The new owners of Furniture Brands International have renamed the company Heritage Home Group, and have appointed a new president and CEO, Ira Glazer, an executive with three decades of successful turnaround experience. Heritage Home Group includes will operate as an independent company with the long-term support of KPS Capital Partners, a private equity investor.
"This is the beginning of a new era for Heritage Home Group and its brands," said Raquel Vargas Palmer, a Partner of KPS. "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. 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 are proud to welcome the many Furniture Brands associates who are joining Heritage Home Group, and we look forward to working together to build a thriving and profitable company."
Glazer said, "I am honored to lead Heritage Home Group. Free of Furniture Brands' burdens and liabilities, and with a rock-solid balance sheet and many outstanding associates who are joining our company, we have an exceptional opportunity to build a true industry leader. I am also pleased to partner and collaborate again with KPS, a firm that has distinguished itself as a global leader in turnaround investing and is ideally suited for this exciting venture."
"I would like to commend Ralph Scozzafava, who informed us this morning that he resigned as CEO of Furniture Brands, for his efforts over the past several years. Ralph worked hard to ensure that Furniture Brands' assets would be well-positioned for growth and we thank him for his contributions," Glazer concluded.