Liquidation of Lane assets in the hands of 2 experienced firms

TUPLEO, Miss. – Two liquidation specialists that have managed inventory dispositions and going-out-of-business sales for Levitz Furniture, Sears, Pier 1, Toys “R” Us and more are involved in the selling of United Furniture’s assets.

Hilco Global, a financial services company that specializes in selling assets, has joined forces with SB360 Capital Partners, a similar company, and they will coordinate the sale of furniture, inventory, fixtures, trucks and equipment from the closure of United Furniture’s operations. The companies will also service and settle the receivables on United Furniture/Lane.

Both of the companies have lengthy resumes in working with distressed companies selling off inventory, including home furnishings retailers.

The U.S. Bankruptcy Court of the Northern District of Mississippi ruled in January that United Furniture could not oversee its own liquidation.

Founded in 1983 in Mississippi, United Furniture Inds., which sold furniture under the Lane Home Furnishings brand, suddenly shuttered its facilities in November just ahead of Thanksgiving and entered bankruptcy proceedings in December. The closure left nearly 2,700 workers in three different states out of jobs and 19 manufacturing facilities dark.

The joint venture between Hilco and SB360 will sell finished product, kit inventory and in-transit inventory, as well as raw materials used in manufacturing. The companies said the sales will be negotiated with existing United Furniture retail customers, who already know the product line, new customers including national and regional furniture retailers, as well as wholesalers, jobbers and brokers.

In the announcement of the plans, the two companies said rolling stock and other personal property from manufacturing facilities, warehouses, distribution centers and fulfillment centers.

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