IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
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In re: Furniture Brands International, Inc., et al. 1 | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
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| | Federal Tax I.D. #: | 43-0337683 |
Monthly Operating Report
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| Required Documents | Form No. | Document Attached | Explanation Attached |
| Schedule of Cash Receipts and Disbursements | MOR-1 | X | |
| Bank Account Information/Reconciliation | MOR-1a | X | Bank reconciliation statement |
| Detailed Operating Receipts and Disbursements | MOR-1b | X | |
| Schedule of Professional Fees Paid | MOR-1c | No | Accrued, but none paid |
| Copies of Bank Statements | | N/A | X |
| Cash Disbursements Journals | | N/A | X |
| Statement of Operations | MOR-2 | X | |
| Balance Sheet | MOR-3 | X | |
| Status of Post-Petition Taxes | MOR-4 | X | |
| Copies of IRS Form 6123 | | N/A | |
| Copies of Tax Returns Filed During Reporting Period | | N/A | |
| Summary of Unpaid Post-Petition Debts | MOR-5 | N/A | |
| Listing of Aged Accounts Payable | MOR-5a | X | |
| Accounts Receivable Reconciliation and Aging | MOR-6 | X | |
| Debtor Questionnaire | MOR-7 | X | |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
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| /s/ Richard R. Isaak | | 10/31/2013 |
Signature of Authorized Individual(2) | | Date |
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| Richard R. Isaak | | VP, Controller, Treasurer, IR, & CAO |
| Printed Name of Authorized Individual | | Title of Authorized Individual |
(1) The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal taxpayer- identification number, as applicable are: Furniture Brands International, Inc. (7683); Action Transport, Inc. (7587); Broyhill Furniture Industries, Inc. (3217); Broyhill Home Furnishings, Inc. (8844); Broyhill Retail, Inc. (8843); Broyhill Transport, Inc. (1721); Furniture Brands Holdings, Inc. (2837); Furniture Brands Operations, Inc. (4908); Furniture Brands Resource Company, Inc. (1288); HDM Furniture Industries, Inc. (7484); HDM Retail, Inc. (6125); HDM Transport, Inc. (4378); Lane Furniture Industries, Inc. (5064); Lane Home Furnishings Retail, Inc. (9085); Laneventure, Inc. (8434); Maitland-Smith Furniture Industries, Inc. (7486); Thomasville Furniture Industries, Inc. (6574); Thomasville Home Furnishings, Inc. (3139); Thomasville Retail, Inc. (f/k/a Classic Design Furnishings, Inc.) (6174). The Debtors’ corporate headquarters is located at 1. N. Brentwood Blvd., St. Louis, Missouri 63105.
(2) Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
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| In re: Furniture Brands International, Inc., et al. | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
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| | Federal Tax I.D. #: | 43-0337683 |
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| Listing of Debtor Entities and Notes to the Monthly Operating Report |
General:
The report includes activity from the following Debtors and related Case numbers:
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| Debtor | Case Number |
| Furniture Brands International, Inc. | 13-12329 |
| Action Transport, Inc. | 13-12331 |
| Broyhill Furniture Industries, Inc. | 13-12332 |
| Broyhill Home Furnishings, Inc. | 13-12333 |
| Broyhill Retail, Inc. | 13-12334 |
| Broyhill Transport, Inc. | 13-12335 |
| Furniture Brands Holdings, Inc. | 13-12337 |
| Furniture Brands Operations, Inc. | 13-12338 |
| Furniture Brands Resource Company, Inc. | 13-12339 |
| HDM Furniture Industries, Inc. | 13-12340 |
| HDM Retail, Inc. | 13-12341 |
| HDM Transport, Inc. | 13-12342 |
| Lane Furniture Industries, Inc. | 13-12343 |
| Lane Home Furnishings Retail, Inc. | 13-12344 |
| Laneventure, Inc. | 13-12349 |
| Maitland-Smith Furniture Industries, Inc. | 13-12350 |
| Thomasville Furniture Industries, Inc. | 13-12351 |
| Thomasville Home Furnishings, Inc. | 13-12352 |
| Thomasville Retail, Inc. (f/k/a Classic Designs Furnishings, Inc.) | 13-12354 |
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Notes to the MOR:
This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the bankruptcy cases and is in a format acceptable to the U.S. Trustee. The financial information contained herein is unaudited, limited in scope and as discussed below, not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
The unaudited consolidated financial statements presented in MOR-2 and MOR-3 include activity for the entire fiscal month of September from 8/25/2013 to 9/28/2013. The remaining schedules in this report represent activity during the post-petition period, from 9/10/2013 to 9/28/2013, unless otherwise noted.
