The Broyhill furniture brand and related trademarks have been acquired by discount retailer Big Lots.

HIGH POINT - Heritage Home Group announced it has signed an agreement to sell its Broyhill and Thomasville & Co. business groups  to a newly formed entity of Authentic Brands Group and SB360 Capital Partners LLC. Identified as the stalking horse bidder, the ABG/SB360 entity has entered a baseline bid of $22 million for the furniture brands, which also include the Drexel and Henredon brands, and related intellectual property assets. The court-supervised auction is expected to take place within the next 60 days.

HIGH POINT - Heritage Home Group's sale of its Broyhill and Thomasville & Co. business units are still under negotiation as the furniture company says it is unable to reach an agreement with the potential buyer. The company has scheduled an auction for Sept. 20.

HIGH POINT - The Chapter 11 filing by Broyhill and Thomasville & Co. parent Heritage Home Group shows estimated assets and liabilities in the range of $100 million to $500 million. Earlier today the residential furniture giant announced it had filed a petition in U.S. Bankruptcy Court for the District of Delaware to begin restructuring as it sells its remaining iconic brands.

Heritage Home Group is selling the company's Broyhill, Thomasville & Co. and Luxury Group business units as the residential furniture giant files Chapter 11 bankruptcy.

Bassett Furniture Industries has agreed to purchase certain Lane Venture operating assets for $15.5 million in cash. Owned by Heritage Home Group, Lane Venture specializes in outdoor home furnishings.

Heritage Home Group is selling its Lane Furniture business to United Furniture Industries, including Lane's 750,000-sq.ft. upholstery plant and 202,000 sq.ft. Royal Development recliner mechanism facility.

The Board of Directors of Heritage Home Group, LLC named Pierre de Villeméjane as President and Chief Executive Officer. Mr. de Villeméjane has served as a member of HHG’s Board of Directors since the Company was created in November 2013.