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Furniture Brands International

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180:, had wholesale distributors of shoes rather than manufacturers. As Peters moved up in the company, the city's production of shoes increased from a half-million in 1883 to nine times that, and Claflin, Allen & Company was one of the largest shoe makers. Peters became president and then left in 1891 to form his own company, Peters Shoe Company, with help from relatives. Peters Shoe Company started with $ 200,000 in capital and almost doubled in size in its first decade, requiring a move from 7th Street and Washington Avenue to a larger building at 11th Street and Washington. 426:, making financing of the bid more difficult. Interco took on debt to discourage other offers, and the Rales group eventually backed off. But Interco could not make enough money by selling its unprofitable operations; For example, selling Ethan Allen brought in $ 388 million rather than the expected $ 550 million. The company's debt had jumped from $ 300 million in 1988 to $ 2.6 billion in 1989, and operations were not producing enough income to cover the payments. On July 31, 1990, an agreement with creditors to extend loan maturities to 1997 was intended to avoid 222:. The two largest shoe companies in the city, Roberts, Johnson & Rand and Peters Shoe Company, merged in 1911 to form International Shoe Company, but each company kept its own identity. Peters Shoe remained in its own building, with Weatherbird Shoes on display, until 1930, when the company moved into what had become the International Shoe Building. Washington Avenue became known as "Shoe Street U.S.A." because it "claimed more shoe trade than any other street in the world". 311:. With Jackson Johnson's death, Rand moved into the chairman's slot and served in that position until his death in 1949. William H. Moulton, who had joined Roberts, Johnson & Rand in 1908, took over as president, serving until his 1939 retirement. International Shoe not only endured the Depression but thrived, due to lower prices increasing demand for shoes, and the lack of labor trouble. Eventually, most International Shoe plants organized because the 378:. Overall, by the mid-1970s, 44 percent of shoes in the U.S. came from other countries. But Chambers' strategies kept Interco successful, reaching a billion dollars with consistent growth in sales and earnings. Chambers moved to the chairman's job in 1976, with William H. Edwards Jr. taking over as president, but continuing Chambers' policies. 292:
ruled in 1930 that the merger could take place. Without a union, workers had to grudgingly accept the inevitable layoffs and wage reductions which kept the company profitable. The company found itself in the Supreme Court again in 1945, where its practice of soliciting in-person offers and fulfilling
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to an operating company; certain departments would move from the company's divisions to headquarters, but any job related to a specific brand would remain at the appropriate division. State and county incentives worth $ 4 million played a role in the decision. The company completed its 52,000 square
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In 2008, intending to focus on homes rather than businesses, Furniture Brands announced the sale of Hickory Business Furniture to HNI Corporation for $ 75 million. Also that year, Henredon moved its headquarters to one of its High Point plants that year, and Drexel Heritage moved in with Thomasville
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Furniture Brands International became FBI Wind Down Inc., and chief administrative officer and general counsel Meredith Graham was put in charge of liquidation. Heritage Home Group was considered a subsidiary of FBI Wind Down. FBI Wind Down cancelled its stock effective August 1, 2014 but continued
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in 1986. Footwear and furniture were the company's most profitable areas, and the goal was to sell other businesses. Unfortunately, due to the costs of buying Converse and Lane, Interco itself appeared by this time to be a takeover target, more profitable as a group of separate companies to be sold
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International Shoe Company became Interco Inc. on March 1, 1966. The new name reflected the company strategy of buying businesses in many different areas. Interco had three major divisions—apparel, footwear, and retailing. From 1964 to 1978, the company bought 20 other manufacturers or retailers as
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in January 1991 and sold all of its operations except Broyhill, Lane, Converse, and Florsheim. Apollo Investment Fund, Ltd., led by Drexel Burnham Lambert's Leon Black, took a controlling interest in the reorganized Interco, which emerged from bankruptcy in August 1992. In 1994, Interco exited the
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Despite a decline in the industry as a whole, Furniture Brands continued to be successful and expanded into retail. In 2007, Furniture Brands announced that Thomasville and Drexel Heritage would increase the number of company-owned stores for their products, but that Broyhill and Lane would close
207:, in 1892 and started the Johnson, Carruthers & Rand Shoe Company. Henry O. Rand, father of Frank, and John C. Roberts were financial backers. In 1898, the Johnsons sold their company and moved to St. Louis to start Roberts, Johnson & Rand Shoe Company. Frank Rand, a graduate of 397:
company that was the world's largest privately owned furniture maker, with 20 factories and 7,500 employees. Paul Broyhill remained as CEO for five more years, leaving when Interco made changes with which he did not agree. In 1987, under new president Harvey Saligman, Interco bought
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Jackson Johnson became president of International Shoe Company, succeeded in 1915 by his brother Oscar, who died in 1916. Frank Rand took over as president. Jackson Johnson remained chairman until he died in 1929. The company became known for quality shoes at low to moderate prices.