The unaudited consolidated financial statements have been derived from the books and records of the Furniture Brands International, Inc. and related Debtors and Non-debtors ("FBN"). The information furnished in this report includes primarily normal recurring adjustments, but not all of the adjustments that would typically be made for the quarterly and annual financial statements to be in accordance with U.S. GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that Furniture Brands International, Inc. and related Debtors and Non-debtors apply in the preparation of their quarterly and annual financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, FBN believes that the financial information may be subject to change, and that these changes could be material.
The unaudited consolidated financial statements presented in MOR-2 and MOR-3 include elimination entries for intercompany balances related to non-debtor affiliates. Investment in subsidiary balances are recorded at cost which may not be in accordance with U.S. GAAP. Intercompany transactions between Debtors have been eliminated in the financial statements contained herein. The amounts currently classified as liabilities subject to compromise may be subject to future change as the Company completes its analysis of pre and post-petition liabilities.
The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and schedule of receipts and disbursements of FBN in the future. FBN cautions readers not to place undue reliance upon the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.
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| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1 |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
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| Schedule of Cash Receipts and Disbursements |
| Debtor | Case Number | Cash Receipts | Cash Disbursements | Net Cash Flow | Bank Transfers |
| Furniture Brands International, Inc.(1),(2),(3) | 13-12329 | $ | 5,045,552 |
| (22,713,552 | ) | $ | (17,668,000 | ) | $ | 24,585,548 |
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| Action Transport, Inc. | 13-12331 | — |
| — |
| — |
| — |
|
| Broyhill Furniture Industries, Inc.(4) | 13-12332 | 6,361,015 |
| (1,851,229 | ) | 4,509,786 |
| (4,509,786 | ) |
| Broyhill Home Furnishings, Inc. | 13-12333 | — |
| — |
| — |
| — |
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| Broyhill Retail, Inc. | 13-12334 | — |
| — |
| — |
| — |
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| Broyhill Transport, Inc. | 13-12335 | — |
| — |
| — |
| — |
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| Furniture Brands Holdings, Inc. | 13-12337 | — |
| — |
| — |
| — |
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| Furniture Brands Operations, Inc. | 13-12338 | — |
| (77,975 | ) | (77,975 | ) | 77,975 |
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| Furniture Brands Resource Company, Inc. | 13-12339 | — |
| — |
| — |
| — |
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| HDM Furniture Industries, Inc. | 13-12340 | 12,037,640 |
| (2,923,587 | ) | 9,114,053 |
| (9,114,053 | ) |
| HDM Retail, Inc.(5) | 13-12341 | 330,237 |
| — |
| 330,237 |
| (330,237 | ) |
| HDM Transport, Inc. | 13-12342 | — |
| — |
| — |
| — |
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| Lane Furniture Industries, Inc.(6) | 13-12343 | 13,733,401 |
| (5,735,176 | ) | 7,998,225 |
| (7,998,225 | ) |
| Lane Home Furnishings Retail, Inc. | 13-12344 | — |
| — |
| — |
| — |
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| Laneventure, Inc. | 13-12349 | — |
| | — |
| — |
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| Maitland-Smith Furniture Industries, Inc. | 13-12350 | 782,284 |
| (2,811,550 | ) | (2,029,266 | ) | 2,029,266 |
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| Thomasville Furniture Industries, Inc.(7) | 13-12351 | 6,220,566 |
| (5,495,393 | ) | 725,174 |
| (725,174 | ) |
| Thomasville Home Furnishings, Inc. | 13-12352 | — |
| — |
| — |
| — |
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| Thomasville Retail, Inc. (f/k/a Classic Designs Furnishings, Inc.) | 13-12354 | 4,010,169 |
| — |
| 4,010,169 |
| (4,015,314 | ) |
| Totals | | $ | 48,520,864 |
| $ | (41,608,461 | ) | $ | 6,912,403 |
| $ | — |
|
Notes to MOR-1:
Cash receipts and disbursement amounts are derived based on information from the Debtors bank statements. Cash receipts and disbursements between Debtors are included in this schedule. Certain tax payments made by Furniture Brands International, Inc. on behalf of the Debtors are included in the amounts under Furniture Brands International, Inc.
