Newport Furniture files for bankruptcy

NEW ALBANY – Newport Furniture has filed for Chapter 11 bankruptcy protection.

The company, which has exhibited at the Tupelo Furniture Market since it began operations in 2010, estimated it had assets between $1 million to $10 million and liabilities of $10 million to $50 million.

Its 20 largest creditors are mostly are suppliers of components and fabrics.

The company was founded in 2010 by some members of the former management team at Caye Home Furnishings, which closed earlier in the year, putting 600 people out of work. Newport employed at its peak about 150 people.

The company is comprised of two main businesses, Newport Upholstery and Newport Accessories.