BALDWYN, Miss. (AP) – One of northeast Mississippi’s fastest growing companies will take over the former headquarters of a regional mainstay that dissolved in bankruptcy.
Southern Motion announced Wednesday that it will spend $20 million and hire 600 people over five years as the reclining furniture maker moves into a 758,000 square foot building in Baldwyn. Former owner Hancock Fabrics closed after seeking bankruptcy protection earlier this year.
Mississippi Development Authority spokeswoman Tammy Craft says the state is providing $2 million for building modifications. Lee County is providing property tax breaks worth a projected $800,000 over 10 years. The Tennessee Valley Authority provided unspecified assistance.
Pontotoc-based Southern Motion has 1,200 employees there and 250 in Baldwyn. The company plans to start operating the new Baldwyn location in January.
The average wage wasn’t disclosed.