The federal government will be taking over $270 million of the pension obligations of Furniture Brands International.
Then, there was one. One bidder for Furniture Brands International's assets in the company's bankruptcy auction originally set for today. The auction has been cancelled because only one qualified bid was received by yesterday's deadline.
Columbus, Ohio-based furniture retailer DFW has filed Chapter 11 bankruptcy and has begun closing stores.
Parent company Furniture Brands International has closed Action Transport, the trucking subsidiary of Lane Furniture.
The outcome for the new owner of Furniture Brands International could come sooner than expected. The auction will now be held Nov. 21 instead of Dec. 10, which was the initial date set.
A U.S. Bankruptcy Court judge brushed aside objections Friday to paying bonuses to seven Furniture Brands International executives but capped the total possible payments at $3.5 million.
Furniture Brands International is facing a class-action lawsuit from investors who accuse the company and its management of deliberately misleading them about its financial status prior to entering Chapter 11 bankruptcy protection last month.