Bankrupt Furniture Brands Seeks Executive Bonuses

September 16, 2013 by in Bankruptcy, Industry

Bankrupt Furniture Brands International has asked a federal judge in Delaware to let it pay more than $5 million in bonuses to 55 employees, including seven company insiders, if its assets are successfully sold at auction.

The manufacturer, which hasn't made a profit in six years, said the bonuses would be paid for reaching incentives that "will not be easy."...

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Source: Law360

Furniture Brands' Canadian Unit Files Bankruptcy

September 16, 2013 by in Bankruptcy, Industry

Furniture Brands Canada, a subsidiary of bankrupt Furniture Brands International, has also filed for bankruptcy and laid off all its salaried employees.

Furniture Brands launched the Canadian subsidiary in 2009. Furniture Brands Canada listed liabilities of about $2.1 million and assets of about $409,000 in its bankruptcy notice. Its salaried employees are owed just more than $70,400, according to the notice.

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Source: St Louis Business Journal

Robert S. Fogarty Jr. Dies

September 16, 2013 by in Industry, Obituaries

Robert S. Fogarty, Jr. died in the company of his family on Sept. 11 due to complications from Myasthenia Gravis and cancer.

He was a loving husband and family man, a loyal patriot, a scholar, an accomplished basketball player, and a titan of American industry. He was pre deceased by his sister Catherine F. Whalen and his parents Robert S. and Christine Fogarty. His wife Harriett, daughters Paula and Lea, and son Dean survive him.

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Source: South Hill Enterprise