Daily business briefing: Furniture Brands looks for a turnaround

August 20, 2013 

St. Louis-based Furniture Brands International Inc. has hired restructuring advisors and a turnaround firm. According to a Dow Jones report, the furniture company hired law firm Paul, Hastings, Janofsky and Walker LLP. It also is working with investment bank Miller Buckfire and Co. and a turnaround firm, Alvarez and Marsal, according to Dow Jones. Read m ore at http://www.bizjournals.com/stlouis. ...

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The chairman at Barnes & Noble decided not to buy the company after witnessing the book seller's recent larger-than-expected losses. Chairman Leonard Riggio is ending a bid after the company's first-quarter net loss more than doubled previous forecasts. Net loss for the three months ended July 27 totaled $87 million or $1.56 per share. That compares with a loss of $39.8 million, or 76 cents per share, last year. Find out more at http://www.bnd.com/business. ...

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Cost cutting and recent legal settlements helped boost Best Buy's second-quarter net income. Shares jumped more than 16 percent before the opening bell. If the premarket price holds, the stock could hit levels not seen since 2011. Best Buy Co. has been cutting costs and revamping stores to offset competition from discounters and online retailers. The company, the biggest specialty electronics store in the United States, earned $266 million, or 77 cents per share, for the period that ended Aug. 3. A year earlier it earned $12 million, or 4 cents per share. Learn more at http://www.bnd.com/business. ...

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J.C. Penney Co. is reporting more losses. Revenue reached $2.66 billion, down from $3.02 billion. Analysts expected a $1.07-per-share loss on revenue of $2.77 billion. The Plano, Texas-based department store chain lost $586 million, or $2.66 per share, for the three months that ended Aug. 3. That compares with a loss of $147 million, or 67 cents per share, a year earlier. Read more at http://www.bnd.com/business.

-- Will Buss, BND business writer

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