HomeLife wants Hilco, Newmark
By Clint Engel -- Furniture Today, September 3, 2001
HOFFMAN ESTATES, Ill. — HomeLife Furniture wants to hire Hilco Real Estate of Chicago and Newmark Retail Financial Advisors of New York as agents to help dispose of its real estate.
The 127-store retailer, which filed for Chapter 11 bankruptcy protection in July and is liquidating its operations, would receive a loan of up to $7 million from the agents or their affiliates "to fund wind-down expenses" pending the sale of property, according to bankruptcy court documents.
A hearing to approve the appointment is scheduled for Sept. 4. HomeLife received four proposals and negotiated "more favorable terms with the assistance" of the unsecured creditors committee advisors, the document said.
Earlier, the court approved the hiring of Hilco Merchant Resources, Great American Group, Schottenstein Bernstein Capital Group, the Nassi Group and Planned Furniture Promotions to conduct the store closing sales for the retailer. HomeLife's inventory is valued at about $77 million, according to documents.
The sales began earlier this month and are expected to end some time in November, said Tom Isaacson, general merchandise manager for Great American in Deerfield, Ill.
