But rather than file for bankruptcy, Statton has decided to cease operations. That way, it can provide severance, vacation pay and benefits to its workers - some of whom have been with the company for more than 30 years.
"It's so unusual that most [companies] just drift along until they don't have a choice anymore, then, bang, they're in bankruptcy," said Hardinge, 54. "Once you go to bankruptcy, it's all in the hands of the bankruptcy court and the trustee board as to who gets paid how much."
The closing comes after several years of inconsistent returns - profitable for two years, unprofitable the next, yet never a sizable windfall. Meanwhile, the cost of doing business continued to hamper the company.
"Our average labor wage is $17.65 an hour plus benefits," Hardinge said. "If someone from China pays $2 a day, how can I compete?"
Statton's extinction will be all but complete in mid-January, when the company plans to auction off property, trucks, machinery, office equipment and any remaining furniture. That will mark the end of a company founded in 1926 - more than three decades before Alaska and Hawaii gained statehood. It has survived the Great Depression, World War II, and, until recently, countless changes in consumer tastes and preferences.
Statton's decision to close has been a hot topic throughout the furniture manufacturing industry.
"They have always been highly regarded for incredible quality of product they've produced," said Jackie Hirschhaut, spokeswoman for the North Carolina-based American Home Furnishings Alliance. "No question that the manufacturers at the upper end, particularly companies like Statton, are challenged by companies choosing offshore sourcing."
Furniture industry analyst Ken Smith of the North Carolina-based consulting firm Smith Leonard said that overseas competition and the recession have spelled doom for many American furniture makers.
"Companies that have been hanging on by a string are going under with the falling off of the economy," Smith said. "Unfortunately, a lot of great names have gone by the wayside, like Statton."
Statton made its name by offering 18th-century, handcrafted furniture that was exceptional in design and detail: Every drawer is made from a single piece of wood, so the pattern of color variation in the wood can be seen from drawer to drawer. All of the hardware is made of solid brass. Each piece gets a seven-coat finishing.
