July 14 Office furniture maker Leggett & Platt
said it is considering a divestiture of its
underperforming store-fixtures business and that it expects to
take an impairment charge of $108 million in the second quarter
to reflect a writeoff of the goodwill associated with the
The performance of store fixtures business did not rebound
during the second quarter as expected, with the deterioration of
revenue and profitability most pronounced in May and June, the
company said in a statement.
The company said it is exploring strategic alternatives,
including the possible divestiture of this business unit.
The pretax charge is expected to reduce second-quarter
earnings by 65 cents.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Don