MONSON (AP) – Furniture company Moosehead Manufacturing announced Thursday that it’s closing, putting 120 people out of work.

The company, founded in 1947, blamed cheap imports that undercut its ability to remain profitable with its line of furniture and dining room sets, said John Holden, director of business services at the Eastern Maine Development Corp.

Ninety employees will lose their jobs as early as next week, and the remainder will lose their jobs upon liquidation of the inventory, officials said.

Gov. John Baldacci said a rapid response team was being sent to help the displaced employees. “The state will do everything possible to help those workers,” he said.

Moosehead, which has plants in Monson and Dover-Foxcroft, tried to move into more upscale product lines but could not compete with the imports, particularly from China, officials said.

“This is an example of a traditional Maine industry taking a beating at the hands of unfair trade,” said Jack Cashman, the governor’s economic adviser. “Moosehead Manufacturing has a long history in Maine. This will be tough for the community.”