Comerica Bank Still Sucks, But Things Are Looking Good For Former Norwalk Furniture Employees

Yes, Comerica still sucks, and I hope they crash and burn. However; a group of Norwalk investors are in the process of purchasing the former Norwalk Furniture company. 300-350 of the former employees will be called back as early as next week. Unfortunately for those manufacturing facilities outside of Norwalk, they are not included in the purchase.

Norwalk Furniture has a new owner and work is expected to resume this week.

Local investors purchased the property and they are waiting for the paperwork to go through, said Jim McTevia, of McTevia and Associates, Management and Financial Consultants.

"There's not a lot to restructure there," McTevia said, hinting work could begin as early as Tuesday.

Norwalk Furniture Chairman Jim Gerken announced last week the 106-year-old company would not reopen, but that it was looking for somebody to purchase the business and reopen it under a new name.

"Nothing has happened in the two weeks the company has been down," McTevia said.
The Norwalk facility was purchased intact, including the land, buildings, machinery, inventory and work in progress.

"A group of local Norwalk business people were the successful purchaser," McTevia said. "The paperwork is in progress now ... the down payment is in escrow. All of the buyers are from the Norwalk area.

"It looks like Norwalk Furniture will be up and operating. They (the new owners) will be not commenting until the paperwork is completed.