Subjects: TNM, RCN, BCY
SB360 Capital Partners Chosen to Conduct Store Closing Sales for Thomasville & Co., and Broyhill Furniture
BOSTON, Sept. 14, 2018 /PRNewswire/ -- SB360 Capital Partners LLC (SB360), one of North America's leading asset realization firms, has been chosen by Heritage Home Group LLC (HHG) to assist HHG in conducting sales of the inventory from their Thomasville & Co., and Broyhill business units. Thomasville & Co. includes the Thomasville brand, Drexel, and Henredon. Broyhill is a namesake brand.
Heritage Home Group's parent company HH Global II BV, and its related U.S. affiliates, filed petitions with the U.S. Bankruptcy Court for the District of Delaware on July 29th. As part of the restructuring process, HHG has solicited competing bids for all its businesses.
SB360 will assist HHG in commencing a "Store Closing Sale" in the 25 HHG-owned stores on September 14th. The 25 locations are in 14 states, and include 24 Thomasville branded stores, and 1 Henredon branded store. Inventory currently being manufactured, as well as inventory located in distribution centers, will be sent to the store locations for this once-in-a-lifetime event.
Aaron Miller, Executive Vice President of SB360, said "The Heritage Home brands are really second-to-none in the furniture industry. Thomasville & Co., and Broyhill have a heritage and recognition that cross generations."
"Thomasville and Broyhill are known for offering the finest quality in home furnishings," said Siegfried Schaffer, Executive Vice President of SB360. "This Sale will feature historic discounts on the entire inventory of these well-known brands."
To facilitate the disposition of the wholesale inventory, SB360 will assist HHG in operating the wholesale businesses of the company for an interim period of time.
Thomasville found its roots in 1904 in Thomasville, North Carolina, offering one product that became known as the "Thomasville Chair." The fine craftsmanship led people to request other pieces from the furniture maker. Keeping step with the trends of the day for more than a century, Thomasville has become an industry leader. The Thomasville brand is synonymous with innovative design and manufacturing quality.
James Edgar "Ed" Broyhill started his first company, The Lenoir Chair Co., in Lenoir, North Carolina in 1926. Despite the Great Depression, the company prospered. In 1937, Ed took over most of the responsibilities of operating another furniture company owned by his brother. Eventually he consolidated the two businesses, and Broyhill Furniture Industries was born. Today, Broyhill Furniture is one of the most recognized brands in the industry.
About SB360 Capital Partners, LLC
SB360 Capital Partners, a Schottenstein Affiliate, is one of North America's leading consulting, business evaluation, asset acquisition, and asset disposition firms. SB360 is the parent entity operating: Second Avenue Capital Partners, a lending platform providing financing solutions for mid-market companies; SBC Logistics' Asset Recovery Center in Columbus; and, other SB360 business units focused on real estate advisory and commercial real estate investments. In addition, SB360 Capital Partners makes equity investments in retail, wholesale, and consumer product companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations. For more information, please visit www.sb360.com.
SOURCE SB360 Capital Partners LLC
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