Furniture Brands Inc. Files Chapter 11 Bankruptcy

5:39 PM, Sep 9, 2013   |    comments
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 PDF Document: FBN Reorganization 090913

Monday, Furniture Brands International Inc. announced that the company had filed for Chapter 11 bankruptcy and will sell most of its assets to an investment firm.

The company is based in St. Louis, MO and according to the Business Journal, the voluntary petition was filed in the U.S. Bankruptcy Court for the District of Delaware, following years of decline for Furniture Brands.

In a statement, company officials said they entered into an asset purchase agreement with Los Angeles-based Oaktree Capital Management LP.

Furniture Brands stated that under terms of the deal, Oaktree will acquire nearly all of Furniture Brands' assets, except for its Lane business, subject to approval from the bankruptcy court.

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