Bankrupt furniture maker Heritage Home Group LLC said on Friday that it plans to close 25 U.S. stores and has reached a deal to sell its Thomasville and Broyhill brands for $22 million to a joint venture of Authentic Brands Group and SB360 Capital Partners LLC, the Wall Street Journal reported. When High Point, N.C.-based Heritage Home filed for bankruptcy in the U.S. Bankruptcy Court in Wilmington, Del., last month, it already had a $17.4 million offer in hand for its luxury product lines, including Hickory Chair and Pearson. Its less-expensive Thomasville and Broyhill furniture brands had yielded no firm bids, however. Licensing firm Authentic Brands, backed by private-equity firm Leonard Green & Partners, is a frequent buyer of bankrupt assets. Earlier this week, it made a $35 million offer for the brands of bankrupt Brookstone Inc. Authentic Brands also owns brands associated with Nine West Holdings Inc., Aéropostale Inc. and Frederick’s of Hollywood through bankruptcy sales.
