More than a dozen Dongguan exporters filed for bankruptcy in the US

In recent news, the U.S. furniture giant Furniture Brands International, Inc. (commonly known as FBI) has filed for bankruptcy protection. This development has significantly impacted at least 15 Dongguan-based exporters, causing them substantial financial losses. The FBI, a company with nearly a century of history, has long been a key player in the furniture industry. It operates through multiple brands such as Thomasville, Lane, and Broyhill, offering a wide range of furniture products. With over 9,100 employees, the company was once a major force in the market, generating around $1.072 billion in sales in 2012, holding about a 3% market share. According to industry insiders, the aftermath of the subprime mortgage crisis hit the U.S. furniture sector hard, leading to a wave of bankruptcies and store closures. Around 30% of companies sought bankruptcy protection during that period, signaling a tough time for many businesses. Dongguan, a major hub for furniture exports, is now feeling the ripple effects. Chen Jian, head of the comprehensive department at the China Export & Credit Insurance Dongguan Office, revealed that FBI's annual purchases from Dongguan exceeded $100 million, affecting at least 15 local exporters. Two insured companies were particularly affected, with claims totaling approximately $2 million. Although the names of these companies remain confidential, they are located in Houjie and Gaobu. Additionally, some Taiwanese-owned furniture factories in Dongguan have also faced significant challenges. One well-known company, Taisheng Furniture, appears to be among the most impacted by the situation. Despite a slight recovery in the U.S. real estate and economy in 2013, the furniture market has remained sluggish. Many large U.S. furniture manufacturers continue to struggle with high debt and poor financial conditions, making a quick recovery unlikely in the short term. For Dongguan exporters, this event serves as a cautionary tale. It's essential to carefully assess customer risks before placing orders. Utilizing credit insurance and other policy tools can help mitigate potential losses. By conducting thorough background checks on clients, exporters can avoid falling into the trap of blind ordering and protect their businesses from future uncertainties.

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