A furniture store that occupied the former Wards Products Building in Amsterdam’s Edson Street Industrial Park has shut down.
Ken Rose, director of the Montgomery County Planning and Economic Development Department, said Northeast Home Industries closed after a year and a half in business.
Northeast Home Industries was a joint venture of five people, including Steve Quirion of Glens Falls-based Bare Bones Furniture Inc. Jeff Stewart, of Galway, was the store’s manager.
Neither returned calls for comment Thursday.
The company moved into the 71,000-square-foot manufacturing building in February 2008, filling a hole left when the largest manufacturer of car antenna systems in the world departed in December 2006.
The company was a mix of retail and wholesale and, besides a good cleaning, some rugs, and a few new fixtures, kept most of the old Ward Products Building the same.
The furniture company bought directly from the manufacturer and was able to sell quality merchandise at low prices, a model similar to Huck Finn’s warehouse in Albany.
When the store opened, Stewart said he wasn’t afraid of opening a furniture store during troubled times when many furniture retailers were already closing, because he said no frills warehouse-style furniture stores were still necessary.
However, the slumping economy, especially with regard to home sales, got the better of the business.
“We’re sorry to see the company leave, but the furniture business is pretty tough in today’s economy,” Rose said Thursday.
Northeast Home Industries received a $125,000 loan from the Montgomery County Industrial Development Agency to build its inventory. Rose said the company has never missed a payment, but still owes about $105,000.
Company officials offered to settle the loan for about $75,000, but county IDA board members, who met this week, rejected the offer.
“They must have talked later that night because they called right away in the morning and said they would pay us in full,” Rose said.
Full payment is due by the end of month.