Heritage Home Group has filed a bankruptcy petition, to begin a restructuring process that, sources say, will end with an auction in late September. Rock House Farm (RHF Investments) family of brands—also known as the Hickory, North Carolina–based parent company of Century Furniture, Hancock & Moore, Highland House, Jessica Charles and Cabot Wrenn—is hoping to grow its portfolio. RHF Investments announced this morning that it has entered into an agreement to acquire “substantially all assets” of the Hickory Chair, Maitland-Smith and Pearson furniture brands from Heritage Home Group.
There is an open bidding period of several weeks; during that time, other bidders have the chance to submit bids.
“We could not be more excited about the possibility of combining these legendary brands, and more importantly, their fine craftspeople, with the Rock House Farm family,” said Alex Shuford, president of Century Furniture and CEO of RHF Investments. “The Hickory Chair Company in particular has a long history with our local community that we respect and admire. Its management team is strong, its products are beautiful, and we at Rock House Farm Brands feel its future is bright.”
“While it is unfortunate that the process has to occur through a bankruptcy of Hickory Chair’s parent, HHG, we are committed to moving quickly toward a successful acquisition,” says Shuford. “Hickory Chair has built a reputation as a company that can be trusted, and those are the types of people and companies that my family and I look to partner with. It is our intention, if successful in this process, to continue to take care of the employees, customers and vendors of these fine brands.”
Heritage Home Group filed for bankruptcy in U.S. Bankruptcy Court for the District of Delaware. As Business of Home reported, last December, the company announced the sale of nearly all its Lane Furniture business assets to United Furniture Industries. At the time, Heritage Home Group had divided itself into three core business organizations, and new executives were appointed to lead each one.
As Furniture Today reports, Broyhill president Harvey Dondero is exiting this week after serving in the role for approximately nine months. Dondero will be replaced by David Workman, senior vice president of sales at Broyhill.