The Wall Street Journal reported, citing people familiar with the matter that Furniture Brands International has tapped restructuring lawyers and advisers to deal with its debt load.
The Journal said the company is working with law firm Paul, Hastings, Janofsky and Walker, investment bank Miller Buckfire and turnaround firm Alvarez & Marsal to address its debts and low cash flow amid a struggling U.S. furniture market.
The Journal notes, citing the people, the advisers are examining several alternatives, one of which could be a Chapter 11 bankruptcy restructuring, though the situation is still fluid.
To read the WSJ story in its entirety, click here.