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Furniture Brands International Sale Approved

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The U.S. Bankruptcy Court approved Furniture Brands International’s motion to sell property free and clear of liens and for entry of an order (i) approving its entry into a purchase agreement for the sale of certain Roble Road property, (ii) authorizing private sale of the Roble Road property free and clear of liens, claims, encumbrances and other interests on the terms and conditions set forth in the purchase agreement, (iii) authorizing the seller to assume and assign unexpired leases to the buyer in connection with the sale of the Roble Road property and (iv) granting related relief. The seller, Lane Home Furnishings Retail, owns a single story industrial building on a 9.07 acre lot, located at 734 Roble Road in Allentown, PA. The total size of the building is 103,215 square feet, and the buyer is Roble Street Realty. As previously reported, “The Real Property is not, and was not, used by the Debtors in their furniture businesses. Specifically, since 2012, the Seller has leased the Real Property to Ice River Springs USA, Inc. (the ‘Tenant’) pursuant to that certain Office/Warehouse Lease Agreement, dated as of February 6, 2012….Specifically, the Buyer, a related entity of the Tenant, would acquire the Real Property for a Purchase Price of $3,000,000 pursuant to the terms of the Purchase Agreement.”

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