Drexel Heritage Dining Room Furniture
On September 9, 2013, Furniture Brands International filed for Chapter 11 bankruptcy. The company planned to sell all businesses other than Lane Furniture to a group managed by Oaktree Capital Management LP. On October 2, a judge approved a $280 million stalking horse offer by KPS Capital Partners. 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. KPS announced the name Heritage Home Group LLC for the new owner of "substantially all of the assets" of Furniture Brands on November 25. Also announced at that time was the resignation of Furniture Brands chairman and CEO Ralph Scozzafava. Ira Glazer became Heritage president and CEO.
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