Hooker Furniture will lay off 25 workers

August 25, 2008

MARTINSVILLE, Va. --Hooker Furniture Corp. said Monday that it will lay off 25 employees at its wood furniture division because of a prolonged economic slump in the furniture industry.

The company said it will make the cuts in operations, warehousing and administration at its Martinsville-based division. The cuts represent a 9 percent drop in the number of employees at the wood furniture division and a 2.6 drop for its corporatewide work force.

The company said it made the decision with "great sorrow and disappointment" and said it does not foresee a need for additional layoffs.

Shares of Hooker Furniture ended trading down 5 percent at $16.78 and gained back 31 cents to $17.09 in after-hours trading.