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HIGH POINT – The manufacturing and warehouse facilities of United Furniture Inds. (a.k.a. Lane Furniture) are being offered for sale at auction with stalking horse bids being accepted through May 12.
B. Riley Real Estate has been retained to serve as real estate advisor in connection with the furniture makers Chapter 11 liquidation.
The portfolio includes 14 properties located throughout Mississippi and North Carolina with 5 million square-feet and more than 700 acres of manufacturing, warehouse and distribution facilities, in addition to vacant land holdings.
The announcement of a firm and a process for disposing of the Lane real estate assets follows the announcement in March that Hilco Global and SB360 Capital Partners had been retained to coordinate the liquidation of furniture, inventory, fixtures, trucks and equipment from the closure of United Furniture’s operations.
At least one manufacturer has announced the purchase of more than $10 million of that inventory and plans to exhibit it at this week’s High Point Market.
Lane, originally founded in 1912, was acquired by United Furniture Inds. in 2017 following the bankruptcy of Heritage Home Group, which owned Lane along with several other leading furniture industry brands. United subsequently used the Lane brand as its primary operating identity until the company’s unexpected shutdown in November 2022.
According to B. Riley Real Estate, stalking horse bids will be accepted through May 12. The portfolio will be sold at a concluding auction, tentatively scheduled for late June.
Offers for the full portfolio, a subset and individual properties will be considered. Formal bidding and sale procedures were filed with and are subject to the approval of the Bankruptcy Court.
Additional information on the Lane Furniture real estate portfolio can be found at www.brileyre-UFI.com.
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This article was originally published by a www.furnituretoday.com . Read the Original article here. .