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.

Ranked #4 on the latest FDMC 300 list of the largest North American residential furniture manufacturers, HHG's brands include Thomasville, Henredon, Drexel, Broyhill, Hickory Chair, Maitland-Smith and Pearson.

The latter three are part of HHG's Luxury business, which is being acquired for a base amount of $17.45 million by Hickory Chair LLC, a newly formed entity of RHF Investments, according to a document filed in bankruptcy court. RHF is the parent company of Century Furniture, Hancock & Moore and Highland House. The closing for the sale is scheduled to take place in October.

HHG said it has also signed a Letter of Intent and is in final negotiations with a buyer for its Broyhill and Thomasville & Co. business units. The Thomasville & Co. group includes the Thomasville, Henredon and Drexel brands.

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

HHG has received a commitment from PNC, N.A. to provide $98 million to help refinance its existing debt plus operations during the restructuring and sales process.

The company listed between 25,000 and 50,000 creditors on the bankruptcy petition, including $14.0 million to FBI Wind Down Liquidating Trust for asset purchase price reconciliation, $4.5 million to KPS Cayman Management Ltd. for expense reimbursement and management fees, $1.0 million to Ernst & Young US LLP for professional services, and $990,859 to United Furniture Industries for a purchase price adjustment.

HHG came to the forefront of the furniture industry in November 2013 following the purchase by KPS of the bankrupt Furniture Brands International. The company began selling off its brands last year, beginning with Lane business to United Furniture Industries in November. HHG followed that up in December with the sale of certain Lane Venture operating assets to Basset Furniture Industries.

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