Mitchell Gold + Bob Williams, a well-known furniture business, has recently announced that it is unable to continue its operations. The company, which was founded 34 years ago and became popular for its comfortable and stylish furniture, was owned by a family-run equity firm called the Stephens Group. The news has come as a shock to many of the company’s roughly 800 employees, who were informed over the weekend.
A sign was taped on the factory gate in Taylorsville, N.C., announcing the company’s inability to continue business operations. A letter from interim CEO Chris Moye, posted on the office door, provided more details, stating that the current economic climate and the inability to secure critical financing were the primary reasons for the closure.
Mitchell Gold, who retired as chairman and CEO of the company in 2019, expressed his devastation and shock upon hearing the news. He described himself and his former business partner, Bob Williams, as heartbroken. Gold also mentioned that the company had been facing challenges even before the pandemic, with changing consumer demand and supply chain issues.
Mitchell Gold + Bob Williams operated 24 signature stores across the country and supplied furniture to major retail brands like Restoration Hardware, Williams-Sonoma, and Pottery Barn. The company was known for its laid-back and comfortable styles, which matched the relaxed fashion of casual Fridays.
The closure of Mitchell Gold + Bob Williams is reflective of the challenges facing the furniture industry as a whole. Klaussner, another major furniture maker based in Asheboro, N.C., recently announced its shutdown. Bill McLoughlin, editor in chief of Furniture Today, believes that the soft consumer demand for furniture and cash-flow issues caused by the pandemic are contributing factors to these closures.
Mitchell Gold and Bob Williams, who formed the company in 1989, were known for their innovative approach to furniture manufacturing. They transformed an existing factory in Taylorsville, N.C., into a modern facility with amenities like air conditioning, an on-site gym, and a health clinic. They were also active supporters of the Democratic Party, women’s rights groups, and the LGBTQ+ community.
Although the exact future of Mitchell Gold + Bob Williams remains uncertain, Gold expressed gratitude for the support he has received from employees. He remains hopeful that solutions will be found to resolve the company’s current situation.
Note: An earlier version of this article incorrectly stated the location of Klaussner’s headquarters. It is Asheboro, N.C., not Asheville.