heritage home group

Broyhill, Thomasville owners Heritage Home hold plant-wide live and online auction

LENOIR, N.C. - Heritage Home Group (HHG), former owners of the Broyhill, Thomasville, Drexel, and Henredon furniture groups, is selling its assets in a live auction December 12 and 13. Tons of machinery and equipment is up for grabs. Items include CNC machining centers from Weeke; lumber stackers, finger jointing, edgebanders, and tenoners from USNR, Grecon, Medalist Challoner, Fletcher, and Homag; planers, sanders, and saws from Timesavers, Heeseman, Mereen-Johnson, Diehl, Holzma, Benco, SCMI; glue equipment from Rosenquist, Wemhoner, Black Brothers, Taylor, and Dodds; veneer equipment from Ompec, Torwegge, Kuper, and Diehl; miscellaneous equipment from Weinig, Weeke, and Vecoplan; forklifts and more. The auction will take place on-site and online. Registration and more information can be found here.
In August, HHG filed a WARN Act notice in North Carolina affecting 712 employees at its Lenoir Upholstery and Lenoir Case facilities when an initial attempt to identify a buyer and sell the Broyhill and Thomasville & Co. business groups fell through. In the interim between the Aug. 28 announcement and today's announcement, a new stalking horse bidder was identified as a newly formed entity ABG and SB360. Authentic Brands Group is a brand development, marketing, and entertainment company, which owns a global portfolio of entertainment and lifestyle brands. SB360 Capital Partners is a consulting, business evaluation, asset acquisition, and asset disposition firms.
This agreement relates only to the Thomasville & Co. and Broyhill brands, and does not affect the previously announced agreement for HHG's Luxury Group business unit by an affiliate of RHF Investments. The Luxury Group includes the Hickory Chair, Maitland-Smith and Pearson brands and related operations. In addition to the newly formed entity Hickory Chair LLC, RHF is the parent company of Century Furniture, Hancock & Moore and Highland House.
It was on July 30 that HHG announced parent company, HH Global II BV, and the related U.S. affiliates had filed petitions in U.S. Bankruptcy Court for the District of Delaware to begin the restructuring process and allow for the completion of the sales. The Chapter 11 filing by HHG showed estimated assets and liabilities in the range of $100 million to $500 million.
HHG became a giant in the residential 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.

Heritage Home announces auction results for remaining brands

HIGH POINT - Heritage Home Group (HHG) announced that its remaining brands - Broyhill, Thomasville, Drexel, and Henredon furniture groups - will go to separate bidders.
The company's chief restructuring officer Robert Albergotti released this statement:
The Company hosted an auction for the sale of its Thomasville & Co. (including Thomasville, Drexel and Henredon) and Broyhill business lines.

$22 million bid for HHG's Broyhill, Thomasville furniture groups

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.

Broyhill, Thomasville parent Heritage Home Group faces millions in debt

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.