Buyer of Furniture Brands knows the industry
The company that has agreed to buy nearly all of the assets of Furniture Brand International is a familiar one in the furniture industry -- it is associated with the ownership of the three main buildings at the High Point Market.
In 2011, Los Angeles-based Oaktree Capital Management became an instant, major player in the High Point furniture market when it joined with other investors to buy High Point's three main showrooms and the World Market Center in Las Vegas. Oaktree is one of the investors in International Market Centers, which owns and operates the International Home Furnishings Center, Showplace, Market Square and other showroom complexes.
Furniture Brands, which has a major presence at the High Point Market through lines such as Thomasville, Drexel Heritage and Broyhill.
Furniture Brands’ announcement took place on the opening day of Pre-Market in High Point, which draws major trade show exhibitors and key customers to the city about a month before the High Point Market. The fall furniture market takes place Oct. 19-24.
“It is certainly devastating news for the industry, and we hope that it gets sorted out quickly because these are important brands for the industry,” said Tom Conley, president of the High Point Market Authority.