Stanley Furniture Co. announced that it entered into an agreement to sell all of its assets to Churchill Downs LLC for $11.5 million in cash, according to a filing Monday with the Securities and Exchange Commission.
Churchill Downs is a Delaware-based company formed by Walter Blocker.
Blocker has been chairman and chief executive officer of Vietnam Trade Alliance in Ho Chi Minh City since 1994.
The sale also includes a $4.6 million subordinated secured promissory note of the buyer, a 5 percent equity interest in the buyer’s parent company and assumption of all the company’s liabilities.
Stanley Furniture will retain up to $1.5 million in cash, net operating loss carryforwards and any remaining payments under the Continued Dumping and Subsidy Offset Act.
The High Point-based company does not intend to liquidate following the closing of the transaction.
Stanley Furniture stock is currently trading at 92.5 cents per share, up 3.5 cents or 3.92 percent for the day.
This remains below the NASDAQ minimum bid requirement of $1 per share.