Heath E. Combs — Furniture Today
\nHIGH POINT \u00e2\u20ac\u201d Sun Capital has increased its stake in Furniture Brands International to 8.9%, the company said in a filing this week with the Securities and Exchange Commission.<\/p>\n
The Boca Raton, Fla.-based investment fund said in the Sept. 19 filing that it owns a little over 4.3 million shares of Furniture Brands stock.
\n
\n\t\t <\/p>\n
Sun Capital purchased 250,000 share of common stock at $9.86 on Sept. 17 and 450,000 shares on Sept. 19 at $9.74, its largest single purchase of a block of FBI shares.<\/p>\n
FBI\u00e2\u20ac\u2122s close below $10 on Tuesday was its lowest point since the spring of 1996, the year the company\u00e2\u20ac\u2122s name was changed from Interco to Furniture Brands International.<\/p>\n
The name change occurred several months after Interco purchased Thomasville in late 1995, adding it to the Broyhill and Lane operations. Years later, the company acquired Henredon, Drexel-Heritage and Maitland-Smith.<\/p>\n
Interco emerged from bankruptcy in August 1992 and spun off its Converse and Florsheim shoe companies in 1994.<\/p>\n
Its stock declined this week after FBI Chairman and CEO Mickey Holliman said third quarter net sales would be down about 12% and that the company would post a loss of 19 cents to 23 cents per share for the period.<\/p>\n
The company\u00e2\u20ac\u2122s stock price peaked at $42.30 on May 2, 2002, but took a sharp decline to hit $19.02 by Oct. 2 that year. In early March 2004 it rallied to $34.97 before beginning another descent.<\/p>\n
Sun Capital has gradually been building an ownership stake in FBI this year. Rumors have circled the industry for months that FBI or one of its companies was a Sun acquisition target.<\/p>\n
In March, Sun Capital reported its first major stake in Furniture Brands, disclosing that it had bough 2.4 million shares, or 5% of the outstanding stock, between Jan. 10 and March 1 for prices ranging from $15.72 and $16.73.<\/p>\n
Earlier this week, Sun Capital made a bid for St. Louis-based branded apparel marketer Kellwood Co.<\/p>\n","protected":false},"excerpt":{"rendered":"
Heath E. Combs — Furniture Today HIGH POINT \u00e2\u20ac\u201d Sun Capital has increased its stake in Furniture Brands International to 8.9%, the company said in a filing this week with the Securities and Exchange Commission. The Boca Raton, Fla.-based investment fund said in the Sept. 19 filing that it owns a little over 4.3 million […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4978","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=4978"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4978\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}