If you are looking to stabilize a flaking particle board surface, remove the loose material first with rough sanding. Shellac the raw surface, two coats. Follow that with painting. I can recommend RustOleum oil high gloss enamel in the dark brown color. It is available at Lowes and elsewhere. One or two coats (with light top sanding between) will provide a hard, smooth and stable surface that resists abrasion and further loss of material. I used this method successfully on a couple of sets of KLH Model Twenty speakers. The paint color is a good match for the walnut veneer on the sides and top of the speakers and the gloss finish provides a much more durable surface than the original stained particle board. I avoided the water-based wood glue and sanding approach as the initial flaking problem was caused by moisture. Alcohol based shellac avoids this while sealing the surface.