329:. The company had 30,000 employees and became by far the U.S. government's largest supplier of footwear during the war, despite opposition by labor unions. Consumer demand also increased, and in 1944 International Shoe once again reached its 1929 production levels. 469:
segment. His strategy of focusing on furniture proved successful, and by 1999 Furniture Brands International had fifteen straight quarters of increased earnings. Thomasville Furniture, the third manufacturer, and a deal with retailer
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announced Furniture Brands International would buy Henredon, Drexel Heritage and Maitland-Smith for $ 275 million, in a deal expected to return Furniture Brands to the number one U.S. furniture manufacturer, a title lost to
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Interco became Furniture Brands International on March 1, 1996. That same year, Mickey Holliman of the Action Industries subsidiary succeeded Loynd as president. Holliman had made his company into the leader in the
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their St. Louis-area stores and focus on selling through furniture stores that sold other brands. At the time, the Designer Brands group included Henredon, Hickory Chair, Laneventure, Maitland-Smith, and Pearson.
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both served as president, but the company began a period of diversification due to the influence of Maurice R. Chambers even before he became president in 1962. Major acquisitions included high-end shoe maker
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FBI Wind Down sold four more Furniture Brands properties to 21 BC LLC in 2015. In High Point, sites on Fairfield Road and Copeland Avenue were included. Thomasville and Morganton locations were also sold.
365:, that had operated since 1916 and was making 5,000 shoes a day. A retail division began in 1959, and International Shoe began buying companies in other countries and even in businesses other than shoes. 336:, rubber heels, cement, containers, and material for shoe linings. Rand's death the previous year began a change in the company's outlook as the Rand family influence began to decrease. Frank Rand's sons 558:
Furniture Brands' market capitalization (or total value of its shares) fell from $ 1.8 billion in 2004 to $ 31 million in 2013. The company has lost money every year since 2007 and was delisted from the
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By 1905, St. Louis had moved from ninth to third in the country in shoe production. Peters Shoe Company had continued significant growth, and its products sold all over the United States and even in
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furniture ending, the company dropped the position of Henredon Furniture president, with the Designer Group president taking over that role. This was part of a companywide strategy to consolidate
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LLC for the new owner of "substantially all of the assets" of Furniture Brands on November 25. Also announced at that time was the resignation of Furniture Brands chairman and CEO
1438: 1106: 1578: 1593: 834: 576:. The company planned to sell all businesses other than Lane Furniture to a group managed by Oaktree Capital Management LP. On October 2, a judge approved a $ 280 million 385:
and its six factories, as part of Interco's expansion into the apparel industry. In 1980, Interco added furniture as a major division. That year the company bought
1464: 588:, the largest stockholder, announced its intention to bid but that bid never took place, and on November 22, a judge approved the KPS bid. KPS announced the name 1573: 274: 1563: 1278: 354: 1524: 955:"Furniture Brands International Announces Proposed Acquisition of Henredon, Drexel Heritage, and Maitland-Smith From Lifestyle Furnishings International" 563:
twice in less than a year. Analyst Budd Bugatch of Raymond James & Associates compared Furniture Brands board members to the pigs in George Orwell's
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than as a single unit. In 1988, Steven M. Rales and his brother Mitchell led a group that offered $ 2.47 billion, but that bid ran into trouble when the
1583: 466: 538: 490:-based subsidiary HDM Furniture Industries, Inc. in 2005. Drexel Heritage CEO Jeff Young became the CEO. Also that year, HDM announced plans to move 1416: 585: 1558: 1390: 1363: 1342: 1321: 1588: 868: 702: 1568: 517:
Also in 2008, the Drexel Heritage/Henredon plant in High Point closed. This left the company with two High Point plants, and one each in
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when that company bought LADD in 2000. The three companies, which gave Furniture Brands a top position in premium furniture, became the
1245: 532:. The number of employees at the new site would increase from about 75 to about 225. At the same time, the company was changing from a 433:
In 1989, Richard Loynd, Converse's chairman and the leader of his company's buyout effort, became Interco president. Interco filed for
211:, became a stock clerk and advanced to become vice-president. A headquarters building went up at 15th Street and Washington in 1909. 1206: 1553: 293:
them in a state separate from its retail locations was the subject of a landmark case taught in law schools across the country.
