Ashley Furniture drops pursuit of $6 million tax credit

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MADISON (AP) — A furniture company has decided against pursuing a $6 million tax credit from the Wisconsin Economic Development Corp.

The job-creation agency’s board approved the tax break last year with terms that would have allowed Arcadia-based Ashley Furniture to cut its Wisconsin workforce in half. The company would have donated the money to Arcadia for a flood control project that would have allowed the company to expand its headquarters.

The Wisconsin State Journal reports the company says its decision to stop pursuing the tax credit won’t affect its operations or employees in Arcadia. Ashley says it will continue to grow there and is committed to continuing a strong presence in Wisconsin.

The company says it employs 4,500 people in Wisconsin and has added 350 jobs over the last three years.