United Furniture selling Mississippi properties following bankruptcy filing

United Furniture has entered a stalking horse purchase agreement with Phoenix Acquisition LLC regarding the sale of all its properties, setting the value of the company’s assets at $65 million.

Over six months have passed since Wells Fargo and two additional creditors pressed for United to file Chapter 7 bankruptcy, as United/Lane Furniture owed almost $100 million to the three entities.

Instead, a judge with the U.S. Bankruptcy Court in the Northern District of Mississippi ruled that United could move from Chapter 7 to Chapter 11 bankruptcy one month later.

Since then, B. Riley Real Estate, LLC has acted as a real estate advisor to United Furniture Industries throughout the property-selling process.

United’s real estate portfolio includes 14 properties strategically located throughout Mississippi and North Carolina with 5 million square feet and over 700 acres of core manufacturing, warehouse, and distribution facilities, in addition to vacant land holdings.

An auction for the properties will be conducted by B. Riley on July 25 in Memphis, Tenn. Bids on one or more parcels will be accepted until July 14 at 5:00 p.m. CT. Bidders will be notified whether they are qualified to attend the auction by July 21.

Property closings are expected to take place in late August following the conclusion of the auction, with a sale hearing scheduled earlier that month.

The list of properties to be sold at auction includes the following:

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