Ethan Allen to cut 350 jobs

June 7, 2001
Web posted at: 1957 GMT

DANBURY, Conn. (Reuters) -- Furniture maker and retailer Ethan Allen Interiors Inc. said Thursday that it will cut 350 jobs as it consolidates three plants and takes a fourth-quarter charge of 10 cents a share.

Production at the plants -- located in Island Pond, Vt.; Frewsburg, N.Y.; and Asheville, N.C. -- will be absorbed by other Ethan Allen manufacturing plants.

"The consolidation is necessary to focus on manufacturing our products in the most suitable plants in the United States," said Chairman and Chief Executive Farooq Kathwari in a statement.

Ethan Allen (ETH: down $0.91 to $35.72, Research, Estimates), based in Danbury, Conn., will report earnings for the quarter ended June 30 before the market opens on Aug. 3.

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