Filing Details

CUSIP No.

854305208

1.

NAME OF REPORTING PERSON

Solas Capital Management, LLC

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  [_]

(b)  [X]

3.

SEC USE ONLY

4.

SOURCE OF FUNDS

AF

5.

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

       [_]

6.

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.

SOLE VOTING POWER

0

8.

SHARED VOTING POWER

2,481,548

9.

SOLE DISPOSITIVE POWER

0

10.

SHARED DISPOSITIVE POWER

        [_]

2,481,548

11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,481,548

12.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

16.4%

14.

TYPE OF REPORTING PERSON

IA

CUSIP No.

854305208

1.

NAME OF REPORTING PERSON

Frederick Tucker Golden

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)  [_]

(b)  [X]

3.

SEC USE ONLY

4.

SOURCE OF FUNDS

AF

5.

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

        [_]

6.

CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.

SOLE VOTING POWER

0

8.

SHARED VOTING POWER

2,481,548

9.

SOLE DISPOSITIVE POWER

0

10.

SHARED DISPOSITIVE POWER

        [_]

2,481,548

11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

2,481,548

12.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

13.

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

16.4%

14.

TYPE OF REPORTING PERSON

IN, HC

Item 1.

Security and Issuer.

This Schedule 13D relates to the shares of common stock, par value $0.02 per share (the "Shares"), of Stanley Furniture Company, Inc., a Delaware corporation (the "Issuer").  The principal executive office and mailing address of the Issuer is 200 North Hamilton Street, No. 200, High Point, North Carolina, 27260.

Item 2.

Identity and Background.

(a), (b), (f)

The names of the persons filing this Statement (the "Reporting Persons") are Solas Capital Management, LLC, a Delaware limited liability company ("Solas") and Frederick Tucker Golden, a United States Citizen ("Mr. Golden").  Mr. Golden is the managing member of Solas.

The business address of each Reporting Person is c/o Solas Capital Management, LLC, 1063 Post Road, 2nd Floor, Darien, CT  06820.

(c)

The principal business of each Reporting Person is investment management.

(d), (e)

During the last five years, none of the Reporting Persons has been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 3.

Source and Amount of Funds or Other Consideration.

 Item 4.

Purpose of Transaction.

The Reporting Persons originally purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

 

The Reporting Persons have periodically engaged in, and may continue to engage in, discussions with management and the Board of Directors of the Issuer (the "Board") as well as other stockholders and third parties concerning the business, operations, assets and future plans of the Issuer.

 

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, further communications with management and the Board of the Issuer, nominating or recommending candidates to serve as members of the Board, having discussions with other stockholders and potential nominees to the Board, making proposals to the Issuer concerning changes to the capitalization, ownership structure or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.

Item 5.

Interest in Securities of the Issuer.

(a), (b)

According to the Issuer's Form 10-K filed on February 23, 2016, there were 15,105,145 Shares issued and outstanding as of February 19, 2016.

Solas has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 2,481,548 Shares; has the sole power to dispose or direct the disposition of 0 Shares; and has the shared power to dispose or direct the disposition of 2,481,548 Shares.

 

Mr. Golden has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 2,481,548 Shares; has the sole power to dispose or direct the disposition of 0 Shares; and has the shared power to dispose or direct the disposition of 2,481,548 Shares.

(c)

The transactions in the Shares by the Reporting Persons in the past sixty days are set forth in Exhibit B.

 

(d)

Not applicable

(e)

Not applicable

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect

to Securities of the Issuer.

Not applicable

Item 7.

Material to be Filed as Exhibits.

Exhibit A: Joint Filing Agreement

Exhibit B: Schedule or Transactions

Solas Capital Management, LLC

 

 

By: /s/ Frederick Tucker Golden

 

Name: Frederick Tucker Golden

Title:   Managing Member

Frederick Tucker Golden

Solas Capital Management, LLC

 

 

By: /s/ Frederick Tucker Golden

 

Name: Frederick Tucker Golden

Title:   Managing Member

Frederick Tucker Golden

Number of
Shares Purchased

Price
Per Share

2/29/2016

Common Stock, par value $0.02 per share

1,000,000

$2.50