The company said it plans to sell its assets after inflation and weakening consumer spending crimped its finances.
| Bloomberg
Chatsworth-based Noble House Home Furnishings filed for bankruptcy with plans to sell its assets after inflation and weakening consumer spending crimped its finances. The company — which counts Amazon.com, Wayfair, and Target among its customers — listed assets and liabilities of at least $100 million each in its bankruptcy petition. The filing allows Noble House to keep operating while it works to close a sale of itself to publicly traded GigaCloud Technology Inc. or another, higher bidder.GigaCloud agreed to buy Noble House’s assets for $85 million, subject to a working capital adjustment, plus $4.
Noble House was founded in 1992 and is a distributor, manufacturer and retailer of indoor and outdoor home furnishings. Its brands include Christopher Knight Home, LePouf and OkiOki.The company’s sales grew quickly during the Covid-19 pandemic as stuck-at-home customers bought more furniture. But as pandemic restrictions eased, total net sales started falling. They dropped from $671 million in 2021 to $491 million in 2022 and 2023 revenue is projected lower, court papers show.
The decrease in sales coupled with persistent inflation and supply chain challenges pushed the company to financial instability. Noble House worked to cut costs in 2023, including reducing headcount, optimizing inventory management and vacating a facility in New Jersey, but those efforts failed to keep it out of bankruptcy.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
Supply Chain by Amazon sounds like Amazon Prime for manufacturersAmazon is expanding its logistics operations.
続きを読む »
White House threatens to veto House GOP defense spending billThe Biden administration slammed “divisive policy provisions” in the bill, such as limits on the Pentagon’s abortion travel policy.
続きを読む »
Noble Station: Putting the cart before the Trojan horse in Cleveland Heights?Still no sign of a development agreement, even after first reading last week and a possible council vote Sept. 18
続きを読む »
Charity offers new grants to help Isle of Man doctors buy equipmentHenry Bloom Noble Healthcare Trust is asking patients to nominate GP practices for the funding.
続きを読む »
| Instacart to Target Much-Diminished Valuation Range of Under $10 Billion in IPOThe grocery-delivery company aims for $8.6 billion to $9.3 billion, down from $39 billion in 2021.
続きを読む »
| Instacart to Target Much-Diminished Valuation Range of Under $10 Billion in IPOThe grocery-delivery company aims for $8.6 billion to $9.3 billion, down from $39 billion in 2021.
続きを読む »