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gave International Shoe a major opportunity, as it was the only shoe company large enough to bid for all the business of the
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In addition to Weatherbird, International Shoe Company made Red Goose shoes, and in 1922 the company added Poll Parrot,
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manufacturing in High Point to the Drexel Heritage location, closing the Henredon plant and moving some operations to
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By 1950, International Shoe had the capability to make 70 million pairs of shoes a year; its businesses also included
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had to act to allow workers in Hannibal to organize. Byron Gray, an employee since 1909, became president in 1939.
281: 140:. Some of the brands it owned in the furniture industry included Broyhill, Thomasville, Drexel Heritage, Henredon, 374:
well as Central Hardware. Under Chambers, plants started closing and some shoes were imported from such places as
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and Mt. Airy. This brought the total number of N.C. jobs cut by Furniture Brands to 8726, 2740 of those in the
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Frank Rand led International Shoe through a time of major growth and through the difficulties created by the
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to Interco in November 1995 in a $ 331 million deal. Interco had over $ 1 billion in revenues at the time.
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designed the eight-story headquarters built in 1901 at 13th Street and Washington, which was named to the
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took over the rights to Red Goose. A former International Shoe Company warehouse in St. Louis became the
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At age 16 in the 1870s, Henry W. Peters went to work for Claflin, Allen & Company, at a time when
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as the result of diversification, and once the company exited the shoe business, adopted the name
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to devote significant space to Furniture Brands, contributed to the company's positive outlook.
169:"International Shoe" redirects here. For the Supreme Court ruling on personal jurisdiction, see 1468: 419: 257:
business, Kistler, Lesh & Co. Also that year, the company bought W.H. McElwaine Company of
976:"HDM Furniture Industries Announces Manufacturing Realignment at Henredon and Drexel Heritage" 665:"National Register of Historic Places Inventory—Nomination Form: Peters Shoe Company Building" 406:, which increased furniture and home furnishings to about one-third of Interco's total sales. 1395: 1368: 1347: 1326: 1133: 850: 759: 573: 285: 270: 208: 145: 89: 544:
In 2009, Thomasville, Drexel Heritage, Henredon, and Maitland-Smith made their debut at the
1172: 581: 577: 149: 1173:"Furniture Brands Transitions to Operating Company Model, Moves to New World Headquarters" 728: 8: 1047:"Furniture Brands International Reaches Agreement for Sale of Hickory Business Furniture" 589: 403: 177: 153: 1026:"Furniture Brands International Announces the Closing of Eight Broyhill and Lane Stores" 895: 873: 439: 390: 326: 301: 204: 46: 277:
to call for a strike. The sale, intended as a solution to this problem, resulted in a
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Chair, Pearson, Laneventure, and Maitland-Smith. In 2013, Furniture Brands filed for
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Rhonda Stansberry, "St. Louis Exhibition Profiles Footwear From Heel to Toe,"
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On July 10, 2008, Furniture Brands said it would move its headquarters to
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Craver, Richard (2014-09-11). "Ennis Paint buys old Thomasville plant".
1072:"Furniture Brands to separate Henredon and Drexel Heritage headquarters" 786: 491: 434: 427: 1417:"KPS Capital Partners Announces Formation of Heritage Home Group, LLC" 1391:"New owner replaces two more executives at former Furniture Brands" 483: 312: 250: 246: 242: 238: 1493:
Craver, Richard (2014-08-05). "Furniture Brands stock cancelled".
