ST. LOUIS, June 19, 2012 (GLOBE NEWSWIRE) -- Furniture Brands International (NYSE:FBN) today announced that its Board of Directors amended and restated its stockholder rights plan to extend the expiration date from July 30, 2012 to June 18, 2015, and to effect other changes intended to update the existing plan.
The stockholder rights plan, first implemented in 2009 and approved by Furniture Brands' stockholders in 2010, was adopted by the Board in order to preserve the value of significant tax assets associated with the company's net operating loss carry forwards and certain other tax benefits under Section 382 of the Internal Revenue Code and to protect stockholders against potential acquirers who may pursue coercive or unfair tactics aimed at gaining control of the company without paying a full and fair price to all stockholders. The company intends to seek stockholder approval of the amended and restated rights plan at its next annual meeting.
Furniture Brands reported net deferred tax assets attributable to federal and state net operating loss carry forwards totaling approximately $101.4 million as of March 31, 2012. The company's ability to realize these tax assets would be substantially limited by Section 382 if an "ownership change" occurred -- generally, a greater than 50-percentage point change in ownership of stock by stockholders owning (or deemed to own under Section 382) five percent or more of a corporation's stock over a three-year period of time. The stockholder rights plan is intended to reduce the likelihood of an "ownership change" occurring as a result of the buying and selling of Furniture Brands common stock, and as a result, preserve the value of the tax assets.
Subject to certain exceptions described in the rights plan, any stockholder or group that acquires beneficial ownership of 4.75 percent or more of Furniture Brands' outstanding stock without the approval of the company's board of directors would be subject to significant dilution in its holdings. The 4.75 percent threshold is intended to reduce the likelihood that a stockholder will inadvertently become a "five-percent stockholder" under Section 382 by providing that there are a sufficient number of shares that a stockholder may inadvertently acquire after triggering the rights plan, but before acquiring five percent or more of the company's stock. In addition, at its discretion, the Board of Directors may exempt certain transactions and certain persons whose acquisition of securities is determined by the Board not to jeopardize the Company's net operating losses and whose holdings following such acquisition will not equal or exceed 20 percent of the company's outstanding common stock. The 20 percent threshold is meant to deter any attempt to obtain control of the company in a manner or on terms that are not in the best interests of the company and all stockholders.
Additional information regarding the Board of Directors' actions will be provided in a Current Report on Form 8-K and in a Registration Statement on Form 8-A/A which Furniture Brands will file with the Securities and Exchange Commission.
About Furniture Brands
Furniture Brands International, Inc. (NYSE:FBN) is a world leader in designing, manufacturing, sourcing and retailing home furnishings. Furniture Brands markets products through a wide range of channels, including company owned Thomasville retail stores and through interior designers, multi-line/independent retailers and mass merchant stores. 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, Lane Venture, and Maitland-Smith. To learn more about the company, visit: furniturebrands.com
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, 2011, 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; changes in our pension funding obligations; 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; loss of key personnel; impairment of intangible assets; anti-takeover provisions which could result in a decreased valuation of our common stock; loss of funding sources or our inability to secure additional financing to meet our operating and capital needs; 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.
CONTACT: Investor contact: Farah Soi, ICR, 203-682-8200 Media contact: Lisa Hanly, 314-290-8954
© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved
Source: www.msnbc.msn.com
Hertz Furniture Offers 72 Hour Quick Shipping on Office and School Furniture - YAHOO!
Hertz Furniture is offering a limited time 72 Hour QuickShip promotion on purchases of select school furniture and office furniture. The QuickShip offer includes school furniture such as student desks, teachers' desks, classroom tables and chairs, and more.
(PRWEB) June 19, 2012
Hertz Furniture is offering a limited time 72 Hour QuickShip promotion on purchases of select school furniture and office furniture. This offer is good on orders approved between June 4 and August 30, 2012.The QuickShip offer includes school furniture such as student desks, teachers' desks, classroom tables and chairs, computer desks, cabinets, wooden lockers and shelving, whiteboards, book displays, wood blocks and rest cots for preschoolers, and much more.
Hertz Furniture continues its tradition of first-rate, highly personalized customer service. The company has built a solid reputation during its decades of service to schools, offices, and other institutions.
"We are pleased to be able to present the QuickShip promotion, ensuring delivery within 72 hours and offering peace of mind to educators," says company president Saul Wagner.
"Classroom furniture set-up should be a task that teachers and administrators can take care of well before the start of the school year to establish a comfortable learning environment. This promotion will aid them in the endeavor of positioning classroom desks, classroom chairs, and other school furniture with plenty of time to spare."
With 90 applicable 72 Hour QuickShip furniture items prominently noted on their Web site, Hertz Furniture has made shopping even easier by conveniently creating a 72 Hour QuickShip page to display all items that leave the factory within 72 hours. This way, purchasers can efficiently and conveniently choose all the school furniture they need and ensure it will arrive exactly when they need it.
