ST. LOUIS, MO - It's official. Furniture Brands International's assets will be sold to KPS Capital Partners LP, the winning bidder in the auction.

The residential furniture corporation made the announcement late Friday, Nov. 22. The transaction is expected to close in the next several days, Furniture Brands (OTC:FBNIQ) said in a statement.

On Monday, KPS Capital announced that Furniture Brands was being renamed Heritage Home Group and that Ira Glazer had been named president and CEO.

"We congratulate KPS and firmly believe that this transaction is the best outcome for all of our stakeholders," said Ralph Scozzafava, chairman of the board and CEO. "KPS has a long track record of providing companies that have undergone restructurings with the operational expertise and financial strength they need to preserve their market leadership as strong standalone businesses positioned for future growth. We are quite pleased that KPS has extended an offer of employment to substantially all of our employees who will help build a successful future for Furniture Brands."

Furniture Brands filed Chapter 11 in September with the U.S. Bankruptcy Court for the District of Delaware. On Oct. 3, KPS was named the stalking horse bidder for the company when it entered into an  asset purchase agreement with Furniture Brands to acquire substantially all of FBI's assets for $280 million, including the Lane business. KPS also provided Furniture Brands with a $190 million debtor-in-possession financing facility to help support FBI's ongoing operations.

Furniture Brands manufactures and markets products under the Thomasville, Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge brands.

Earlier this month, Furniture Brands' largest stakeholder Samson Holding Ltd. failed to submit a bid for company.

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