Havertys Suspends Dividend

November 12, 2008  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on November 2008 Haverty Furniture Co., Atlanta, which operates 123 stores in 17 states, announced Wednesday that its board of directors voted to suspend the company’s quarterly cash dividend. The most recent dividend, a third-quarter payout, was $0.0675 per share on common stock and $0.0625 on Class A common stock.

“The historic slowdown in the retail home furnishings industry has caused us to suspend our dividend,” said Clarence H. Ridley, chairman of the board. “Over the last several weeks, the general economy and capital markets have experienced declines that could not be predicted. We are making this decision as part of our strategic plan to preserve capital, protect the strength of our balance sheet and enhance our financial flexibility as we manage through these difficult times. Although we have no term debt and have adjusted all aspects of our business to the current conditions, we believe this is a prudent step and will reassess our decision on an on-going basis.”