Virginia Businesses in the News


Cutbacks and Closings

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For the Record is compiled from company releases, business journals and newspaper reports from around the state. If you have an item for these listings: • Mail it to: For the Record Virginia Business Magazine P.O. Box 85333 Richmond, VA 23293 • E-mail it to ForTheRecord@va-business.com • Fax it to (804) 649-6311

Webb Furniture Enterprises, a Galax furniture manufacturer, announced plans to lay off 151 of its 691 workers, effective June 28. The work force reduction will affect two of the company’s four plants. The company attributed the move to low-priced imports from China in the bedroom furniture market. (04/29/04, The Roanoke Times)

Capital One, a McLean-based financial services company, announced plans to reduce its work force by as much as 20 percent, or 3,400 workers, over the next 18 months. Most of the cuts are expected to impact the Richmond area where over half of the company’s employees work. In the past two years Capital One reduced staff by 11 percent; the company’s costs have been said to be as much as 20 percent more than competitors Citibank and American Express. (04/28/04, Richmond Times-Dispatch)

Tredegar Corp., a Richmond-based manufacturer of plastic films and aluminum extrusions, announced plans to close its Aurora, Ontario, plant and transfer its business to other operations in Ontario. The plant employs 110 people and is scheduled to close by January 2005. The move is expected to reduce operating costs by $2 million. (04/14/04, Richmond Times-Dispatch)

Vaughan Furniture, a furniture manufacturer headquartered in Galax, plans to close its plant in Johnson City, Tenn., in June, resulting in the loss of 200 jobs. Continued strength of imported furniture in the U.S. market was cited for the move. (04/13/04, The Roanoke Times)

DuPont, a chemical products manufacturer, will reduce its Richmond-area workforce by laying off 20 workers and through the retirements of about 100 more employees. The move comes as part of a companywide effort to trim costs by $900 million by eliminating 3,950 jobs and closing a plant in Canada. (04/13/04, Richmond Times-Dispatch)