LEXINGTON, NC - Linwood Furniture's assets have been purchased by Liquid Asset Partners. The assets, totaling over $8 million, will be sold at a public liquidation sale starting April 29.
The sale will run for 12 weeks at the 800,000-square-foot Linwood factory and will include $2 million worth of machinery, $1.5 million in finished furniture inventory, $4 million of raw materials and work-in-process, $700,00 of unpainted furniture as well as other supplies, according to Liquid Asset Partners.
The casegoods manufacturer filed for Chapter 11 bankruptcy protection on March 5, 2012, and was put in Chapter 7 in September. Prior to the filing, more than 100 people worked at the company.
Linwood Furniture was founded in 2006 as a joint venture between Bob Timberlake Inc., Kepley-Frank Hardwood and a group of investors. The company became renown for its promotion of Made in the USA solid wood bedroom and dining room suites.
Information on the liquidation sale is available at LiquidAP.com.
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