HIGH POINT – Heritage Home Group hired SB360 Capital Partners, the stalking horse bidder for its Broyhill and Thomasville & Co. brands, to sell off inventory from its Thomasville and Henredon store locations and other properties that supply these locations including wood and upholstery factories in Lenoir and warehouses in the U.S. and Asia.

 

According to bankruptcy court documents, Heritage Home Group entered into the agreement Aug. 29., around the time that the company announced an agreement to sell the brands, including Broyhill, Thomasville, Henredon and Drexel Heritage to SB360 and Authentic Brands Group, also referred to as the stalking horse bidder. Their bid of $22 million is a starting bid for the brand names and related intellectual property assets.

 

It is subject to higher bid offers and does not affect a previously announced agreement to sell the luxury brands of Hickory Chair, Pearson and Maitland-Smith to RHF Investments, the parent of Century Furniture. This agreement was announced as part of a restructuring related to the Heritage Home Group’s July 29 Chapter 11 Bankruptcy filing in U.S. Bankruptcy Court for the District of Delaware.

 

According to the most recent agreement, which is subject to final court approval, SB360 would help Heritage Home Group sell off most of the assets for the Thomasville & Co. and Broyhill brands. According to bankruptcy court records, this includes inventory from 21 Thomasville stores, two Henredon locations and two Heritage Home Group location in Bluffton, S.C., and Kirkwood, Mo.The company said that inventory being manufactured as well as inventory in distribution centers will be sent to the store locations for the sale, which begins Sept. 14. The sale is expected to end no later than Dec. 31.

 

SB360 also would help sell inventory from other properties in the brand portfolio including a plant in Lenoir that produces upholstery for Broyhill, Thomasville, Henredon and Drexel and a wood plant in Lenoir that produces custom case goods for Thomasville. Production at these facilities is expected to continue both during and after the liquidation of inventory.

 

The sale process would also include inventory from a Heritage Home Groups warehouse near Ho Chi Minh City in Vietnam as well as a distribution center in Thomasville, a temporary warehouse in Lenoir and a Heritage Home Group logistics center in Lenoir.

 

“Thomasville and Broyhill are known for offering the finest quality in home furnishings,” said Siegfried Schaffer, executive vice president of SB360 Capital Partners. “This sale will feature historic discounts of the entire inventory of these well-known brands.”

 

A hearing on the sale is set for 10 a.m., Sept. 26, in U.S. Bankruptcy Court for the District of Delaware.

 

(Source: JJgle.com)