UPDATE 1-Funiture Brands' losses balloon in Q4

* Reports Q4 loss of $7 a share

* Says Q4 sales fell 20 percent to $403 million

* Provides no EPS guidance for 2009

CHICAGO, Feb 4 (Reuters) - Furniture Brands International (FBN.N) said on Wednesday that its losses ballooned in the fourth quarter as the "dramatic deterioration" in the wider economy forced the company to write down a number of assets.

The company, which makes furniture under a variety of names, including Broyhill, Thomasville and Drexel Heritage, also predicted the global economy would continue to struggle in 2009. It declined to provide any financial forecast for the year, except to say it expected "to generate positive cash flow, exclusive of changes in debt balances."

The St. Louis, Missouri-based company reported a fourth-quarter net loss of $341.6 million, or $7 a share, compared with a loss of $40.7 million, or 84 cents a share, in the comparable quarter last year.

Sales in the last quarter fell 20 percent to $403 million.

Although most of the charges were taken on intangible assets, the company also booked a $15.2 million write-down on idled facilities it plans to sell. It said current market appraisals of the real estate came in below their book values, forcing the action.

Charges were also booked to reflect an increase in reserves for doubtful accounts and declining inventory values. (Reporting by James Kelleher; Editing by Marguerita Choy)