According to the publication, Belford said, “I am devastated by the turn of events that led to management’s difficult decision to close the doors of United Furniture Inds., a company built with thousands of dedicated associates over a span of 35 years. It is agonizing.”

In his statement, Belford said that, as a board chairman and ‘passive investor,’ he trusted executives to run the company without “micromanagement.”

In the statement, Belford said he was not aware at first how severe the impacts were from the pandemic and supply chain issues affecting many industries. “Only very recently did I learn just how dire the situation had become, how limited the company’s options were,” he said. “Unfortunately, the reality of UFI’s circumstances was brought to the board’s attention far too late.”

Remaining United staff are working with lenders to wind down the company and liquidate assets, Belford’s statement said. Proceeds will be distributed to former employees and creditors.

“Those who know me know how much this company has meant to me,” Belford said. “They know the efforts made to save the company. And they know this is not the outcome anyone could ever have imagined.”

The company is being sued by multiple parties in the wake of the abrupt shutdown, including class-action lawsuits brought by former employees and actions brought by suppliers who haven’t been paid for their work.