Furniture Brands International has entered into an asset purchase agreement with KPS Capital Partners L.P. to acquire substantially all of FBI's assets for $280 million, including the Lane business. The news was announced Oct. 3.
Furniture Brands International bankruptcy hit a snag as a trustee objected to a $6 million fee for Oaktree Capital Management. Oaktree is providing debtor in possession financing for the parent of Thomasville, Broyhill, and Lane brands. A creditor's committee
Company to Continue to Meet Its Financial Obligations with Approval of $140 Million Debtor - in - Possession Financing; Business Operations to Proceed Uninterrupted
Thomasville, Henredon, Lane, Broyhill and other brands affected; Oaktree Capital signs asset purchase agreement and provides $140 million in debtor-in-possession financing.
Affiliates of Funds managed by Oaktree Capital Management Sign Asset Purchase Agreement and Agree to Provide $140 Million in Debtor- In-Possession Financing Normal Operations Expected to Continue with No Impact on Customers
Furniture Brands International (FBI), notified last month that its stock had fallen below the New York Stock Exchange's (NYSE) listing standard, recorded a $40.8 million loss for the second quarter ended June 29.
Furniture Brands International (NYSE:FBN) today announced financial results for the third quarter ended September 29, 2012.
Despite a 3.6% drop in net sales to $287.3 million, Furniture Brands International reported a net earnings gain of $379,000 for the first quarter 2012, up significantly from the $3.1 million loss recorded in the same time period a year ago.
Following a third quarter sales decline of 5.1% to $258 million compared to 2010 figures, Furniture Brands Intl revealed cost reduction actions for the quarter to offset the deficit included the layoff of 3.5 percent of its 8,700 member workforce during the time period.
Furniture Brands International reports a $24.5 million net loss, 10 times higher than in Q3 2010. Sales fell 5.1 percent.