million to $50 million, Furniture Today reported Monday.
Newport was established in 2010 in the former Caye Furniture location, after that company announced its closing the previous year.
According to court documents filed in Newport’s Chapter 11 protection claims, its 20 largest creditors are mostly suppliers of components and fabrics.
Its largest creditor is a Shanghai, China-based company called Newport Furniture Company, which is owed $7.17 million.
Other large creditors include American Global Logistics, which is owed $133,100; Consolidated Fibers, owed $123,785; and L8J products, owed $688,699.
L8J Products is owned by Larry Jackson, the owner of Sleeper Kraft, a supplier of sleeper mattresses and components.
Sleeper Kraft is listed separately as a creditor that is owed $32,421.
Newport Upholstery has employed as many as 150 people at its New Albany location.
The company has exhibited furniture pieces at the Tupelo Furniture Market.
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