Furniture Brands files for Chapter 11 bankruptcy protection
By The Associated Press
Published: Tuesday, Sept. 10, 2013, 12:01 a.m.
The maker of furniture brands such as Thomasville, Broyhill, Lane and Drexel Heritage has filed for Chapter 11 bankruptcy protection.
Furniture Brands International Inc. says it plans to sell the bulk of its business to investment firm Oaktree Capital Management.
The St. Louis-based company runs the Thomasville chain of furniture stores. It said on Monday that it viewed bankruptcy protection as the best way to address its liquidity challenges and strengthen its operations.
The company wants to sell nearly all of its assets — except the Lane brand — to Oaktree under an auction process. It is exploring the sale of its Lane business and said it has received several “indications of interest” from potential acquirers.
Shares of Furniture Brands fell almost 47 percent to close at 30 cents Monday.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Bitcoin’s father said to be found
- Disney to lay off 700 from interactive unit
- Silicon ‘Valley of haves, have-nots’
- Unemployment data lift spirits on Wall Street
- Google barge departs San Francisco to new home
- Startup envisions ring that could rule them all
- ADT settles deception charges
- Stock, housing gains boost net worth
- Beef costs reach record amid persisting drought
- Vital signs reveal job market’s reality
- Obamacare enrollment has ‘lot of ground to cover’