ST. LOUIS, MO – Sun Capital Partners, the number two shareholder of Furniture Brands Intl Inc., is putting pressure on Furniture Brands to add three hand-picked nominees to the board of directors, according to STLtoday.com. An affiliate of Sun Capital Partners contacted shareholders with a letter accusing Furniture Brands’ board of directors of pursuing strategies that have dropped stock value.
Furniture Brands’ stock price is down nearly 13% from a year ago, however, company executives are optimistic that earnings will increase this year. Sun Capital wants to place three of its nominees on the company’s board to explore “strategic alternatives,” including Sun’s buyout proposal.
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