A North Carolina furniture company President Barack Obama once heralded as a symbol of America’s manufacturing rebound went out of business on Thursday.
According to the Associated Press, Lincolnton Furniture, the company that closed, opened in December of 2011 with 60 employees and had plans to grow.
Last year, Obama invited the company’s president, Bruce Cochrane, to “a White House event on bringing overseas job back to America.” Cochrane was also a guest at last year’s State of the Union address.
Ben Causey, the company’s chief financial officer, “said manufacturing operations were stopped indefinitely because orders were insufficient” in this slumping economy.