Residential furniture manufacturer Stanley Furniture has suspended all domestic operations as of March 31.
Stanley Furniture has completed the sale of substantially all of its assets to Churchill Downs LLC. As part of the agreement, the residential furniture manufacturer is changing its name to HG Holdings Inc.
The iconic Stanley Furniture Co. will sell nearly all of its assets to Churchill Downs, a limited liability firm linked to the Vietnam Trade Alliance.
Stanley Furniture Company, Inc. has reported sales and operating results for the second quarter which ended July 1, 2017.
By Angel Kipfer
Home furniture giant Stanley Furniture has cut the salaries of two of its top executives and board of directors by 25 percent – citing a sales slump and production delays.
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.
Stanley Furniture Company sales fell 20 percent second quarter, to $12.1 million. A subsidy from Chinese anti-dumping duties ended that had contributed $1 million in revenue in the year prior quarter. A troubled Vietnam factory startup is also hampering results.
Stanley Furniture sales fell 20.4 percent to $11.7 million, " impacted by production delays of new products, while the company awaits more marketable product from its new factory in Vietnam.