Parent company to big furniture brands such as Thomasville, Broyhill, Drexel Heritage, Henredon, Hickory Chair, Maitland-Smith, Pearson and Lane Venture, Furniture Brands International reported a net loss of $21.2 million for the first quarter 2013, compared with a profit of $379,000 in the first quarter of 2012, according to an article in the St. Louis Business Journal.
The company ended the quarter with a $10.3 million in cash and $116.8 million in debt. Revenue was down 11.3% from Q1 2012. The net loss for the quarter included $2.9 million in impairment and product rationalization charges.
Losses were attributed in part to increased freight costs, higher employee benefit costs, lower sales and the deleveraging of manufacturing costs, and inventory charges.
