A local North Carolina business that was championed last January by President Obama as an example of a recovering U.S. economy, is shutting its doors, putting 50 people out of the work.
Lincolnton Furniture Company closed Thursday due to factory upgrades that drained start-up capital quicker than expected. The company will slow down operations until it closes later this year in attempt to accomodate laid off workers.
The company's owner, Bruce Cochrane, entered the public scene last winter when the White House invited him to a business roundtable on bringing American jobs back home. Cochrane was seated with First Lady Michelle Obama during the 2012 State of the Union Address.