Exhibit 99.1

FOR IMMEDIATE RELEASE:   CONTACT:  DOUGLAS I. PAYNE
June 24, 1997                      SR.V.P.-Finance &              
                                     Administration
                                   (540)627-2157


   STANLEY FURNITURE ANNOUNCES STOCK REPURCHASE FROM LEE FUND

STANLEYTOWN, VA., June 24, 1997 -- Stanley Furniture Company, Inc.
(Nasdaq-NNM:STLY) today announced that its Board of Directors has
approved the repurchase of 750,000 shares of its Common Stock from
the M.L. Lee Acquisition Fund, L.P. and its affiliates at a
purchase price of $20 per share.  The Lee Fund, which currently
owns approximately 34% of the Company's outstanding stock, will own
22% after this repurchase, which is expected to close by June 30,
1997.

Albert L. Prillaman, president and chief executive officer of
Stanley Furniture Company, stated, "We believe that a repurchase of
our shares is an attractive investment at this time.  This
repurchase reflects the Company's strong financial position as well
as our confidence in the Company's future.  In addition, this
repurchase is expected to be accretive to earnings per share and
will reduce the overhang caused by the Lee Fund's large holding."

The Company plans to finance the $15 million repurchase with
available cash and borrowings under its bank credit facility.  On
a pro forma basis this transaction would add $.06 to earnings per
share for the three month period ended March 30, 1997.

Established in 1924, Stanley Furniture Company is a leading
manufacturer of furniture targeted at the upper-medium price range
of the residential market.  Manufacturing facilities are located in
Stanleytown, VA, and Robbinsville, Lexington and West End, NC.  Its
Common Stock is traded on the NASDAQ stock market under the symbol
STLY.

Certain statements made in this release are not based on historical
facts, but are forward-looking statements.  These statements can be
identified by the use of forward-looking terminology such as
"believes," "expects," "may," "will," "should," or "anticipates" or
the negative thereof or other variations thereon or comparable
terminology.  These statements reflect the Company's reasonable
judgment with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements.  Such risks and
uncertainties include the cyclical nature of the furniture
industry, fluctuations in the price for lumber which is the most
significant raw material used by the Company, competition in the
furniture industry, capital costs and general economic conditions.