Cash receipts and cash disbursements related to the Debtor-In-Possession financing have been excluded from the cash receipts and disbursement totals above unless otherwise noted.
(1) Cash receipts for 13-12329, 13-12332, 13-12340, 13-12341, 13-12343, 13-12344, 13-12351, and 13-12354. Cash disbursements for all FBN debtors (including employee payroll, benefits, and workers' compensation).
(2) Cash disbursements include sweep to GE Capital on 9/9/13 for $3,395,972.08 per Cash Dominion terms of ABL financing agreement and DIP refinancing fees of $1,542,769.36 on 9/11/13.
(3) Cash receipts include funding from OakTree on 9/11/13 for $4,839,141.25 per terms of DIP financing agreement.
(4) Cash receipts and disbursements for 13-12332 and 13-12334.
(5) Cash receipts for 13-12341 and all FBN employee furniture purchases.
(6) Cash receipts and disbursements for13-12343 and 13-12331.
(7) Cash disbursements for 13-12351, 13-12341,13-12344, and 13-12354.
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| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
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| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| Broyhill Furniture Industries, Inc. | 13-12332 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8961 | — |
| Broyhill Furniture Industries, Inc. | 13-12332 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8987 | — |
| Broyhill Furniture Industries, Inc. | 13-12332 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8974 | — |
| Broyhill Furniture Industries, Inc. | 13-12332 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8990 | — |
| Broyhill Furniture Industries, Inc. | 13-12332 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7302 | — |
| Broyhill Furniture Industries, Inc. | 13-12332 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9497 | — |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 0887 | — |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7399 | — |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7182 | — |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8386 | — |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7409 | 28,150 |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 3684 | 1,840,712 |
| Furniture Brands International, Inc. | 13-12329 | J.P. Morgan Chase 10 S. Dearborn Street, Floor 34 Chicago, IL 60603 | 1321 | 1,000 |
| Furniture Brands International, Inc. | 13-12329 | Meta Bank 6200 South Quebec St Greenwood Village, CO 80111 | 0012 | 29,888 |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9463 | — |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9482 | — |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9522 | — |
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| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
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| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 4596 | 864,809 |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 0124 | 9,554,087 |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1445 Ross Ave. Suite 210 Dallas, TX 75202 ATTN: Chuck :Landry | 3139 | — |
| Furniture Brands Operations, Inc. | 13-12338 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9478 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7315 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9406 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9425 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9444 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 3595 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 1979 | — |
| HDM Furniture Industries, Inc. | 13-12340 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 7569 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1692 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4988 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9410 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9355 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9368 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7707 | — |
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| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
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| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 2862 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9371 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9384 | — |
| HDM Retail, Inc. | 13-12341 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7697 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 1171 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 7062 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 8763 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 4395 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 1329 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 5377 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 2005 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 4841 | — |
| HDM Retail, Inc. | 13-12341 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 0210 | — |
| Lane Furniture Industries, Inc. | 13-12343 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1022 | — |
| Lane Furniture Industries, Inc. | 13-12343 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8819 | — |
| Lane Furniture Industries, Inc. | 13-12343 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7328 | — |
| Lane Furniture Industries, Inc. | 13-12343 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9503 | — |
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| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
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| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| Lane Furniture Industries, Inc. | 13-12343 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9518 | — |
| Lane Furniture Industries, Inc. | 13-12343 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 0138 | — |
| Maitland-Smith Furniture Industries, Inc. | 13-12350 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7289 | — |
| Maitland-Smith Furniture Industries, Inc. | 13-12350 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9459 | — |
| Thomasville Furniture Industries, Inc. | 13-12351 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7292 | — |
