Furniture Brands sells HBF to HNI

By Lisa Kerner

Charlotte, N.C., March 31 - HNI Corp. completed its purchase of HBF from Furniture Brands International, Inc. in a deal first announced on March 17, according to an HNI news release.

It was previously reported that HNI agreed to acquire HBF, a subsidiary of the Hickory, N.C., home furnishings retailer, for $75 million.

HNI, a Muscatine, Iowa, office furniture manufacturer, said it planned to finance the deal with its existing credit facilities.

HBF's current management team led by president Charlie Bell will continue to operate the company as a standalone entity, a prior news release stated.

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