HIGH POINT, N.C. - Stanley Furniture has named Richard Ledger as its new CEO, marking the first major leadership change since Stanley was sold to Churchill Downs last month.
Ledger has been with Stanley for a while, serving as its vice president of operations from 2008 to 2016. Since 2016, he has served as COO of Vietnam-based case goods maker Starwood Furniture. Starwood produces case goods for Stanley in a dedicated Vietnam facility.
“I am both honored and excited to be helping lead Stanley through the next chapter of its rich history,” Ledger told Furniture Today. “I am committed to developing collaborative and meaningful relationships with our retail partners, ensuring we are listening to what they have to say. I believe our opportunities far outweigh the challenges and I am looking forward to helping restore Stanley as a leading industry resource for well designed, high quality, high-value products."
Early last month, Stanley Furniture Co. Inc. has completed the sale of substantially all of its assets to Churchill Downs LLC. As part of the agreement, the longtime residential furniture manufacturer changed its name to HG Holdings Inc.
Stanley's stockholders approved on March 2 a purchase price of approximately $10.8 million in cash, a subordinated promissory note in the principal amount of approximately $7.4 million, and a 5% equity interest in Churchill Down’s post-closing ultimate parent company. Churchill Downs also assumes the company's liabilities.
The company previously said it does not intend to liquidate and its board of directors will evaluate alternatives for use of the cash consideration, such as using a portion of the cash to either repurchase company common stock or pay a special dividend to stockholders, or acquiring non-furniture related assets. Stanley Furniture’s common stock is traded on the NASDAQ stock market under the symbol STLY.
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