Furniture Brands' assets sold to KPS Capital's Heritage Home Group

By Caroline Salls

Pittsburgh, Nov. 25 - KPS Capital Partners, LP said Furniture Brands International, Inc.'s assets were acquired by newly formed Heritage Home Group, LLC.

As previously reported, the $280 million sale of Furniture Brands' assets to KPS was approved by the U.S. Bankruptcy Court for the District of Delaware on Nov. 22.

KPS said Heritage Home Group will operate as an independent company with the long-term support of KPS.

According to the release, Heritage Home Group launches as a well-capitalized company with no legacy obligations and access to the financial resources necessary to execute its business improvement and growth plans.

In addition, KPS said Ira Glazer has been named president and chief executive officer of Heritage Home Group.

KPS said GE Capital, Corporate Finance and PNC Bank, NA provided financing for the transaction.

Furniture Brands, a St. Louis-based designer, manufacturer and retailer of home furnishings, filed for bankruptcy on Sept. 9. The Chapter 11 case number is 13-12329.

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