-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IEBX8czD3oMFSbREAuxa+VZLr2UMxZpdo1qqUIKMtJ4E4+W0CIaHFNGeyypY9/YW SVvjlD8ieIajlRJMiJlYJQ== 0000797465-08-000024.txt : 20080709 0000797465-08-000024.hdr.sgml : 20080709 20080708181705 ACCESSION NUMBER: 0000797465-08-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071010 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080709 DATE AS OF CHANGE: 20080708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANLEY FURNITURE CO INC. CENTRAL INDEX KEY: 0000797465 STANDARD INDUSTRIAL CLASSIFICATION: WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED) [2511] IRS NUMBER: 541272589 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14938 FILM NUMBER: 08943601 BUSINESS ADDRESS: STREET 1: 1641 FAIRYSTONE PK HWY STREET 2: P. O. BOX 30 CITY: STANLEYTOWN STATE: VA ZIP: 24168 BUSINESS PHONE: 5406272000 MAIL ADDRESS: STREET 1: 1641 FAIRYSTONE PARK HGWY STREET 2: P. O. BOX 30 CITY: STANLEYTOWN STATE: VA ZIP: 24168 FORMER COMPANY: FORMER CONFORMED NAME: STANLEY FURNITURE CO INC/ DATE OF NAME CHANGE: 19930908 FORMER COMPANY: FORMER CONFORMED NAME: STANLEY FURNITURE CO INC DATE OF NAME CHANGE: 19930908 FORMER COMPANY: FORMER CONFORMED NAME: STANLEY INTERIORS CORP DATE OF NAME CHANGE: 19920703 8-K 1 form8k070808.htm FORM 8K 07-08-08 form8k070808.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 08, 2008


STANLEY FURNITURE COMPANY, INC.
(Exact name of registrant as specified in its charter)


Delaware
  
0-14938
  
54-1272589
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(I.R.S. Employer Identification No.)
 

 
1641 Fairystone Park Highway, Stanleytown, Virginia           24168
 (Address of principal executive offices)                                     (Zip Code)
  


Registrant’s telephone number, including area code: (276) 627-2000
 
 N/A
 (Former name or former address, if changed since last report.)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):





    □ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    □ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    □ Pre-commencement communications pursuant to Rule 14d-2(b) under the   Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the  Exchange Act (17 CFR 240.13e-4(c))
 
 
 
]
 
ITEM 7.01. Regulation FD Disclosure

On  July 08, 2008, the Registrant issued a press release announcing plans to reduce its workforce and consolidate its manufacturing operations.  The press release is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
 

ITEM 9.01 Financial Statements and Exhibits.
    
99.1    Press release by Stanley Furniture Company, Inc. on July 08, 2008.
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
STANLEY FURNITURE COMPANY, INC.
   
July 08,  2008
By: 
Date
Jeffrey R. Scheffer
 
Chairman, President and Chief Executive Officer



 
 
 

EX-99.1 2 exhibit991.htm PRESS RELEASE EXHIBIT 99.1 exhibit991.htm
 
Exhibit 99.1
 
 


NEWS RELEASE


FOR IMMEDIATE RELEASE:            
 
                                                                                                  Stanley Furniture Company, Inc.
 
July 8, 2008                                                                           Investor Contact:                    Douglas I. Payne
                        (276)  
627-2157

                                                                                                
Media Contact:
Robin Campbell
                                                                                                                                                     
(276) 627-2245



Stanley Furniture to Consolidate North Carolina Manufacturing Operations
 
STANLEYTOWN, VA, July 8, 2008/Business Wire/ – Stanley Furniture Company, Inc. (Nasdaq-NGS:  STLY) announced today that the company will consolidate its Lexington, N.C., manufacturing operation with that in its Robbinsville, N.C., facility.
 
The manufacturing consolidation is one of several steps the Company announced to improve its cost structure in response to current industry conditions.  In addition, Stanley Furniture is eliminating two executive positions and offering a voluntary early retirement incentive for qualified salaried associates.
 
“Historically low levels of consumer confidence, housing activity and personal disposable income has led to an industry-wide weakness in consumer demand for residential furniture not seen since the early ‘80’s,” explained Stanley Furniture’s president and CEO Jeffrey R. Scheffer.  “We are making difficult moves from top to bottom and throughout our business to remain profitable now and to be well-positioned for continued success when demand eventually improves.”
 
“Our proven business model depends upon domestic manufacturing as a point of differentiation to provide an extensive array of well-designed products supported by excellent quality and quick delivery.  Our commitment to domestic manufacturing (which accounts for about two-thirds of our revenues) means that we must continue to manage our costs through improved work flow, labor productivity, and better asset utilization.”
 
The manufacturing consolidation will result in the elimination of about 350 jobs at the Lexington, N.C. production facility over the next two to three months.  The Company plans to retain its warehousing facility with about 20 associates at a separate location in Lexington, N.C.  Responsibilities of the two executive positions being eliminated, VP of Purchasing and VP of Human Resources, will be absorbed by other members of the management team.
 
 
To ease the transition for affected associates, Stanley Furniture will work closely with the North Carolina Employment Commission to provide career counseling, skills assessment, job development, job search assistance and referrals.  In addition, Stanley Furniture will apply for federal Trade Adjustment Assistance (TAA) under the Trade Act.  If certified, associates may be eligible to receive extended income support through Trade Readjustment Allowances, training programs, job search allowances and/or relocation allowances.  Some Lexington associates may be eligible for positions in Robbinsville, N.C. or Stanleytown, V.A.

“We have worked closely with the state of North Carolina, Graham County, and the Town of Robbinsville to expand our production and employment at the Robbinsville, N.C. facility to accommodate the production being moved from Lexington”, says Scheffer.  “We anticipate adding approximately 200 new jobs in Robbinsville over the next couple of years and continuing to make substantial investments in workforce training, facilities and equipment to support our industry leading Young America line of infant and youth furniture.”
 
The Company expects the manufacturing consolidation and transition to be completed by December 31, 2008 and anticipates pre-tax restructuring and impairment charges in the second half of 2008 to be in the range of $6 million to $8 million.  Once the transition period is over, the Company expects annual pre-tax savings of $5 million to $6 million from the manufacturing consolidation.
 
Established in 1924, Stanley Furniture Company, Inc. is a leading manufacturer of wood furniture targeted at the upper-medium price range of the residential market.  Manufacturing facilities are located in Stanleytown, V.A., and Robbinsville and Lexington, N.C.  Stanley Furniture common stock is traded on the Nasdaq Market under the symbol STLY. For additional information, visit stanleyfurniture.com.
 
 
 
 
Forward-Looking Statements

Certain statements made in this press release are not based on historical facts, but are forward-looking statements.  These statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may” or “will” or the negative thereof or other variations thereon or comparable terminology.  These statements reflect our reasonable judgment with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.  Such risks and uncertainties include the cyclical nature of the furniture industry, competition in the furniture industry including competition from lower-cost foreign distributors, operational inefficiencies resulting from the consolidation, relocation and disposal costs relating to facilities and equipment at the Lexington, N.C. production facility and severance costs relating to reduction of associates.  Any forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

 


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