1210: 333: 254: 1439:"Furniture Brands winds down as new firm takes over its brands" 792:
Associated Press. "International Hat Company Sold to Interco",
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Furniture. And with Henredon's 15-year contract to manufacture
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outlawed the company's strategies to prevent unionization. The
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and announced plans to sell most of its divisions. New owner
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feet (4,800 m) headquarters in two stories of 14-story
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March 16, 1921. At the time the company had 32 factories in
1158:"Furniture Brands Plans New Headquarters Near St. Louis," 548:, where Broyhill and Lane had been exhibiting since 2005. 869:"Interco Debt Pact Includes Conversion of Bonds to Stock" 703:"Furniture Brands International, Inc. -- Company History" 361:
in 1958. That last deal led to the closing of a plant in
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named for Paul Parrot, who had a parrot in his shoe store
1129:"Furniture Brands closes High Point plant with 300 jobs" 1301:"Red ink is a constant at beleaguered Furniture Brands" 1246:"Furniture Brands Expands Presence at Las Vegas Market" 777:
Norine Albers, "Hannibal. More Than A Huck Finn Town,"
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Companies that filed for Chapter 11 bankruptcy in 2013
1271:"FBI Consolidates Designer Brand High Point Showrooms" 835:"Furniture industry innovator Paul Hunt Broyhill dies" 261:, with about 5,000 workers and numerous operations in 230:
resulted in significant demand for military footwear.
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Former components of the Dow Jones Industrial Average
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caused McElwaine to propose wage cuts, which caused
729:"Interco/Furniture Brands International Securities" 1322:"Furniture Brands files for Chapter 11 bankruptcy" 600:to dispose of former Furniture Brands properties. 572:On September 9, 2013, Furniture Brands filed for 514:departments in what had been separate companies. 459: 116:was a home furnishings company, headquartered in 1545: 1364:"Furniture Brands to get new name, new top exec" 1213:. Archived from the original on February 8, 2013 596:. Ira Glazer became Heritage president and CEO. 438:shoe business, selling Converse and Florsheim. 1574:Manufacturing companies disestablished in 2013 389:for $ 150 million. In 1980 Interco took over 164: 1564:Manufacturing companies established in 1911 132:. In 1966, the company changed its name to 887: 807:"Nathan Ancell; Co-Founded Furniture Firm" 357:, in 1954, and Caribe Shoe Corporation of 1584:Manufacturing companies based in Missouri 1298: 928: 862: 860: 762:, "Old products find new life in home," 126:Roberts, Johnson & Rand Shoe Company 14: 1559:Clothing companies established in 1911 1546: 1522: 1507: 1492: 1388: 1361: 1340: 1319: 1126: 910:"Thomasville sale to Interco complete" 659: 657: 655: 269:, while International Shoe was not. A 36:International Shoe Company (1911–1966) 1436: 866: 857: 832: 723: 721: 719: 697: 695: 693: 691: 689: 687: 685: 683: 265:. The company was doing well but was 749:International Shoe Co. v. Washington 409:Also under Saligman, Interco bought 381:On April 31, 1978, Interco acquired 186:National Register of Historic Places 171:International Shoe Co. v. Washington 114:Furniture Brands International, Inc. 1589:Defunct companies based in Missouri 652: 24: 1569:2013 disestablishments in Missouri 1419:. KPS Capital Partners. 2013-11-25 716: 680: 636:American Home Furnishings Alliance 25: 1610: 454:Thomasville Furniture Industries 1554:1911 establishments in Missouri 1516: 1501: 1486: 1457: 1430: 1409: 1382: 1355: 1334: 1313: 1292: 1263: 1238: 1199: 1186: 1165: 1152: 1120: 1091: 1064: 1039: 1018: 993: 968: 947: 922: 902: 120:. The company began in 1911 as 1523:Craver, Richard (2015-11-30). 1389:Craver, Richard (2013-11-28). 1362:Craver, Richard (2013-11-26). 1341:Craver, Richard (2013-11-05). 