Furniture Brands to be delisted from NYSE
Furniture Brands International announced on Friday that it is delisting itself from the New York Stock Exchange.
The troubled company conducted a reverse stock split in May in an attempt to avoid being delisted.
Analysts have predicted that the company may be headed for liquidation or bankruptcy after a $40 million loss in the second quarter.
The company, based in St. Louis, the largest U.S. furniture manufacturer at $2.2 billion in annual sales in the early 2000s, primarily from divisions based in North Carolina – Broyhill Furniture Industries Inc., HDM Furniture Industries Inc. and Thomasville Furniture Industries Inc.
The company’s stock will trade in the over-the-counter market, OTCQB Marketplace, after being delisted from the NYSE.