FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Hilco Global, SB360 Capital Partners Engaged as Exclusive Agents in United Furniture Industries’ Chapter 11 Dispositions

March 08, 2023, 07:54 AM
Filed Under: Industry News

United Furniture Industries ("UFI") has engaged a joint venture of SB360 Capital Partners ("SB360") and Hilco Global ("Hilco") (SB360 and Hilco together are hereinafter referred to as the "JV") as exclusive agents for the disposition of Inventory, M&E, and FF&E, as well as the servicing and settlement of Receivables on the Company's behalf. Specific engaged Hilco entities include Hilco Wholesale Solutions, Hilco Commercial Industrial, and Hilco Receivables.

Founded in 1983 in Northern Mississippi, United Furniture Industries manufactured upholstery and case goods and was one of the largest furniture producers in the United States with 19 manufacturing locations strategically placed across the country. UFI is well known as the manufacturer of Lane Home Furnishings. At its peak, UFI employed 1,000s in the manufacture and distribution of its products and had annual revenue of more than $500 Million. UFI closed its facilities in November of 2022 and entered bankruptcy in December 2022.

The JV will market and sell certain of UFI's inventory including finished goods, kit inventory, and in-transit inventory. The JV will also sell the raw materials used in the manufacturing of inventory. Sales will be negotiated with existing UFI customers, who have a familiarity with the product, new customers including national and regional furniture retailers, as well as wholesalers, jobbers, and brokers.

The JV will conduct a sale of UFI's owned machinery, equipment, transportation fleet, rolling stock, furniture, fixtures, and other personal property (the "M&E" and "FF&E") located in the manufacturing facilities, warehouses, distribution centers, and fulfillment centers. The M&E and FF&E will be sold through a series of private treaty sales.

The JV will also collect, service, and settle the outstanding accounts receivable on behalf of UFI.

"UFI's products are well-known and sold in stores from coast to coast," said a representative of the JV. "This will be a unique opportunity for stores to build an in-stock position and do so with a value component that will resonate with consumers."

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.