ST. LOUIS, MO -- Furniture Brands shareholder Samson Holding Ltd. failed to submit a bid for the now bankrupt company after announcing its intent to join the process earlier this month.
According to published reports, Samson was unable to file a bid for Furniture Brands after the auction date for its assets was moved from Dec. 10 to Nov. 20 -- at Furniture Brands' request. Samsons' failure to enter the auction left KPS Capital Partners the only qualified bidder.
Furniture Brands Continuing Coverage
A purchase agreement with KPS Capital Partners, which set the floor for Furniture Brands' assets at $280 million had been approved by the bankruptcy court on Oct 2.
Under that agreement, additional bidders were allowed and Samson, as Furniture Brands' largest stakeholders, had said it planned to match or exceed KPS' bid, according to the Winston-Salem Journal. However, with the auction date moving up, Samson was unable to complete the process.
"With the time being shortened and the amount of work we had to do, we couldn't feel comfortable moving forward," Mohamad Amini, executive director of Samson, told the Winston-Salem Journal.
Universal Furniture, Legacy Classic Furniture, Craftmaster Furniture, Pennsylvania House and Samson International are a few of Samson Holdings' brands, selling wholesale residential furniture in the U.S.
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