ST. LOUIS–Furniture Brands International said today it has completed the sale of it HBF business furniture unit to HNI Corp. for $75 million. Wachovia Securities assisted Furniture Brands in the process.
“This transaction puts our focus solely on the home furnishings industry,’’ Ralph P. Scozzafava, chief executive officer of Furniture Brands, said in a statement. “The proceeds of the sale will be used to further improve our balance sheet, where today we have the most cash and least debt since the company recapitalized in 1992,’’ Scozzafava added.
