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BRIEF-Stanley Furniture announces agreement to sell substantially all of its assets
November 20, 2017 / 10:16 PM / a month ago

BRIEF-Stanley Furniture announces agreement to sell substantially all of its assets

Nov 20 (Reuters) - Stanley Furniture Company Inc:

* Stanley Furniture announces agreement to sell substantially all of its assets

* Stanley Furniture Company Inc - ‍company does not intend to liquidate following closing of transaction​

* Stanley Furniture Company Inc - ‍has entered into an agreement to sell substantially all of its assets to Churchill Downs Llc​

* Stanley Furniture - ‍deal for $11.5 million in cash, $4.6 million subordinated secured promissory note of buyer, 5 % equity interest in buyer’s post-closing parent co​

* Stanley Furniture Company Inc - ‍Stanley also announced that its board of directors elected Steven A. Hale II as chairman of board​

* Stanley Furniture Company - ‍upon signing of agreement, buyer delivered into escrow a $750,000 deposit towards $11.5 million cash consideration for sale​

* Stanley ‍- if buyer unable to obtain financing or agreement is terminated for certain other reasons, co entitled to receive deposit as termination fee​ Source text for Eikon: Further company coverage:

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