| Thomasville Furniture Industries, Inc. | 13-12351 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 9537 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5323 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1214 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8459 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7438 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1243 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 6672 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9326 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1201 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 0866 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7412 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 0882 | — |
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| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
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| | | | |
| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1230 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5048 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5365 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4965 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9598 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5447 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1308 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5006 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1285 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1227 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4981 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7190 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 8450 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9313 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 6685 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4573 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9608 | — |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | |
| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4978 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4949 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5463 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 3179 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7455 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 6698 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9339 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 6724 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1311 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 291 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5100 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5284 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1298 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 6808 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 1744 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5161 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5453 | — |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | |
| Bank Account Information |
| Legal Entity | Case Number | Bank Name/Address | Account Number | Bank Balance |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5421 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 0853 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7425 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 7323 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4072 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9423 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 9611 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4994 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4952 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 5488 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 0879 | — |
| Thomasville Retail, Inc. | 13-12354 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 4612 | — |
| Thomasville Retail, Inc. | 13-12354 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 5052 | 4,373 |
| Thomasville Retail, Inc. | 13-12354 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 4640 | 5,109 |
| Furniture Brands International, Inc. | 13-12329 | Wells Fargo 1 N. Jefferson Ave, Bldg D, Floor 3 St. Louis, MO 63103 ATTN: Julie Evans, Shawna Duenwald | 5335(1) | 852,000 |
| Furniture Brands International, Inc. | 13-12329 | Bank of America 800 Market Street, 13th Floor St. Louis, MO 63101 ATTN: Kevin Knopf, Sara Cragen | 2703(2) | — |
Notes to MOR-1a:
All amounts listed above are the bank balances as of the end of the month. Copies of bank statements and cash disbursement journals are not included in this MOR. These items will be made available upon request.
(1) Account set up for adequate assurance per Utility Motion.
(2) Account opened on 9/10/13 in order to fund payroll as all other bank accounts were frozen from 9/9/13 - 9/11/13. The payroll ACH went to Wells Fargo on 9/11/13 and this account was then subsequently closed.
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
Bank Reconciliations
The above-captioned debtors (the “Debtors”) hereby submit this attestation regarding bank account reconciliations in lieu of providing copies
of bank statements.
The Debtors’ standard practice is to ensure that each bank account is reconciled to bank statements at least once per fiscal quarter within 45 days after the month end. I attest that each of the Debtors’ bank accounts is reconciled to bank statements in accordance with its practices.
|
| | |
| /s/ Richard R. Isaak | | 10/31/2013 |
| Signature of Authorized Individual | | Date |
| | | |
| | | |
| Richard R. Isaak | | VP, Controller, Treasurer, IR, & CAO |
| Printed Name of Authorized Individual | | Title of Authorized Individual |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-1b |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | |
| Operating Receipts | | |
| Lane | $ | 13,730,025 |
|
| Broyhill | | 6,361,015 |
|
| Thomasville | | 10,235,881 |
|
Other(1) | | 18,193,944 |
|
| Total operating receipts | $ | 48,520,864 | |
| Disbursements | |
| Materials | $ | 12,868,521 | |
| Payroll & benefits | 15,620,443 | |
| Rent/Lease payments | 366,280 | |
| Freight | 3,332,215 | |
| Professional/Transaction fees | 1,542,769 | |
Operating OpEx(2) | 2,531,659 | |
| Non-operating OpEx | 1,959,445 | |
| International operations | | 3,387,129 |
|
| Total disbursements | $ | 41,608,461 | |
| Net cash flow | $ | 6,912,403 | |
Notes to MOR-1b:
(1) $3,625 of miscellaneous receipts excluded.
(2) $690 of miscellaneous disbursements included.
