Furniture Brands to close plants, cut about 1,200 jobs

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38510.7330715741-836386436&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (MarketWatch) -- Furniture Brands International (FBN) said after Tuesday's closing bell that it will close four manufacturing plants, resulting in the loss of 1,244 jobs. The closings, including the conversion of one plant into a warehouse, are expected to be completed by September and November. St. Louis-based Furniture Brands now expects second-quarter sales to be flat to modestly down compared with last year and earnings of 11 cents to 13 cents a share, including the effects of a restructuring charge of 19 cents a share related to the plant closings and other previously announced charges. Analysts surveyed by Thomson First Call currently expect the company to post second-quarter earnings of 37 cents a share on revenue of $597 million.

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