Furniture Brands files for Chapter 11 bankruptcy protection
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.
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