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Stanley Furniture Elects Scheffer CEO; Prillaman Continues as Chairman

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The Board of Directors of Stanley Furniture Company, Inc. has announced that Jeffrey Scheffer has been elected President and Chief Executive Officer. He previously served as President and Chief Operating Officer. Albert Prillaman, currently Chairman and CEO will continue as Chairman. Scheffer also was elected to the Board of Directors of Stanley. Prior to joining Stanley in April 2001, Scheffer served for five years as President of American Drew, a La-Z-Boy company, and has over 20 years experience in the furniture industry. Prillaman joined Stanley in 1969 and was named President of Stanley in 1983 and CEO in 1985. "As the business becomes increasingly complex, planning becomes more important to the company," Prillaman says. "In this period of unprecedented change within our industry, my energies as chairman will be focused on long- term strategic issues while Jeff will be responsible for all operational aspects of the business." Scheffer commented, "I am committed to the Stanley strategy of focusing on best product in our segment, supported by excellent quality and service. Our blended approach, which combines focused, cost-effective domestic manufacturing with off-shore sourcing, allows us to style up without pricing up. This approach is being well received by our retail partners and the ultimate consumer. I welcome the opportunity to lead this outstanding company to yet higher levels of performance." Prillaman added, "We think Stanley's strategic focus, combined with our proven management team, positions us to better serve the retail customer and consumer while differentiating Stanley from the competition. At the end of the day, the company that offers the best product, quality, and service will succeed, and we plan to do just that." Established in 1924, Stanley Furniture Company, Inc. is a leading manufacturer of wood furniture targeted at the upper-medium price range of the residential market. Manufacturing facilities are located in Stanleytown and Martinsville, VA and Robbinsville and Lexington, NC. Its common stock is traded on the Nasdaq stock market under the symbol STLY. For additional information, visit http://www.stanleyfurniture.com.

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