BRIEF: Furniture Brands trading on OTCQB Marketplace [Winston-Salem Journal, N.C.]
(Winston-Salem Journal (NC) Via Acquire Media NewsEdge) Aug. 29--Furniture Brands International Inc. said Wednesday its stock is trading on the OTCQB Marketplace under the ticker symbol "FBNI."
On Aug. 23, the bank voluntarily delisted from the New York Stock Exchange. The troubled company conducted a 7-for-1 reverse stock split in May in a failed attempt to avoid being delisted.
Analysts have predicted that the company may be headed for liquidation or bankruptcy after posting a $40 million loss in the second quarter.
The company, based in St. Louis, owns three divisions based in North Carolina -- Broyhill Furniture Industries Inc., HDM Furniture Industries Inc. and Thomasville Furniture Industries Inc.
Over the past 12 years, Furniture Brands has eliminated at least 8,860 jobs in North Carolina, including at least 2,874 in the Triad, in pursuit of lower labor costs in Asia that have not contributed to increased sales.
At least six law firms are seeking shareholders to participate in a class-action lawsuit against the company. The common accusation: the company has violated federal securities law, particularly overstating the value of their brands. The company said Aug. 6 it took a $10.8 million charge related to trade name impairments.
(c)2013 Winston-Salem Journal (Winston Salem, N.C.)
Visit Winston-Salem Journal (Winston Salem, N.C.) at www2.journalnow.com
Distributed by MCT Information Services
[ Back To Technology News's Homepage ]