Furniture Brands Announces 1-for-7 Reverse Stock Split

Furniture Brands International FBN today announced a 1-for-7 reverse stock split of its Common Stock that will be effective today May 28, 2013 at 4:45 p.m. Eastern Time. The reverse stock split was previously approved by the Company's shareholders at the 2013 Annual Meeting of Shareholders held on May 2, 2013. Furniture Brands' common stock will begin trading on the NYSE on a split-adjusted basis when the market opens on Wednesday, May 29, 2013. When the reverse stock split becomes effective, every seven shares of issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. On a pre-split basis, the Company currently has approximately 56.4 million shares of Common Stock outstanding, which will be reduced to approximately 8.0 million shares as a result of the split. No fractional shares will be issued in connection with the reverse stock split. Following the completion of the reverse stock split, Furniture Brands' transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the reverse stock split and those shares will be sold into the market. Stockholders who would otherwise hold a fractional share of common stock will receive a cash payment from the proceeds of that sale in lieu of such fractional share. Additional information on the treatment of fractional shares and other effects of the reverse stock split is contained in Furniture Brands' Proxy Statement dated March 22, 2013.