Barcalounger has been in the news since early this year with the shutting down of its plant in Martinsville, VA, and its subsequent bankruptcy filing along with sister company American of Martinsville (AOM) â both companies were owned by Hancock Park Associates of Los Angeles.
As reported on WoodworkingNetwork.com in August, the assets of Barcalounger and AOM were purchased by a consortium, which included Liquid Asset Partners LLC, HPC3 Furniture Holdings (an affiliate of Hancock) and Joerns Healthcare.
Liquid Assets picked up the physical assets including finished products, raw material, office equipment, factory equipment (such as a Thermwood router cutter and shaper, an Accu-Router cutter and shaper, and a Tannewitz electrical band saw) and more. These inventory, material and factory items, totaling more than $8.5 million, according to the company, were put up for auction, which started Aug 31 and is expected to end Oct. 25.
At this point HC3 has not revealed what it will do with the Barcalounger brand name and intellectual property. According to documents related to the bankruptcy, Barcalounger was allowed to give up the lease to its High Point Furniture Market showroom in Charlotte, NC.
However, in published reports from Long-Term Living, Joerns executives said that it plans to re-launch the AOM brand to its senior living community.
For more on the topic, check out these recent related stories:
Barcalounger and AOM assets bought and readied to be sold
American of Martinsville, Barcalounger up for auction
Barcalounger files for Chapter 11
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