NORWALK, Ohio -- A local furniture company ceased operations again on Wednesday.

Norwalk Furniture had to stop work due to lack of funds, said Joe Mosbrook of Robert Falls & Co. Public Relations.

He said the new chief restructuring officer, James McTevia, told employees that the company is going to be taking a fresh look at the operations.

Investment firms IRG Capital Group and Blackbird Capital Partners still plan to acquire Norwalk Furniture.

With a national housing slump hurting furniture sales, the company suspended operations earlier this summer after a bank called its loan.

Norwalk Furniture lost $8 million in sales in one year.

About 500 people work at the headquarters and a factory in Norwalk.