Martinsville, VA, January 29, 2007--Hooker Furniture, an importer and manufacturer that supplies home furnishings to retailers, said on Monday that it had halted its employee stock ownership plan in a move to cut costs.
The move will result in a one-time, noncash charge of $18.4 million, the company said. It said annual compensation expense under the stock ownership plan had averaged $3.4 million from 2004 to 2006, and elimination of the plan would yield significant annual cost savings.
