BRIEF: Furniture Brands board member resigns [Winston-Salem Journal, N.C.]
(Winston-Salem Journal (NC) Via Acquire Media NewsEdge) Aug. 31--Furniture Brands International Inc. said in a regulatory filing Friday that Kent Hussey resigned from its board of directors, effective Aug. 23.
The company said Hussey's decision to resign "was not due to any disagreements with the company on any matter relating to the company's operations, policies or practices. " He had served on the board two years. He is retired from being chairman and chief executive of Spectrum Brands Inc., a publicly traded manufacturer of consumer products.
The company voluntarily delisted its stock from the New York Stock Exchange on Aug. 23 and began trading on the Over-the-Counter Bulletin Board on Wednesday. The troubled company conducted a 7-for-1 reverse stock split in May in a failed attempt to avoid being delisted.
Analysts have predicted the company may be headed for bankruptcy or liquidation after posting a $40 million loss in the second quarter. Over the past 12 years, the company has cut at least 8,860 jobs in North Carolina, including at least 2,874 in the Triad, in pursuit of lower labor costs in Asia.
(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 ]