The Paoli company will lay off 367 workers and close its furniture plant's doors by October 2017.
The damage occurred when a truck driver carrying close to 30 tons ignored weight limit signs and drove over it.
A truck driver ignored weight limit signs and drove over the bridge, causing it to collapse on Christmas Day.
The driver was cited for reckless operation of a tractor-trailer, disregarding a traffic control device and having an overweight semi on a posted bridge.
Portions of town squares throughout Indiana have burned down after several fires in recent years.
Paoli is about to begin the second phase of a project aimed at improving the facades of buildings on the town square.
Paoli's renovations slowed last month after a grassroots group pointed out the corporation in charge of the project did not have the correct paperwork.
Preservationists say the renovations were not approved by the Division of Historic Preservation and Archaeology, as the law requires.
The Phoenix on the Square building replaces the buildings that were burned down two years ago.