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Hooker to take accounting charge

Staff -- Furniture Today, March 30, 2009

Martinsville, Va. — Hooker Furniture said it will take a pretax charge of $4.5 million to $5 million in the fourth quarter of its fiscal year for a writedown of the value of goodwill and intangible assets.

In a filing with the Securities and Exchange Commission, the case goods and upholstery resource said the writedown was necessary because its market capitalization has fallen below its book value.

The company said the writedown affects the Bradington-Young trade name and the goodwill related to the Bradington-Young upholstery line and Opus Design youth furniture lines.

Hooker's fourth quarter and fiscal year ended Feb. 1, and the company said it will announce financial results on or about April 14.

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