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

Recently, the United States furniture giant Furniture Brands International, Inc. (commonly known as FBI) filed for bankruptcy protection. This move has sent shockwaves through the industry, with at least 15 Dongguan-based exporters suffering significant losses as a result. The company, which has been in operation for nearly a century, is one of the largest players in the U.S. furniture market. It operates under several well-known brands such as Thomasville, Lane, and Broyhill, and has a vast network of stores across the country. With over 9,100 employees, the company once generated annual sales of around $1.072 billion in 2012, holding a 3% market share. According to industry insiders, the global financial crisis had already taken a heavy toll on the U.S. furniture sector. Around 30% of companies faced bankruptcy or restructuring during that period, with many struggling to stay afloat due to declining demand and rising costs. In this latest development, two insurance-covered companies in Dongguan have been impacted by the FBI’s bankruptcy filing, involving approximately $2 million in claims. While the identities of these firms remain confidential, it is confirmed that they are located in Houjie and Gaobu. A representative from the China Export & Credit Insurance Office in Dongguan stated that FBI had purchased over $100 million worth of goods annually from local manufacturers, highlighting the scale of the disruption. Additionally, some Taiwanese-owned furniture factories in Dongguan have also felt the impact. One of the most affected companies is Taisheng Furniture, according to a source from the Dongguan Furniture Industry Association. Despite a slight recovery in the U.S. real estate and economy in 2013, the furniture industry remains in a challenging position. Many large U.S. manufacturers continue to face high debt levels and operational difficulties. The sector is expected to struggle for some time before seeing a true turnaround. For Dongguan exporters, this event serves as a critical reminder to carefully assess customer risks before placing orders. Utilizing credit insurance and conducting thorough background checks can help mitigate potential losses. As the global market continues to evolve, staying informed and cautious is more important than ever.

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