Sun Capital Partners Inc., a private investment firm specializing in leveraged buyouts and investments in market-leading companies, has completed the sale of Lexington Home Brands, a global manufacturer and marketer of residential and contract furnishings.
High-end residential furniture, lighting and accessories manufacturer Theodore Alexander Inc. has been acquired by Creative Home Furniture Co. Ltd., an Asian firm based in ShenZhen, Guangdong, China. Terms of the acquisition were not disclosed.
Standard Furniture Manufacturing Inc.filed a complaint against its Chinese suppliers for delivering chairs and sofas labeled "top grain leather" but using water buffalo hide instead, alleging that LF Products and True Designs Inc. shipped $600,000 of its celebrity Joanna and Chip Gaines furniture in unsalable quality.
Stanley Furniture's board adopted a rights agreement to protect it from being a target of a takeover. Stanley says its substantial net operating loss carryforwards - as of October 1 totaling $20.4 million. In June Stanley retained Stephens Inc., and saus it is exploring a possible sale or merger.