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Heritage Home Group – Cancels Auction and Designates Hickory Chair as the Successful Bidder with a Bid of $17.45 million

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September 18, 2018 – Heritage Home Group notified the Court that it had cancelled the auction of its “Luxury Brands Business” (comprised of the Hickory Chair, Pearson, Maitland-Smith and La Barge brands) and its intent to designate stalking horse bidder (Hickory Chair, LLC) as the successful bidder, with a bid of $17.45 million [Docket No. 288]. The notice states, “Pursuant to the ‘Bidding Procedures Order’ [D.I. 193], the deadline for submitting bids by a Qualified Bidder was September 17, 2018 at 5:00 p.m. (ET) (the ‘Bid Deadline’), and (ii) in the event a Qualified Bid other than that of the Stalking Horse Bidder was received, an auction would be held on September 20, 2018 at 10:00 a.m. (ET) (the ‘Auction’). No Qualified Bid other than that received from the Stalking Horse Bidder was received prior to the Bid Deadline. As such, the Auction will not be held and is hereby cancelled. Pursuant to the Bidding Procedures Order, the Debtors intend to present the Stalking Horse Bidder as the Successful Bidder and the Stalking Horse’s APA as the Successful Bid at the Sale Hearing scheduled for September 26, 2018 at 10:00 a.m. (ET).” 
 

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