updated 11/2/2010 12:46:28 PM ET 2010-11-02T16:46:28

ST. LOUIS, Nov. 2, 2010 (GLOBE NEWSWIRE) -- Furniture Brands International (NYSE:FBN) today announced that it has taken several steps to broaden its sourcing options for casegoods customers that it serves in the contract and ready-to-assemble (RTA) businesses. The company estimates that by mid-2011 it will offer these customers the widest selection of branded products in the industry, many of which have proprietary features and technologies.

The products will be sourced from Furniture Brands' domestic manufacturing footprint as well as from contractors in best-cost locations in Latin America and Asia. The company is one of the largest furniture suppliers to the hospitality markets, providing products to many of the nation's largest hotel operators. Furniture Brands is also a competitor in the branded RTA business and the only RTA supplier to offer Assemblease, a patented, quick-assembly locking technology that is revolutionizing the home entertainment and small office furniture category.

Furniture Brands has a long history of supplying the contract sector through its facilities in Lenoir and Thomasville, NC. 

As part of this supply chain strategy, Furniture Brands intends to close its facility in Appomattox, VA in early 2011 and transfer a portion of its production to one or more Furniture Brands facilities in North Carolina. This manufacturing realignment will result in more efficient overhead absorption and allow for a blended sourcing strategy for contract and RTA customers. Furniture Brands anticipates that the closure and sale of the Appomattox facility will result in restructuring charges totaling approximately $7 million with annual cost savings of approximately $5 million.

"Our manufacturing philosophy for the RTA and contract businesses is the same we've used for our core residential furniture production – consolidate facilities to rationalize overheads, obtain logistics synergies, and take advantage of our scale and global supply chain. By doing this, we can deliver to our customers the highest quality products at the most competitive costs," said Ray Johnson, senior vice president of global supply chain.

About Furniture Brands

Furniture Brands International (NYSE:FBN) is one of the world's leading designers, manufacturers, sourcers, and retailers of home furnishings. It markets through a wide range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Furniture Brands serves its customers through some of the best known and most respected brands in the furniture industry, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Pearson, Hickory Chair, Laneventure, and Maitland-Smith.

The Furniture Brands International logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2757

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this document and in our public disclosures, whether written or oral, relating to future events or our future performance, including any discussion, express or implied, of our anticipated growth, operating results, future earnings per share, or plans and objectives, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are often identified by the words ``will,'' ``believe,'' ``positioned,'' ``estimate,'' ``project,'' ``target," ``continue,'' ``intend,'' ``expect,'' ``future,'' ``anticipates,'' and similar expressions that are not statements of historical fact. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Our actual results and timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under ``Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2009, and in our other subsequent public filings with the Securities and Exchange Commission. Such factors include, but are not limited to: risks associated with the execution of our strategic plan; changes in economic conditions; loss of market share due to competition; failure to forecast demand or anticipate or respond to changes in consumer tastes and fashion trends; failure to achieve projected mix of product sales; business failures of large customers; distribution realignments; manufacturing realignments and cost savings programs; increased reliance on offshore (import) sourcing of various products; fluctuations in the cost, availability and quality of raw materials; product liability uncertainty; environmental regulations; future acquisitions; impairment of intangible assets; anti-takeover provisions which could result in a decreased valuation of our common stock; loss of funding sources; and our ability to open and operate new retail stores successfully. It is routine for internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that all forward-looking statements and the internal projections and beliefs upon which we base our expectations included in this report or other periodic reports are made only as of the date made and may change. While we may elect to update forward-looking statements at some point in the future, we do not undertake any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com