Wisconsin-based Ashley Furniture Inc. could be for sale, Wall Street Journal reports

ARCADIA -- Ashley Furniture Industries Inc., based in western Wisconsin could be for sale.

The company is exploring a sale, the Wall Street Journal reported. Private equity firms are weighing a buyout of the firm, which could be valued at more than $3 billion, the report said.

Ashley Furniture is based in Arcadia and owned by the Wanek family.

The company was founded by Ron Wanek, and his son, Todd Wanek, is CEO.

It has annual sales of about $4 billion.

Ashley Furniture is working with Goldman Sachs Group Inc. on a potential sale. The process is in the early stage and a sale might not occur, according to the Wall Street Journal.