Heritage Home Group Issues Statement on Thomasville & Co. and Broyhill Businesses

Furniture World News Desk on 8/28/2018

HHG's Chief Restructuring Officer, Robert Albergotti, recently issued a statement on the status of buyers for their Thomasville & Co. and Broyhill businesses:

Although the Company and its advisors continue to work diligently to identify and negotiate with prospective buyers for our Thomasville & Co. and Broyhill business units, we have not yet been able to reach an agreement with a potential buyer to serve as a stalking horse bidder for those businesses in the timeframe originally anticipated.

Based on the delay in the sale process and the uncertainties in our efforts to find a suitable buyer for those businesses, we have provided WARN Act notices to employees at our Lenoir Upholstery and Lenoir Case facilities. This notice does not affect any other employees. Active discussions with potential buyers for these businesses, including the Lenoir facilities, are in progress. We deeply appreciate the dedication of our employees during this period of uncertainty.

The previously announced sale of the Luxury business remains on track, and the auction has been set for September 20, 2018.

The WARN Act, or Worker Adjustment and Retraining Notification Act, protect workers and families by requiring businesses with 100 or more employees to give at least a 60 day advance notice before the closing of a plant or a mass layoff affecting 50 people or more.