About Hertz Furniture:
For over 45 years Hertz Furniture has supplied schools, religious institutions, businesses and government offices with top quality commercial furniture and superior customer service. Speedy Quotes, Quick Ship products, a wide selection of eco-friendly furniture, a free project planning and design service and the best warranties in the industry are just a few of the ways that Hertz Furniture provides added value to its customers. For additional information on Hertz Furniture and its extensive line of products, please visit http://www.HertzFurniture.com, speak to a furniture specialist at 888-793-4999, or send an email to ahoffmann(at)hertzfurniture(dot)com
Amy Hoffmann
Hertz Furniture
1-888-222-5130
Email Information
Source: news.yahoo.com
Brandenberry Amish Furniture Debuts New Sofa Servers - YAHOO!
Brandenberry Amish Furniture offers a wide selection of practical solid wood furniture, including sturdy sofa servers.
Shipshewana, IN (PRWEB) June 19, 2012
Brandenberry Amish Furniture, located in Northern Indiana’s Amish country, recently added sofa servers to their solid wood furniture selection. Sofa servers, also known as tray tables or portable tables, are commonly used as a portable dining table, work space, book or magazine holder, or laptop computer platform.Brandenberry’s sofa servers are built at an optimum size (26 ¾ H) to allow space for seating at a chair, sofa or recliner. Brandenberry client service representative Alice notes the versatility of the sofa servers stating, "The sofa servers are great for holding drinks or food by the sofa, are small enough to fit comfortably between people, and come with an optional drawer which makes them great for iPad and Kindle storage." Sturdy construction, a rich wood finish and custom options (including wood species, wood slat and design choices), make each of Brandenberry’s sofa servers dynamic furnishings great for home use.
Brandenberry’s furniture is crafted by Midwestern Amish artisans using regional hardwoods and traditional woodworking methods. This detailed craftsmanship results in pieces that are durable and beautiful. The sofa servers are crafted in two iconic Amish styles: Mission and Traditional. The simple styles reveal the practical, timeless appeal of Amish-crafted furniture.
About Brandenberry Amish Furniture:
LeRoy and Ida Weaver established their first Amish furniture store in 1989 in Shipshewana, Indiana, before opening Brandenberry Amish Furniture in 2008. They maintain two family-owned and operated businesses offering a full line of solid wood, Amish Furniture at affordable prices. In addition to providing a wide selection of home furniture, Brandenberry Amish Furniture offers a range of services, including layaway and delivery options, custom furniture design consultation, price quotes and exclusive sales.
Marty Weaver
Brandenberry Amish Furniture
260-768-3270
Email Information
Source: news.yahoo.com
Governor calls on state agency to get chemicals out of couches - Fort Mill Times
Brown's order is a nod to evolving furniture-safety science that shows that fire prevention can be achieved without the use of chemicals that are connected to cancer and reproductive harm.
"Toxic flame retardants are found in everything from high chairs to couches and a growing body of evidence suggests that these chemicals harm human health and the environment," Brown said in a statement. "We must find better ways to meet fire safety standards by reducing and eliminating - wherever possible - dangerous chemicals."
Brown's order calls on the state's consumer safety bureau to reduce chemicals used to ensure product safety. Fire safety authorities say there are ways to regulate the weave of fabrics and construction of products to reduce fire risk while limiting chemical use.
The newfound resolve to limit the chemicals will mark a reversal for several state agencies. State consumer product and environmental agencies have opposed several of state Sen. Mark Leno's, D-San Francisco, efforts to limit flame-retardant chemicals in couches in 2007 through 2009.
Legislative review documentsshow that in 2007, both the California Department of Toxic Substances Control and the Office of Environmental Health Hazard Assessment opposed proposed bills that would have limited chemical use.
In 2008 and 2009, the Department of Consumer Affairs opposed two bills that would have changed the state's fire safety standard or called for removal of flame retardants from juvenile products, such as strollers and nursing pillows.
News reports and lobbying records show that the chemical industry spent tens of millions of dollars fighting such proposed bills and have lobbied the Department of Consumer Affairs and environmental agencies.
The American Chemistry Council, which represents makers of flame retardants, has said that the chemicals are safe as used and they play a key role in reducing fires in homes.
Russ Heimerich, a spokesman for the Department of Consumer Affairs, said officials are now committed to revising Technical Bulletin 117, the provision of law that leads to the heavy use of chemicals in furniture.
"We have been looking at TB 117 for a while, so now that we have direction from the governor, we're in a position to execute that direction quickly," Heimerich said.
He said the agency is planning to meet with environmental and industry leaders in coming weeks and aims to draft a new regulation by late August. He said they can take up to a year to take effect.
Sarah Jannsen, senior scientist for the Natural Resources Defense Council, applauded the governor's announcement. She said a mounting body of research has shown high levels of flame-fighting chemicals in Californians' blood and linked them to reproductive and learning challenges.
