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Stock impact report

Stanley Furniture update results, revises sale agreement [Seeking Alpha]

HG HOLDINGS INC (STLY) 
Company Research Source: Seeking Alpha
Stanley Furniture update results, revises sale agreementStanley Furniture (NASDAQ:STLY) posts preliminary results for Q4.The company expects to report sales of ~$11.9M and a net loss of ~$6.7M.which includes receipt of $433,000 in CDSOA proceeds.Management says most of the net loss was attributable to non-recurring charges, including ~$3.3M in charges for obsolete and slow-moving inventory, ~$1.7M in charges relating to the departure of the company’s former CEO and two directors and ~$800K of transaction expenses in connection with the proposed sale of assets.In another update, Stanley say it entered into a sale amendment with Churchill Downs LLC providing for a revised purchase price of $18.4M and a 5% equity interest in the post-closing parent company.STLY is--19.512% to $0.66Source:Press ReleaseClick to subscribe to real-time analytics on STLY Show less Read more
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