Is Broyhill Furniture Still in Business
The answer is NO. Broyhill Furniture is not in business anymore. In 2018, this company closed its program.
In the cutthroat furniture industry, Broyhill Furniture has become one of the respected producers. They have been providing dependable and affordable furniture since their establishment.
American furniture giant Broyhill specializes in producing wood and upholstered pieces that cost in the middle of the range.
This company started manufacturing chairs in North Carolina in the 1920s.
In 2018, SB360 Capital Partners bought some stocks of Broyhill Furniture.
Besides Broyhill, the company also bought Heritage Home Group and Thomasville & Co.
When SH360 bought these companies many opinions were spreading about the acquisition. After that, the owner company released their statement against their acquisition.
But currently, all stakes of Broyhill Furniture are owned by Big Lots.
The previous owner of Broyhill Furniture declared bankruptcy last year. As a result, Big Lots became the owner of this furniture trademark.
When did Broyhill Furniture go out of business?
In 2018, Broyhill Furniture go out of business.
After the establishment of Broyhill Furniture, the company was sold out multiple times. In 1991, this company was first sold out because of bankruptcy.
But then the owner companies distributed Broyhill’s product according to its name. Even before 2018, they did the same thing.
In June 1989, Broyhill Furniture was influenced to sell out its subsidiary, named Ethan Allen Furniture. Because Broyhill declared bankruptcy.
In February 1991, Broyhill Furniture reported a $785 million decrease in its revenues.
Having undergone bankruptcy proceedings, Broyhill Furniture kept working to expand its market share.
Beginning in the 1990s, the company gradually began entering into agreements with dealers to set up stores only selling Broyhill goods as a consequence of its research into the most successful and effective methods to sell and distribute its furniture.
These facilities were awarded the designation of Broyhill Showcase Galleries by the corporation.
8 Showcase Galleries had already been established by September 1991, with favourable feedback for the establishments in seven distinct states.
Related: Is Wolf Furniture Still in Business
Did Big Lots buy out Broyhill furniture?
Yes, Big Lots bought out Broyhill Furniture. Big Lots, a bargain merchant, has bought the Broyhill furniture company along with associated trademarks.
Big Lots belongs to an American retailer with 1,400+ branches throughout 47 states, with its headquarters in Columbus, Ohio.
Heritage Home Group, the parent business that once operated Broyhill and other widely recognized furniture companies, sued for insolvency in the past year.
Richard Sexton, a former merchant, recalled the time Big Lots set up a massive banner over the shopfront in his North Carolina region a few years ago to advertise the debut of Broyhill furniture.
That year, the bargain store made a sizable closeout acquisition of Broyhill products.
It upset long-time Broyhill merchants in the furniture industry, not only inside Sexton’s area but throughout the nation, and the banner ultimately was torn down.
Now the circumstances have changed, and Big Lots buys and controls Broyhill. Consolidated International, Inc. is the organization that is currently Big Lots.
It was started by Sol Shenk in 1967. In the cheap retail industry, he is regarded as one of the genuine visionaries.
Except for Broyhill Furniture, Big Lots also owns some other companies. They are;
- Odd Lots
- Pic ‘N’ Save
- Closeouts
- Mac Frugal’s Bargains
How much did Broyhill Furniture sell for?
It takes $38 million to buy Broyhill Furniture.
According to the United States trademark documents, the store Big Lots with headquarters in Ohio now owns the legal title to the Broyhill brand and associated marks.
The action came after Big Lots’ failed $38 million proposal to purchase Thomasville & Co. property, including Broyhill, from the collapsed Heritage Home Group.
Finally, Authentic Brands Group won the properties that were up for bidding in the lawsuit with its $38.5 million offer.
That offer included the Broyhill, Henredon, Thomasville, and Drexel brand names.
Shortly after the deal was authorized by the judiciary, ABG declared it was selling the Broyhill Furniture trademarks to an unnamed American merchant.
Surprisingly, that unnamed company is Big Lots.
It assumes that before Big Lots’ purchase, the Broyhill trademark had been farmed out to various companies for use in the market for certain kinds of products.
Additionally, according to trademark documents, Big Lots has a Broyhill trademark for furniture for outdoor use as of 2017.
Sources:
- https://johnsonshomefurnishings.com/2018/11/06/broyhill-closes-its-doors/#:~:text=As%20of%20September%202018%2C%20Broyhill,remaining%20inventory%20of%20Thomasville%20%26%20Co. – Broyhill Furniture closes its door
- https://www.woodworkingnetwork.com/news/woodworking-industry-news/broyhill-furniture-brand-bought-big-lots – Big Lots bought Broyhill Furniture
