Heritage Home Group made official its choice of High Point, NC, for its new corporate headquarters. The re-formed Furniture Brands International said the move will add approximately 300 jobs to the local economy.
Two Thomasville furniture factories and a Lane Furniture operation will close as Heritage Home Group, the former Furniture Brands, restructures following its bankruptcy. Approximately 564 will be laid off.
Furniture Brands International announced that the U.S. Bankruptcy Court for the District of Delaware has declared an affiliate of KPS Capital Partners as the winning bidder in the auction.
Furniture Brands International bankruptcy judge okayed millions in executive bonuses, overruling a trustee's objection, but capped it at $3.5 million.
By Bill Esler
Furniture Brands International has reached a preliminary agreement for KPS Capital Partners to its acquire assets, including the Lane Business for $280 million. It includes enhanced terms on DIP financing and extends offers of employment to substantially all current employees