This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: TheStreet.com and RetailDive.com.
According to a September 25th report from TheStreet.com, Noble House Home Furnishings has filed for Chapter 11.
The report states: "The company is a distributor, manufacturer and retailer of indoor and outdoor home furnishings with distribution throughout ecommerce channels including partners such as Amazon, Walmart, Costco, Wayfair, Overstock, Target and Home Depot, fulfilling direct to consumer orders from its distribution centers," according to its bankruptcy filing.
The entity also supplies TJX Companies' businesses such as T.J. Maxx and HomeGoods.
It is unclear how many, if any, jobs will be lost in the Noble House bankruptcy process.
Let us explore.
Noble House, 2023
Per a September 25th report from RetailDive.com, the bankruptcy filing of one of the nation's largest furniture suppliers was widely unexpected in industry circles.
As excerpted from the report: When the company filed for Chapter 11, it owed suppliers and warehousers in its supply chain some $10 million from the period leading up to its bankruptcy, according to a court filing. Trade debts from importers and vendors in China and Vietnam make up a majority of the largest claims by the company’s unsecured creditors.
The company has blamed "cost inflation and past supply chain disruptions, among other challenges" for its current issues.
The report went on to state: Now in Chapter 11, Noble House is looking to sell itself. The company entered bankruptcy with a baseline bid from the logistics and technology firm GigaCloud Technology to buy it for $85 million.
The company's main location is located in Chatsworth, California.
This is a developing story. In the event of pertinent updates to this matter, inclusive of progress and official announcements of milestone dates, I will share them here on NewsBreak.
Thank you for reading.