Furniture Brands International (FBI) was a major player in the furniture business, owning iconic furniture brands Broyhill, Lane and Thomasville, among others. On September 9, 2013, Furniture Brands Intl. could not cope with mounting financial woes, so they declared bankruptcy. On November 25, a proposed auction of FBI’s remaining assets was cancelled because only one bidder bothered to attend. All of FBI’s assets, including their brands were sold to KPS Capital Partners for $280 million.
KPS immediately renamed their new company to Heritage Home Group and ousted many of the top-level executives. This exodus includes FBI’s CEO and chairman Ralph Scozzafava, who resigned on November 25, 2013. Pretty much all of the lower level employees were offered positions with Heritage Home Group resulting in relatively few layoffs. KPS is excited to be taking over FBI’s furniture brands, as said by KPS partner Raquel Vargas Palmer and quoted in the St. Louis Post-Dispatch, “We strongly believe in the fundamental value of this business and the significant growth potential that can be unlocked through focused investment in our brands. We … look forward to working together to build a thriving and profitable company”.
Palmer was also quoted by the same newspaper as saying: “This is the beginning of a new era for Heritage Home Group and its brands. The company has a new owner, a new CEO, a new board of directors and a new strategic direction. Heritage Home Group launches with truly iconic brands, a solid financial structure and access to KPS’ financial resources and expertise”.
Here at SofasAndSectionals.com, we couldn’t agree more. Broyhill and Lane are two of our top-selling brands, and we look forward to working closely with the Home Heritage Group to build a better online presence for their products. Stop by SofasAndSectionals.com to look through our large collection of Lane and Broyhill products, many of which are offered at prices that are much lower than the MSRP. You can also get free shipping in most US locations.