April 19, 2014 11:47 AM ET

Household Durables

Company Overview of FBI Wind Down, Inc.

Company Overview

FBI Wind Down, Inc. completed the sale of its assets to KPS Capital Partners L.P. on November 25, 2013. Previously, it was engaged in the design, manufacture, sourcing, and retail of home furnishings in the United States and internationally. The company was formerly known as Furniture Brands International, Inc. and changed its name to FBI Wind Down, Inc. in November 2013. FBI Wind Down, Inc. was founded in 1921 and is based in St. Louis, Missouri. On September 9, 2013, Furniture Brands International, Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

1 North Brentwood Boulevard

15th Floor

St Louis, MO 63105

United States

Founded in 1921

9,100 Employees





Key Executives for FBI Wind Down, Inc.

Chief Financial Officer and Senior Vice President
Age: 43
Total Annual Compensation: $305.8K
Chief Operating Officer
Age: 57
Total Annual Compensation: $415.0K
Compensation as of Fiscal Year 2012.

FBI Wind Down, Inc. Key Developments

Furniture Brands Offers Real Estate Assets For Sale

FBI Wind Down, Inc. (OTCPK:FBNI.Q) is offering a portfolio of real estate assets for sale. A total of 17 Thomasville and Lane real estate, ranging from manufacturing and distribution facilities to prime development land, located throughout Mississippi, North Carolina, Tennessee and Virginia are included in this offering. As part of the wind-down and liquidation of the Furniture Brands business, these properties are some of the last remaining assets in the Estate. The format and structure of the sale allows for the properties to be purchased individually or in any combination. The deadline for submitting bids to Hilco Real Estate, LLC is scheduled for June 19, 2014.

Furniture Brands Announces Executive Changes

The new owner of Furniture Brands International Inc. didn’t take long to put its fingerprints on its latest acquisition. KPS Capital Partners announced a new name for the assets -- Heritage Home Group LLC -- and that Furniture Brands top executive, Ralph Scozzafava, has resigned. Ira Glazer, 61, a veteran corporate turnaround expert, has been named president and chief executive.

Broadbill Opposes Early Deadline For Furniture Brands Sale

Broadbill Investment Partners, LP which holds a 4.7% stake, has filed its opposition to a November 20, 2013, deadline for accepting bids for Furniture Brands International Inc. (OTCPK:FBNI.Q). Furniture Brands had moved up the deadline, from December 5, 2013 after three bidders emerged. The most recent bid for Furniture Brands comes from Samson Holding Ltd. (SEHK:531) which holds a 9.5% stake. On November 1, 2013, Samson said its bid would be "the same or better" than earlier offers. Previously, Oaktree Capital Management Limited and KPS Capital Partners, LP submitted bids. KPS Capital bid $280 million for Furniture Brands in mid-September. Oaktree bid $166 million.

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Recent Private Companies Transactions

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