ST. LOUIS - The maker of furniture brands such as Thomasville, Broyhill, Lane and Drexel Heritage has filed for Chapter 11 bankruptcy protection.
Furniture Brands International Inc. says it plans to sell the bulk of its business to investment firm Oaktree Capital Management.
The St. Louis-based company also runs the Thomasville chain of furniture stores. It said Monday it viewed bankruptcy protection as the best way to address its liquidity challenges and strengthen its operations.
The company hopes to sell it nearly of its assets — except the Lane brand — to Oaktree under an auction process. It is exploring the sale of its Lane business and says it has received several "indications of interest" from potential acquirers.
Shares of Furniture Brands fell almost 47 per cent to close at 30 cents Monday.
© Copyright 2013