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-2 |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 8/25/13 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | |
| Furniture Brands International, Inc. and related Debtors and Non-debtors Consolidated Statement of Operations (Unaudited) |
| | |
| Net Sales | $ | 72,670,688 |
|
| Cost of Sales | 62,902,100 |
|
| Gross Profit | 9,768,588 |
|
| As a percentage of net sales | 13.4 | % |
| | |
| Sales, general and administrative expense | 24,358,550 |
|
| As a percentage of net sales | 33.5 | % |
| Earnings/(loss) from operations | (14,589,962 | ) |
| As a percentage of net sales | -20.1 | % |
| | |
| Interest expense | 1,999,494 |
|
| | |
| Other income/expense, net | (1,604 | ) |
| | |
| Reorganization items: | |
| Professional fees | 7,567,499 |
|
| Deferred financing fees from prior ABL loan | 6,428,904 |
|
| Total reorganization items | 13,996,403 |
|
| | |
| Pretax earnings/(loss) | (30,587,463 | ) |
| As a percentage of net sales | -42.1 | % |
| | |
| Income tax expense | 144,252 |
|
| As a percentage of net sales | -0.2 | % |
| | |
| New earnings/(loss) | $ | (30,731,715 | ) |
| As a percentage of net sales | -42.3 | % |
Notes to the MOR-2:
This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the bankruptcy cases and is in a format acceptable to the U.S. Trustee. The financial information contained herein is unaudited, limited in scope and as discussed below, not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
The unaudited consolidated financial statements presented in MOR-2 and MOR-3 include activity for the entire fiscal month of September from 8/25/2013 to 9/28/2013. The remaining schedules in this report represent activity during the post-petition period, from 9/10/2013 to 9/28/2013, unless otherwise noted.
The unaudited consolidated financial statements have been derived from the books and records of the Furniture Brands International, Inc. and related Debtors and Non-debtors ("FBN"). The information furnished in this report includes primarily normal recurring adjustments, but not all of the adjustments that would typically be made for the quarterly and annual financial statements to be in accordance with U.S. GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that Furniture Brands International, Inc. and related Debtors and Non-debtors apply in the preparation of their quarterly and annual financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, FBN believes that the financial information may be subject to change, and that these changes could be material.
The unaudited consolidated financial statements presented in MOR-2 and MOR-3 include elimination entries for intercompany balances related to non-debtor affiliates. Investment in subsidiary balances are recorded at cost which may not be in accordance with U.S. GAAP. Intercompany transactions between Debtors have been eliminated in the financial statements contained herein. The amounts currently classified as liabilities subject to compromise may be subject to future change as the Company completes its analysis of pre and post-petition liabilities.
The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and schedule of receipts and disbursements of FBN in the future. FBN cautions readers not to place undue reliance upon the MOR. There can be no
assurance that such information is complete and the MOR may be subject to revision.
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-3 |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 8/25/13 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | |
| Furniture Brands International, Inc. and related Debtors and Non-debtors Consolidated Balance Sheet (Unaudited) |
| | |
| Assets: | |
| Cash and cash equivalents | $ | 14,885,692 |
|
Gross trade receivables(1) | 97,869,194 |
|
| Other receivables | 11,906,549 |
|
| Allowance for doubtful accounts | (13,201,540 | ) |
| Inventories | 215,723,797 |
|
| Prepaid expenses and other current assets | 14,782,248 |
|
| Total current assets | 341,965,940 |
|
| | |
| Property, plant, and equipment, net | 85,047,320 |
|
| Trade names | 65,339,154 |
|
| Other assets | 37,449,707 |
|
| Total assets | $ | 529,802,122 |
|
| | |
| Liabilities: | |
Accounts payable(2) | $ | 16,473,978 |
|
| Accrued employee compensation | 7,424,194 |
|
Other accrued expenses(3) | 15,482,060 |
|
| Total current liabilities | 39,380,232 |
|
| | |
| Long-term debt | 146,084,281 |
|
| Deferred income taxes | 17,657,110 |
|
Pension liability(4) | 2,567,398 |
|
Other long-term liabilities(5) | 10,664,547 |
|
| Total liabilities not subject to compromise | $ | 216,353,569 |
|
| Liabilities subject to compromise | 363,670,584 |
|
| | |
| Shareholders' Equity: | |
| Preferred stock | $ | — |
|
| Common stock | 8,659,249 |
|
| Paid-in capital | 242,627,942 |
|
| Retained earnings | 29,443,043 |
|
| Accumulated other comprehensive loss | (232,215,347 | ) |
| Treasury stock | (98,736,918 | ) |
| Total shareholders' equity | $ | (50,222,031 | ) |
| | |
| Total liabilities and shareholders' equity | $ | 529,802,122 |
|
| | |
| | |
| Liabilities subject to compromise includes the following: | |
| Accounts Payable | $ | 87,812,056 |
|
| Lease liabilities | 7,493,823 |
|
| Accrued compensation and benefits | 2,498,939 |
|
| Pension and other post-retirement liabilities | 226,286,275 |
|
| Other liabilities | 39,579,491 |
|
| Total liabilities subject to compromise | $ | 363,670,584 |
|
Notes to the MOR:
This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the bankruptcy cases and is in a format acceptable to the U.S. Trustee. The financial information contained herein is unaudited, limited in scope and as discussed below, not prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
The unaudited consolidated financial statements presented in MOR-2 and MOR-3 include activity for the entire fiscal month of September from 8/25/2013 to 9/28/2013. The remaining schedules in this report represent activity during the post-petition period, from 9/10/2013 to 9/28/2013, unless otherwise noted.
