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Heritage Home approved to use SB360 as consultant in inventory sale
By Caroline Salls
Pittsburgh, Sept. 27 – Heritage Home Group LLC will be allowed to hire SB360 Capital Partners, LLC to serve as inventory agent at its retail locations and warehouse and distribution centers, according to an opinion filed Thursday by the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the U.S. Trustee overseeing Heritage Home’s Chapter 11 bankruptcy case objected to store-closing sale and disposition agreements, saying he “does not have an objection per se to the debtors exercising their business judgment to engage in an ‘inventory sale process that includes store closing and similarly themed sales,’” but that he “objects to the debtors seeking court approval...to enter into the ‘store closing and asset disposition program – consulting agreement’ with a professional retained to provide advice to the debtors regarding their inventory sale process.”
Specifically, the U.S. Trustee said Heritage Home was looking to hire SB360 to serve as inventory sale agent at the company’s retail locations and warehouse and distribution centers “without seeking approval to retain the consultant as a ‘professional.’”
As a result, the U.S. Trustee requested that SB360 be required to declare that it is a qualified representative and to agree that it will remain disinterested for the duration of the Heritage Home Chapter 11 case.
However, in Thursday’s opinion, judge Kevin Gross rejected the U.S. Trustee’s argument that SB360 was serving in an auctioneer-like capacity in connection with the sale.
Instead, Gross ruled that SB360 is acting as a consultant and does not need to declare that it is a qualified representative to serve in that capacity.
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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