9.16.2013

Sad News about Hickory Chair & Henredon






Last week I received some sad, but not shocking news. No, no one died, but after 8 years of decline, Furniture Brands International Inc., which owns companies such as Hickory Chair, Henredon, Maitland-Smith, Pearson, Drexel Heritage and Lane  (et al.)  filed for Chapter 11 bankruptcy.

If you recall, Furniture Brands owned Lilly Pulitzer line of furniture that disappeared almost immediately after it made its appearance  -- in retrospect, a telltale sign of things to come.  The recession that we have seen over the past few years has really hit the American made home furnishings market hard -- as they scramble to compete against cheaply made furniture from overseas and fund their workers' pensions with less profit.

Don't worry if you have orders with any of Furniture Brands companies as it has obtained debtor financing to meet its obligations (that is, deliver the furniture you ordered).  Furniture Brands hopes to keep its Lane division but is selling off the rest of its assets a.k.a. Hickory Chair, Henredon, Maitland- Smith, La Barge and Pearson, etc. at auction that should result in a big bidding war. * 

Hickory Chair and Henredon/Maitland Smith make some of the nicest, well priced, upholstery and case pieces out there and this news may slow their business down further.  I have heard that the Highpoint Drexel store has closed its doors and the furniture is being sold at Furnitureland.  Yikes.  It would be a real blow to the decorating world to loose these companies and I hope they get sold and back in good fiscal health in short order.



Hickory Chair Boyd Sofa
Hickory Chair MacDonald Sofa

Henredon Karl Coffee Table (from Celerie Kemble)

Henredon Zinnia Cocktail Table (from Celerie Kemble)
* This is a bit of an oversimplified explanation, but this is it in an approximate nutshell.

2 comments:

  1. This comment has been removed by a blog administrator.

    ReplyDelete
  2. As this post reaches its 1 year anniversary this week, I am happy to report that Hickory Chair and its sister companies are now owned by Heritage Home Group. This new company was formed by KPS Partners and is very well funded. We, along with our sister 'designer brands' (Pearson, Henredon, Maitland-Smith, LaBarge, LaneVenture, Drexel Heritage and Barbara Barry) have brand new High Point showrooms at Market Square opening next month! Our sister 'wholesale brands' (Lane, Broyhill and Thomasville) have new showrooms on the 6th floor of IHFC. We hope you will come visit us and discover our rejuvenated brands, new showrooms and exciting new introductions this season! Market dates are October 17-22, 2014!

    ReplyDelete