Filed under: Decor
Furniture Today reports that a U.S. Bankruptcy Court in Tampa, Florida has approved sale of the brand to liquidators Hudson Capital and Hyperams. Hudson Capital and Hyperams were the stalking horse bidder and the only validated bidder at an auction to sell off the brand. When the brand filed Chapter 11 in February it was hoping to raise enough money from potential investors to make a bid to keep the company in business. The Naples Daily News reports that the fate of the stores remains up in the air. Liquidation would mean that employees would lose their jobs, stores would close and customers could lose deposits they have put down on furniture.
The company sells a variety of high-end collections including Ralph Lauren home, Keno Brothers and Tommy Bahama. It was founded in 1915 in Florida. At the time of the Chapter 11 filing it listed assets and debts in the range of $50 million to $100 million. It employs about 1,300 people.