The unaudited consolidated financial statements have been derived from the books and records of the Furniture Brands International, Inc. and related Debtors and Non-debtors ("FBN"). The information furnished in this report includes primarily normal recurring adjustments, but not all of the adjustments that would typically be made for the quarterly and annual financial statements to be in accordance with U.S. GAAP. Furthermore, the monthly financial information contained herein has not been subjected to the same level of accounting review and testing that Furniture Brands International, Inc. and related Debtors and Non- debtors apply in the preparation of their quarterly and annual financial information in accordance with U.S. GAAP. Accordingly, upon the application of such procedures, FBN believes that the financial information may be subject to change, and that these changes could be material.
The unaudited consolidated financial statements presented in MOR-2 and MOR-3 include elimination entries for intercompany balances related to non-debtor affiliates. Investment in subsidiary balances are recorded at cost which may not be in accordance with U.S. GAAP. Intercompany transactions between Debtors have been eliminated in the financial statements contained herein. The amounts currently classified as liabilities subject to compromise may be subject to future change as the Company completes its analysis of pre and post-petition liabilities.
The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and schedule of receipts and disbursements of FBN in the future. FBN cautions readers not to place undue reliance upon the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.
Notes to MOR-3:
| |
| (1) | Included in accounts receivable is $421,000 of receivables related to foreign non-debtor entities. |
| |
| (2) | Accounts payable can include multiple post-petition liabilities, such as trade payables, insurance, benefits, foreign non-debtor, and other liabilities. Included in accounts payable is $2,795,986 and $1,795,662 of payables related to foreign non-debtor entities and outstanding checks, respectively. There are no professional fees included in this figure. |
| |
| (3) | Other accrued expenses include accrued taxes (payroll, real property, personal property and income taxes), workers' compensation, healthcare expenses, professional and legal fees, advertising, royalties, promotional allowances and rent. |
| |
| (4) | Post-petition pension liability relates to pension liability at foreign non-debtor entities. |
| |
| (5) | Other long term liabilities is comprised of workers' compensation, a reserve straight line for straight line rent expense, tax liabilities, and other liabilities. |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-4a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | | | | | | | | | |
| Status of Post-Petition Taxes (Unaudited) |
| | Beginning Tax Liabilities | Taxes Collected | Taxes Remitted | Closing Balance Post-Petition |
| Federal: | | | | |
| Withholding | $ | — |
| $ | 1,421,385 |
| $ | (1,421,385 | ) | $ | — |
|
| FICA & Medicare - Employee | — |
| 1,022,891 |
| (1,022,891 | ) | — |
|
| FICA & Medicare - Employer | — |
| 1,019,503 |
| (1,019,503 | ) | — |
|
| Unemployment | — |
| 2,796 |
| (2,796 | ) | — |
|
| Income | — |
| — |
| — |
| — |
|
| Other | — |
| — |
| — |
| — |
|
| Total Federal | $ | — |
| $ | 3,466,575 |
| $ | (3,466,575 | ) | $ | — |
|
| | | | | |
| State and Local: | | | | |
Withholding(1) | $ | — |
| $ | 589,327 |
| $ | (589,327 | ) | $ | — |
|
Unemployment(2) | — |
| 191,392 |
| (191,392 | ) | — |
|
| Medicare | — |
| — |
| — |
| — |
|
| Disability | — |
| 1,562 |
| (1,562 | ) | — |
|
| Income | — |
| — |
| — |
| — |
|
| Franchise | — |
| — |
| — |
| — |
|
| Property | — |
| — |
| — |
| — |
|
| Sales & Use | — |
| 572,546 |
| (656,488 | ) | (83,941 | ) |
| Total State and Local | $ | — |
| $ | 1,354,827 |
| $ | (1,438,769 | ) | $ | (83,941 | ) |
| | | | | |
| Total Taxes | $ | — |
| $ | 4,821,402 |
| $ | (4,905,343 | ) | $ | (83,941 | ) |
| | | | | |
| | | | | |
Notes to MOR-4:
Furniture Brands International, Inc. and related Debtors received authority which allowed the payment of certain pre-petition income, sales, use, franchise and property taxes and other taxes, assessments, fees and similar charges. The tax rollforward only reflects the payment of post-petition taxes. Due to the volume of transactions related to tax returns and payments, these items will be made available upon request.
