Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 31, 1995 TAG: 9503310070
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: TODD JACKSON STAFF WRITER
DATELINE: ROCKY MOUNT LENGTH: Short
Ten employees - down from 42 six months ago - were affected by the shutdown, which took effect Tuesday.
The company said Thursday it notified its creditors Monday in a letter that said, ``Our operations have not been profitable for some time and we will cease our mirror manufacturing business.''
Weaver paid wages of $8 to $13 an hour.
A subdued Stephen Helms, Weaver's vice president, said the factory closing was forced by ``falling sales and increased costs.''
``It's a sad day,'' he said.
The market value for the company's assets exceeds its liabilities, and Weaver expects to pay all its creditors, Helms said. The company has not filed for bankruptcy, he said.
Helms did not disclose the number of creditors or the amount they are owed.
Weaver Mirror is owned by Helms; his brother, Jack Helms of Roanoke, and his sister, Margaret Helms Shelton of Greensboro, N.C.
The company was founded by their grandfather, Robert Weaver, in 1932. Weaver Mirror began in a building on Main Street in Rocky Mount and moved to a 50,000-square-foot facility in the Rocky Mount-Franklin County Industrial Park in 1986 as the park's first tenant.
The company made several types of mirrors and glass products, chiefly for the furniture industry, Stephen Helms said.
Weaver is negotiating with several prospective buyers interested in continuing operations at the site, he said.
If the negotiations aren't complete in 30 days, according to the letter sent to creditors, the company will begin liquidating its assets.
by CNB