Lane sells IHFC stake
By Furniture Today Staff -- Furniture Today, January 27, 2002
HIGH POINT — Lane Furniture has sold its 12% stake in the International Home Furnishings Center, High Point's largest showroom building.
The disclosure came last week as Furniture Brands International, Lane's parent company, announced its 2001 financial results. FBI reported a one-time gain of $5.2 million on the sale, which took place in the fourth quarter.
"We don't have any interest in owning any real estate," Furniture Brands Chairman Mickey Holliman said last week. "We are a furniture manufacturer."
Lynn Chipperfield, the company's senior vice president and secretary, said Lane's stake was sold back to the IHFC and its other owners, Bassett Furniture Inds., Jefferson Pilot Insurance and Randall Terry, publisher of the High Point Enterprise.
Bassett is the building's largest shareholder.
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