Furniture Brands International slips 20% on weak economy, lower consumer spending

Furniture Brands International Inc. (NYSE:FBN) is skidding 20% in today's trading, as other furniture manufacturers fall along with it. The St. Louis-based home furnishings company, like many other furniture producers and marketers, has suffered from the sluggish economy and lower consumer spending. Furniture Brands International announced late in June it would close its High Point, N.C. plant, eliminating about 300 jobs. The company said industry pressures lead to the closure, and the plant is expected to shut by the year’s end.  

Furniture Brands International is at $9.75, about $2.38 lower than Friday's close. The company is down more than 30% from a year ago.

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