Furniture Brands International, Inc. and related Debtors are current on all post-petition payments other than disputes that arise in the ordinary course of business.
| |
| (1) | Includes New Jersey Development and Supplemental Workforce taxes, New Jersey Family Leave Insurance taxes, and an employee paid portion of unemployment tax in Pennsylvania and New Jersey. |
| |
| (2) | Includes Oregon TRIMET and Workers' Benefit Fund taxes. |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-4b |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | |
| Property Tax Filing |
| Entity | Jurisdiction | Filing Description | Due Date | Date Filed |
| HDM Furniture Industries, Inc. | Burke County, NC | Personal Property Tax Bill - August 2013 | 9/1/2013 | 9/4/2013 |
| HDM Furniture Industries, Inc. | Guilford County, NC | Personal Property Tax Bill - August 2013 | 10/1/2013 | 9/23/2013 |
| Thomasville Furniture Industries, Inc. | Catawba County, NC | Personal Property Tax Bill - August 2013 | 9/1/2013 | 9/4/2013 |
| Thomasville Retail, Inc. | Gwinnett County, GA | Real Estate Tax Bill - August 2013 | 10/3/2013 | 9/25/2013 |
| Sales and Use Tax Filing |
| Entity | Jurisdiction | Filing Description | Due Date | Date Filed |
| Thomasville Retail, Inc. | California | California Sales and Use Tax - August 2013 | 9/24/1931 | 9/18/2013 |
| Thomasville Retail, Inc. | Connecticut | Brookfield Connecticut Sales and Use Tax - August 2013 | 9/20/2013 | 9/20/2013 |
| Thomasville Retail, Inc. | Connecticut | Manchester Connecticut Sales and Use Tax - August 2013 | 9/20/2013 | 9/21/2013 |
| Thomasville Retail, Inc. | Connecticut | Orange Connecticut Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | Delaware | Delaware Gross Receipts Tax - August 2013 | 10/31/2013 | 9/17/2013 |
| Thomasville Retail, Inc. | Florida | Florida Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Georgia | Atlanta Georgia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Georgia | Buford Georgia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Georgia | Kennesaw Georgia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Georgia | Savannah Georgia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Illinois | Illinois Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Kansas | Kansas Sales Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Maryland | Maryland Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | Michigan | Michigan Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Minnesota | Minnesota Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | Missouri | Missouri Sales Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | Nevada | Nevada Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | New Jersey | New Jersey Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | New York | New York Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Thomasville Retail, Inc. | Pennsylvania | Pennsylvania Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Retail, Inc. | South Carolina | South Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | South Carolina | South Carolina Sales and Use Tax (OOS) - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Texas | Texas Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Viginia | Alexandria Virginia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Viginia | Fairfax Virginia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Viginia | Potomac Mills Virginia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Viginia | Sterling Virginia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Retail, Inc. | Wisconsin | Wisconsin Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Furniture Industries, Inc. | Florida | Florida Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Thomasville Furniture Industries, Inc. | Maryland | Maryland Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Furniture Industries, Inc. | Michigan | Michigan Sales and Use Tax - August 2013 | 9/20/2013 | 9/19/2013 |
| Thomasville Furniture Industries, Inc. | North Carolina | North Carolina Manufacturing and Equipment Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Furniture Industries, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Thomasville Furniture Industries, Inc. | Tennessee | Tennessee Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Thomasville Furniture Industries, Inc. | Texas | Texas Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Thomasville Furniture Industries, Inc. | Viginia | Virginia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Thomasville Furniture Industries, Inc. | Washington | Washington Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Thomasville Furniture Industries, Inc. | Revenue Canada | Canadian GST/HST Tax - August 2013 | 9/30/2013 | 9/25/2013 |
