WILMINGTON, Del. (WTVA) - A U.S. Bankruptcy Court judge has approved the sale of Furniture Brands International to KPS Capital Partners.
According to Furniture Today, Judge Christopher Sontchi approved the $280 million sale on Friday and overruled objections from several entities who wanted more time to contemplate a bid.
KPS was the lone bidder for Furniture Brands assets.
The deal includes all of Furniture Brands assets, including one of its well known brands Lane Furniture.
Lane Furniture employs 1,400 people in North Mississippi and has plants in Belden, Verona, Saltillo and a distribution center in Wren.
"We congratulate KPS and firmly believe that this transaction is the best outcome for all of our stakeholders," Furniture Brands Chairman and CEO Ralph Scozzafava said in a statement released Friday evening. "KPS has a long track record of providing companies that have undergone restructuring with operations expertise and financial strength they need to preserve their market leadership as strong standalone businesses positioned for future growth."
Furniture Today says the company has agreed to hire substantially all of the company's existing employees.
The sale should close "in the next several business days," the company said.
The only asset not being purchased by KPS, according to Furniture Today, is Furniture Brands' corporate jet, which Sontchi approved to sale to Jet Sales International for $2.65 million.