TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Furniture Brands files for Chapter 11 bankruptcy protection

About The Tribune-Review
The Tribune-Review can be reached via e-mail or at 412-321-6460.
Contact Us | Video | Photo Reprints

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

Most-Read Business Headlines

  1. Wages have soared in Pittsburgh but economy appears to have stalled
  2. PPG shareholders vote against proposals; sales, profit see double-digit increases
  3. Consol Energy transitions as leadership changes hands
  4. Fed Beige Book survey: Growth picks up across most of U.S. but not in Pittsburgh region
  5. Region’s largest bank PNC posts 7% rise in 1Q profit
  6. Heinz offers Pittsburgh workers a buyout if they are unhappy
  7. Programs help to nudge unemployment among veterans downward
  8. Yellen stresses need for Fed to be flexible
  9. GlaxoSmithKline discloses  bribery inquiries
  10. Higher fuel costs help established airlines, hinder startups
  11. Factory output extends solid gains in March
Subscribe today! Click here for our subscription offers.