| HDM Furniture Industries, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| HDM Furniture Industries, Inc. | Washington | Washington Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| HDM Retail, Inc. | California | California Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | Florida | Florida Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | Georgia | Georgia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | Illinois | Illinois Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | Michigan | Michigan Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | Missouri | Missouri Sales Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | New York | New York Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| HDM Retail, Inc. | Oklahoma | Oklahoma Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | South Carolina | South Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| HDM Retail, Inc. | Viginia | Alexandria Virginia Sales and Use Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Maitland-Smith Furniture Industries, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Broyhill Furniture Industries, Inc. | Florida | Florida Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Broyhill Furniture Industries, Inc. | North Carolina | North Carolina Manufacturing and Equipment Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Broyhill Furniture Industries, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Broyhill Furniture Industries, Inc. | Tennessee | Tennessee Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Broyhill Furniture Industries, Inc. | Washington | Washington Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Broyhill Retail, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Lane Venture, Inc. | North Carolina | North Carolina Manufacturing and Equipment Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Lane Venture, Inc. | North Carolina | North Carolina Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Lane Royal Division, Inc. | North Carolina | North Carolina Manufacturing and Equipment Tax - August 2013 | 9/20/2013 | 9/18/2013 |
| Lane Furniture Industries, Inc. | Mississippi | Mississippi Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Lane Furniture Industries, Inc. | Washington | Washington Sales and Use Tax - August 2013 | 9/20/2013 | 9/17/2013 |
| Lane Furniture Industries, Inc. | Revenue Canada | Canadian GST/HST Tax - August 2013 | 9/30/2013 | 9/25/2013 |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-5a |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 8/25/13 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | |
| Accounts Payable (Post-Petition) Balance as of 9/28/13 (Unaudited) |
| Accounts Payable Aging | | |
| 0 - 30 days old | | $ | 16,473,978 |
|
| 31 - 60 days old | | — |
|
| 61 - 90 days old | | — |
|
| 91+ days old | | — |
|
| Total Accounts Payable (Post-Petition) | | $ | 16,473,978 |
|
| | | |
| | | |
Notes to MOR-6:
| |
(1) | Includes current activity and non-debtor AR. |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-6 |
| Figures in $ | Case No.: | 13-12329 |
| | Reporting Period: | 8/25/13 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | | | |
| Accounts Receivable (Post-Petition) Balance as of 9/28/13 (Unaudited) |
| Accounts Receivable Reconciliation | | | |
| Total Accounts Receivable at the beginning of the reporting period | | | $ | 103,170,322 |
|
| (+) Amounts billed during the period | | | 58,822,426 |
|
| (-) Amounts collected during the period | | | (61,821,848 | ) |
(-) Credits and allowances used/applied during the period(1) | | | (2,301,706 | ) |
| Total Accounts Receivable at the end of the reporting period | | | $ | 97,869,194 |
|
| | | | |
| | | | |
| Accounts Receivable Aging | | | |
0 - 30 days old(1) | | | $ | 71,442,546 |
|
| 31 - 60 days old | | | 15,031,622 |
|
| 61 - 90 days old | | | 4,626,002 |
|
| 91+ days old | | | 6,769,024 |
|
| Total Accounts Receivable (Post-Petition) | | | $ | 97,869,194 |
|
| | | | |
Notes to MOR-6:
| |
| (1) | Includes current activity and non-debtor AR. |
|
| | |
| In re: Furniture Brands International, Inc., et al. | Form No.: | MOR-7 |
| | Case No.: | 13-12329 |
| | Reporting Period: | 9/10/2013 - 9/28/13 |
| | Federal Tax I.D. #: | 43-0337683 |
|
| | | |
| |
Debtor Questionnaire |
| | | Yes | No |
| 1. | Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | | X |
| 2. | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | | X |
| 3. | Have all post-petition tax returns been timely filed? If no, provide an explanation below. | X | |
| 4. | Are workers' compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |
| 5. | Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | |
Explanations
|
| | | | |
| Explanations |
| 5. | New accounts opened during the reporting period: |
| | | | | |
| | Legal Entity | Bank | Account Number | Notes |
| | Furniture Brands International, Inc. | Wells Fargo | xxxxxx5335 | Utility Deposit |
| | Furniture Brands International, Inc. | Bank of America | xxxxxx2703 | Payroll Funding |
