After weeks of back and forth with two prospective buyers, Furniture Brands International has entered into an asset purchase agreement with KPS Capital Partners LP that includes Lane Furniture, which employs 1,400 workers in Tupelo.
The St. Louis Business Journal reported the announcement of today’s purchase agreement.
Meanwhile, the Northeast Daily Journal reports that KPS Capital has offered to retain Lane’s 1,400 workers in Tupelo.
KPS, which replaced Oaktree Capital Management last week as the stalking horse bidder, will pay $280 million for most of the company’s assets, including its Lane business. Oaktree’s bid did not include Lane Furniture.