Brief: Stanley Furniture Sees Q4 2017 Sales About $11.9 Million

HG Holdings

23/01/2018 14:11

Jan 23 (Reuters) - Stanley Furniture Company Inc  STLY.O : 
    * STANLEY FURNITURE ANNOUNCES PRELIMINARY FOURTH QUARTER 
SALES AND 
NET LOSS; AMENDMENT TO AGREEMENT TO SELL SUBSTANTIALLY ALL OF 
ITS ASSETS 
    * SEES Q4 2017 SALES ABOUT $11.9 MILLION 
    * STANLEY FURNITURE COMPANY - ENTERED INTO AMENDMENT TO 
AGREEMENT 
TO SELL SUBSTANTIALLY ASSETS TO CHURCHILL DOWNS PROVIDING FOR 
REVISED PURCHASE PRICE 
    *  AMENDED AGREEMENT CONTINUES TO PROVIDE FOR CHURCHILL 
DOWNS TO 
ASSUME SUBSTANTIALLY ALL THE COMPANY'S LIABILITIES 
    * STANLEY FURNITURE COMPANY - AMENDMENT PROVIDES CO WITH A 
GO-SHOP 
PERIOD DURING WHICH IT WILL ACTIVELY SOLICIT ALTERNATIVE 
PROPOSALS FROM THIRD PARTIES 
    * STANLEY FURNITURE COMPANY - AMENDMENT PROVIDES CO WITH A 
GO-SHOP 
PERIOD  FOR NEXT 14 DAYS CONCLUDING ON FEBRUARY 5, 2018 
    * SEES Q4 2017 NET LOSS OF APPROXIMATELY $6.7 MILLION 
    * STANLEY- AGREEMENT WITH CHURCHILL PROVIDES FOR PURCHASE 
PRICE 
TOTALING $18.4 MILLION & 5% EQUITY INTEREST IN BUYER'S 
POST-CLOSING ULTIMATE PARENT COMPANY 
 
Source text for Eikon:  ID:nGNXOMNZVa  
Further company coverage:  STLY.O  
 
 ((Bangalore.newsroom@thomsonreuters.com;))