furniture brands files for chapter 11 bankruptcy
Manufacturers of furniture brands such as tomasville, brohill, Lane and dreisel Heritage said on Monday that they had filed for bankruptcy protection.
Furniture brand International says it wants to sell most of its business to investment firm ockerri Capital Management. The St. Louis-
The furniture chain, which is based in Thomasville, is also operating, and after the collapse of the real estate market, the company struggled like many other companies.
But unlike some of its peers, the company\'s business has not rebounded as housing sales and overall economic recovery.
Furniture Brands reported in August that it expanded its second fortune
Net quarterly loss was $40.
Weak incomes and major expenses were reduced by 8 million to record the value of its brand.
The company also said it would cut costs and sell some of its assets.
CEO Ralph skazfava said on Monday that the company identified filing for bankruptcy protection as the best way to address liquidity challenges and strengthen operations.
The company submitted documents to the United States. S.
The Delaware bankruptcy court said it had reached an agreement under the auction process to sell almost all of its assets other than the Lane brand to oak.
The plan must be approved by the court and other bidders may arise.
The furniture brand says Oak will provide $0. 14 billion to debtorsin-
Possession financing also subject to court approval.
The company said the financing would enable it to operate its business without interruption and fulfill all financial obligations such as employee salaries.
The company also said it was considering selling its Lane business and received some \"signs of interest\" from potential acquirers \".
Furniture Brands fell nearly 47% to close at 30 cents on Monday.
Its stock value has been steadily declining since 2002, when it traded for nearly $300.
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