1320:Craver, Richard (2013-09-09). 1299:Nicklaus, David (2013-07-19). 1127:Craver, Richard (2008-06-27). 826: 799: 771: 753: 742: 631:England Furniture Incorporated 620:Bailey v. Drexel Furniture Co. 460:Furniture Brands International 317:National Labor Relations Board 138:Furniture Brands International 28:Furniture Brands International 13: 1: 867:Quint, Michael (1990-08-01). 646: 156:on November 25 of that year. 1437:Kumar, Kavita (2013-12-03). 1277:. 2009-02-09. Archived from 1028:. Prime Newswire. 2007-11-06 1003:. 2005-05-23. Archived from 929:McIntosh, Jay (2001-11-04). 58:; 113 years ago 7: 1192:"Business Bulletin Board," 1175:. GlobeNewsWire. 2008-07-10 1105:. July 2008. Archived from 957:. Business Wire. 2011-12-05 614:Columbia Manufacturing Inc. 607: 233:International Shoe Company 152:announced the formation of 10: 1615: 1077:St. Louis Business Journal 840:Greensboro News and Record 765:Milwaukee Journal Sentinel 546:Las Vegas Furniture Market 496:Mount Airy, North Carolina 488:High Point, North Carolina 450:Armstrong World Industries 368: 168: 165:International Shoe Company 159: 122:International Shoe Company 1599:International Hat Company 1275:Home Furnishings Business 1230:: CS1 maint: unfit URL ( 1103:Home Furnishings Business 833:Lucas, Guy (2021-10-08). 641:International Hat Company 383:International Hat Company 95: 85: 70: 52: 42: 32: 1099:"Tilley Leaves Henredon" 980:Furniture World Magazine 279:Federal Trade Commission 1444:St. Louis Post-Dispatch 1306:St. Louis Post-Dispatch 1194:St. Louis Post-Dispatch 931:"LifeStyle breaking up" 796:, April 1, 1978, p. 1E. 794:St. Louis Post-Dispatch 561:New York Stock Exchange 353:'s largest shoe maker, 1469:Bloomberg Businessweek 420:Drexel Burnham Lambert 253:and had just bought a 1529:Winston-Salem Journal 1510:Winston-Salem Journal 1495:Winston-Salem Journal 1465:"Heritage Home Group" 1396:Winston-Salem Journal 1369:Winston-Salem Journal 1348:Winston-Salem Journal 1327:Winston-Salem Journal 1160:Winston-Salem Journal 1134:Winston-Salem Journal 851:High Point Enterprise 760:Ralph and Terry Kovel 705:. fundinguniverse.com 574:Chapter 11 bankruptcy 286:Clayton Antitrust Act 209:Vanderbilt University 191:Brothers Jackson and 146:Chapter 11 bankruptcy 90:Chapter 11 bankruptcy 899:, 2000-06-04, p. 12. 582:KPS Capital Partners 578:stalking horse offer 150:KPS Capital Partners 783:, 2012-04-06, p. 1. 768:, 2001-04-08, p. 9. 590:Heritage Home Group 586:Samson Holding Ltd. 404:Altavista, Virginia 275:United Shoe Workers 195:, and their cousin 178:St. Louis, Missouri 154:Heritage Home Group 130:Peters Shoe Company 124:with the merger of 38:Interco (1966–1996) 29: 1475:on August 26, 2014 896:Omaha World-Herald 874:The New York Times 440:Brown Shoe Company 391:Broyhill Furniture 355:Savage Shoes, Ltd. 302:Hannibal, Missouri 205:Memphis, Tennessee 27: 18:Broyhill Furniture 1207:"Shaw Park Plaza" 1141:on April 12, 2021 812:Los Angeles Times 584:. On November 4, 553:High Point Market 530:Clayton, Missouri 363:Chester, Illinois 118:Clayton, Missouri 111: 110: 101:Clayton, Missouri 16:(Redirected from 1606: 1539: 1538: 1536: 1535: 1520: 1514: 1513: 1505: 1499: 1498: 1490: 1484: 1483: 1481: 1480: 1471:. Archived from 1461: 1455: 1454: 1452: 1451: 1434: 1428: 1427: 1425: 1424: 1413: 1407: 1406: 1404: 1403: 1386: 1380: 1379: 1377: 1376: 1359: 1353: 1352: 1338: 1332: 1331: 1317: 1311: 1310: 1296: 1290: 1289: 1287: 1286: 1267: 1261: 1260: 1258: 1257: 1242: 1236: 1235: 1229: 1221: 1219: 1218: 1203: 1197: 1190: 1184: 1183: 1181: 1180: 1169: 1163: 1156: 1150: 1149: 1147: 1146: 1137:. 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Index

Broyhill Furniture
Furniture
Chapter 11 bankruptcy
Clayton, Missouri
Clayton, Missouri
Hickory
Chapter 11 bankruptcy
KPS Capital Partners
Heritage Home Group
International Shoe Co. v. Washington
St. Louis, Missouri
Isaac S. Taylor
National Register of Historic Places
Oscar Johnson
Frank C. Rand
Mississippi
Memphis, Tennessee
Vanderbilt University
Mexico
Europe
World War I
incorporated
Delaware
Missouri
Illinois
Kentucky
tannery
Boston
New Hampshire
unionized

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