Lane layoffs possible but not decided, says Furniture Brands
Furniture Today Staff -- Furniture Today, September 9, 2013
ST. LOUIS — Furniture Brands International apparently has warned the state of Mississippi about possible layoffs at Lane facilities here, but a spokesman with the company says that plan is undecided.
A blog post by Dennis Seid, reporter for Northeast Mississippi Daily Journal, said that Furniture Brands, which filed for bankruptcy today, told the state it expects to lay off up to 1,451 people from its Mississippi operations in mid-October, according to unnamed sources.
The Mississippi operations include Lane manufacturing plants in Belden and Saltillo and distribution centers in Verona and Wren, according to the post.
Furniture Brands directed press inquiries to ICR, a corporate communications firm brought in by the company.
ICR spokesman Anton Nicholas said the WARN notice (for Worker Adjustment and Retraining Notification Act) was required as part of the bankruptcy proceedings process. He said it was a notice of possible layoffs but that a final decision on them hasn't been made yet.
In a release announcing its bankruptcy filing, Furniture Brands said it entered into an agreement to sell substantially all of its assets except Lane to affiliates of funds managed by Oaktree Capital Management L.P. Oaktree's bid would serve as the starting point under a court-supervised auction process.
Furniture Brands said it also is evaluating the sale of Lane and has received interest from several potential buyers, though it did not name any of them.
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