Heritage Home Group LLC, which was cobbled together out of a 2013 bankruptcy of the Thomasville, Broyhill and Lane furniture brands, is back in chapter 11 and looking for buyers to help it pay down $280 million worth of debt, WSJ Pro Bankruptcy reported. Heritage sold its Lane-branded lines of business late last year, but didn’t reveal the price on the deal. Plans for the chapter 11 proceeding that was launched on Sunday include at least one auction and the sale of the rest of the brands. The furniture company blamed its financial problems on changing consumer patterns and industry conditions, sharper competition and a loss of faith by retailers in its ability to deliver product. About $250 million of the company’s debts consists of loans from financial institutions, including owner KPS Capital Partners, LP. Heritage has a $17.45 million offer for its luxury line, consisting of the Hickory Chair, Pearson, Maitland-Smith, and La Barge brands, according to papers filed in the U.S. Bankruptcy Court in Wilmington, Del. The offer comes from Hickory Chair, LLC, a newly formed entity of RHF Investments Inc., which owns the Century, Hancock & Moore, and Highland House.
