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Heritage Home Group bid procedures approved; auction set for Sept. 20
By Caroline Salls
Pittsburgh, Aug. 27 – Heritage Home Group LLC obtained court approval of the bid procedures for the proposed sale of the company’s portfolio of furniture brands, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, RHF Investments Inc. has signed an agreement to acquire Heritage Home’s Luxury business, which includes the Hickory Chair, Maitland-Smith and Pearson brands and related operations for a base purchase price of $17.45 million.
Competing bids are due by 5 p.m. ET on Sept. 17 and must at least equal $17.45 million, plus $900,000 in bid protections to be paid to RHF if it is not the high bidder, plus a $500,000 minimum bid increment.
The auction will be held on Sept. 20, if necessary. Bids at auction must be in minimum increments of $500,000.
The sale hearing is scheduled for Sept. 26.
High Point, N.C.-based Heritage Home Group is a home furnishings manufacturer and retailer. The company filed bankruptcy on July 29 under Chapter 11 case number 18-11736.
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