25.04.2008 16:03:00
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Sun Capital Responds to Furniture Brands' ''Board Succession Plan''
SCSF Equities, LLC (together with its affiliates, "Sun
Capital”) today issued the following statement
in response to Furniture Brands International, Inc.’s
(NYSE: FBN) ("Furniture Brands”)
recently announced "Board Succession Plan.”
Jason Bernzweig, a Vice President for Sun Capital, said:
"We agree with Furniture Brands that it is
clearly time to make room for the next generation of leadership on the
Board, but their latest tactic must be seen for what it is -- an attempt
to avoid a shareholder referendum on the Board’s
performance and secure the ability to designate directors selected by
the Board, rather than by shareholders, after the shareholders vote. In
our opinion, this is just one more example of Furniture Brands’
apparent disregard for shareholders’ rights.
Sun Capital has put forth three highly qualified nominees –
Alan Schwartz, Ira Kaplan, and Scott King –
who will act in the best interest of all shareholders. We urge
shareholders to elect our candidates rather than awaiting the results of
a lengthy and uncertain Board search process, which we believe has been
purposefully drawn out to circumvent the vote.”
Sun Capital strongly encourages Furniture Brands shareholders to sign,
date, and return the Gold proxy card and vote FOR Alan
Schwartz, Ira Kaplan, and T. Scott King. Shareholders who have
questions, or need assistance in voting their shares, should call Sun
Capital’s proxy solicitor, D.F. King & Co.,
Inc. at 1-800-347-4750. For more information on how to vote, as well as
other proxy materials, please visit www.FBNValue.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused
on leveraged buyouts, equity, and other investments in market–leading
companies that can benefit from its in–house
operating professionals and experience. Sun Capital affiliates have
invested in and managed more than 185 companies worldwide with combined
sales in excess of $35.0 billion since Sun Capital’s
inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles,
and New York, as well as affiliates with offices in London, Tokyo, and
Shenzhen. For more information, please visit www.SunCapPart.com.
Additional Information
SCSF Equities, LLC, Sun Capital Securities Offshore Fund, Ltd., Sun
Capital Securities Fund, LP, Sun Capital Securities Advisors, LP, Sun
Capital Securities, LLC, Marc J. Leder, Rodger R. Krouse, Alan Schwartz,
Ira Kaplan and T. Scott King (collectively, the "Participants”)
filed a definitive proxy statement with the SEC on April 15, 2008
containing information about the solicitation of proxies for the 2008
Annual Meeting of the shareholders of Furniture Brands International,
Inc. The definitive proxy statement and the GOLD proxy card were
first disseminated to shareholders of Furniture Brands International,
Inc. on or about April 15, 2008.
Shareholders of Furniture Brands International, Inc. are urged to read
the definitive proxy statement because it contains important
information. Detailed information relating to the Participants can be
found in the definitive proxy statement filed with the SEC. The
definitive proxy statement and other relevant documents relating to the
solicitation of proxies by the Participants are available at no charge
on the SEC’s website at http://www.sec.gov.
In addition, Sun Capital will provide copies of the proxy statement and
other relevant documents without charge upon request. Requests for
copies should be directed to Sun Capital’s
proxy solicitor, D.F. King & Co., Inc., at 1-800-347-4750.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements
contained in this press release that are not clearly historical in
nature or that necessarily depend on future events are forward-looking,
and the words "anticipate,” "believe,” "expect,” "estimate,” "plan,”
and similar expressions are generally intended to identify
forward-looking statements. These statements are based on current
expectations of Sun Capital Partners, Inc. and its affiliates and
currently available information. They are not guarantees of future
performance, involve certain risks and uncertainties that are difficult
to predict and are based upon assumptions as to future events that may
not prove to be accurate. Sun Capital does not assume any obligation to
update any forward-looking statements contained in this press release.
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