"Ultimately the signal is that we'll be able to have couches that meet modern manufacturing and flammability standards without contaminating our homes and our bodies with toxic chemicals," she said.
Jannsen said a couch she bought in 2007 was infused with chlorinated Tris, a chemical that last year was added to the state's list of cancer-causing substances.
Before Tris was outlawed, PBDEs, chemicals that have been linked to lower IQs in children, were banned from couches by 2003 state legislation. "We've replaced one bad chemical with another, again and again and again," Jannsen said.
Andrew McGuire, policy director of Green Science Policy Institute, said Brown's announcement is a major victory in what's been a lengthy battle for environmentalists. He said the next phase of work needs to examine getting the chemicals, which have been found in the bodies of whales near Alaska, out of the environment.
He said couches are dumped in landfills, and rain carries the flame-retardant chemicals into groundwater and the ocean. "I think generations are going to deal with this," he said.
Lawmakers will begin a discussion of the chemicals during an informational hearing June 26 called by Assemblyman Bob Wieckowski, D-Fremont, chairman of the Assembly Committee on Environmental Safety and Toxic Materials.
View this story on California Watch
Source: www.fortmilltimes.com
In Syria's Homs, sectarian spoils of war at bargain prices - Reuters UK
BEIRUT |
BEIRUT (Reuters) - They call it the "Sunni market" - a comic term with a dark undertone.
As rockets and gunfire crackle in the central city of Homs, hardline loyalists from President Bashar al-Assad's Alawite sect steal goods from the shattered neighbourhoods of Sunni Muslims, the majority population that led the revolt against him.
Grocery stores and thrift shops become loot markets.
"Maybe I'll nab a bargain," says a 50-year-old woman wandering through a supermarket that now trades in looted furniture. "I found a really nice kitchen table set made of gorgeous old wood. But he wants $200 dollars for it!"
Furniture usually goes for around $50 or less. Clothes and shoes are $5 to $20. Everything is open to negotiation.
The woman haggles with the shopkeeper. "These are the spoils of war. It's our right to take them," she says.
Even shopping now has a sectarian dimension in Homs, heart of the 15-month-old revolt against Assad, where killings and kidnappings based on religion became common.
Some in the minority Alawite sect, an offshoot of Shi'ite Islam and the dominant force in the Syrian elite, say they are only defending themselves. They say Sunnis want to crush them, not establish a democracy as activists say.
"This isn't stealing, it is our right. Those people support terrorism and we have to finish them off," says Ayman, a 25-year-old youth wearing pointed black shoes and a studded belt.
Outside the shop, he helps young men with slicked back hair and tight jeans unload television sets from vans.
After security forces pound rebel areas in Homs and Sunni residents flee, pro-Assad Alawite gangs called "shabbiha" sweep in behind them to salvage goods from the rubble.
"The other day our boss sent us to a place near the cultural centre. It was an electronics store - TVs, fridges, stuff like that," said Ayman.
"We worked it for three hours, taking stuff and putting it in storage. We got 10,000 lira ($147), plus a TV. So why not?"
Not everyone is impressed, says Mahmoud, an old vegetable vendor outside the loot store, his wrinkled face set in a frown.
"They are the dregs of society. Now, Alawites will be seen as thieves," he said.
But with the conflict ravaging Syria's economy, some Alawite vendors say they are happy to find a way to scrounge some cash.
"Last week a businessman came from (the port of) Tartous and bought 3 million lira of stolen goods, happy for the deal," said furniture dealer Hasan. "At the end of the day, I'm a businessman, and people are buying."
(This story is based on the observations of a visitor to Syria, known to Reuters. His identity has been withheld for safety reasons)
(Writing by Erika Solomon; editing by Ralph Boulton)
Source: uk.reuters.com
British recipes for summer - made in Milan - Daily Telegraph
So I prepared a few delicate English salads, simply cooked asparagus with butter, a great courgette soup, and chicken with lots of herbs. When I cooked this at home, a sprig of bay, a twig of sage, a branch of rosemary and a big knob of butter made their way into the pot. The result is lovely, particularly if you have taken the chicken off the bone; that way it is quick to cook and the flavour of the herbs goes straight into the flesh.
Fish can be given a similar treatment. Rosemary and sage are suited to certain fish — I tend to go for thyme and parsley, occasionally a sprig of rosemary on bass and if there is ever some fennel leaf around, I’ll tuck it inside the cavity of any fish.
The samphire season is just starting, so it’s great to get in early. Here I’ve mixed it in with lentils. And finally, lemon posset, one of my favourite desserts.
The Dock Kitchen Cookbook: Real Home Cooking From Around the World by Stevie Parle (Quadrille, £25) is available for £16 plus £1.25 p&p from Telegraph Books. Call 0844 871 1515 or go to books.telegraph.co.uk
Source: www.telegraph.co.uk
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