TUPELO, Ms (WCBI) The parent company of one of Lee County’s largest employers has hired a team of lawyers and advisers to handle a debt crisis.
Furniture Brands International, which owns Lane Industries, is fighting a balance sheet that shows just 8 million dollars in cash on hand with debts totaling 117 million dollars.
The Wall Street Journal reports the turnaround team is looking at several options one of which is a Chapter 11 bankruptcy. In a recent stock filing, F-B-I said it is looking at cost cutting moves including consolidating some plants along with layoffs across the company’s brands which include Lane, Broyhill and Thomasville.
According to Tupelo’s Community Development Foundation, Lane employs just over 14 hundred people in Lee County.