In June 2014 it was reported that the last Drexel Heritage plant, on Hogan Street in Morganton, North Carolina, was closing July 31, with 87 people losing their jobs. The company also said the Ballwin, Missouri office would close by the end of 2014.
The most likely location for the new headquarters was High Point, North Carolina. Late in April 2014, Heritage announced it would close its Clayton headquarters June 25. In March 2014 Heritage said the Pearson Company plant in High Point, started by the Pearson family in 1942, was closing by August, affecting 86 employees.
A Saltillo, Mississippi plant making Lane Furniture would close at the same time, meaning 480 jobs lost, though other plants in the Tupelo, Mississippi area would remain open, despite earlier plans to close all the plants. On January 21, 2014, Heritage announced the closing of Thomasville Furniture's operations in Thomasville, North Carolina, as of March 21, with 84 jobs cut. Ira Glazer became Heritage president and CEO. Also announced at that time was the resignation of Furniture Brands chairman and CEO Ralph Scozzafava. KPS announced the name Heritage Home Group LLC for the new owner of "substantially all of the assets" of Furniture Brands on November 25.
On November 4, Samson Holding Ltd., the largest stockholder, announced its intention to bid but that bid never took place, and on November 22, a judge approved the KPS bid. On October 2, a judge approved a $280 million stalking horse offer by KPS Capital Partners. The company planned to sell all businesses other than Lane Furniture to a group managed by Oaktree Capital Management LP. On September 9, 2013, Furniture Brands International filed for Chapter 11 bankruptcy. It owned the brands Broyhill, Lane, Thomasville, and Drexel Heritage. A “store closing” event took place in September among the 25 locations in 14 states.Heritage Home Group LLC, formed to purchase most assets of the defunct Furniture Brands International, was a High Point, North Carolina-based home furnishings company. A prominent asset realization firm, SB360 Capital Partners, has acquired Heritage Home Group and the remaining inventory of Thomasville & Co. In 1986, Drexel Heritage became a branch of Masco Corporation, which became one of the country's biggest furniture manufacturers by the late 1980s.Īs of September 2018, Broyhill Furniture has closed its doors. In 1977 Drexel Heritage was sold to investment bank Dominick International Corporation and retail sales increased drastically. It also has purchased the intellectual property of Broyhill, but has sold those assets to an unnamed U.S.-based retailer.Īdditionally, is Heritage Home Group still in business? Heritage Home Group LLC, formed to purchase most assets of the defunct Furniture Brands International, was a High Point, North Carolina-based home furnishings company.īeside above, what happened to Drexel Heritage? NEW YORK – Authentic Brands Group announced Tuesday that it has completed the purchase of the Thomasville, Henredon and Drexel Brands from Heritage Home Group LLC. Then, is Drexel Furniture still in business? In major news for the American home furnishings industry, Furniture Today has reported that Heritage Home Group, parent company to such iconic brands as Henredon, Hickory Chair, Maitland-Smith, and Pearson, has filed for Chapter 11 bankruptcy. Heritage Home Group Files for Bankruptcy.
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