Early Successes Achieved in Bankruptcy Sale of Berkline BenchCraft Assets

NORTHBROOK, Ill.--()--On behalf of the bankruptcy estate of Berkline/BenchCraft Holdings, LLC, a joint venture comprised of Hilco Merchant Resources, LLC, Hilco Industrial, LLC, Maynards Industries, Inc., Myron Bowling Auctioneers and Linon Home Décor Products, Inc., has completed the sale of finished goods inventory valued at approximately $3 million. Additional sales are pending on other finished goods and raw material inventory, and work continues to complete the build-out of work-in-process inventory, for which several potential buyers have expressed interest.

Beyond inventory, the disposition team is preparing and has scheduled a three-day auction, June 22-24, to sell the company’s machinery and equipment, furniture and fixtures. Information is now available on the respective websites of Hilco Industrial (www.hilcoind.com) and Myron Bowling (www.myronbowling.com).

Berkline was founded in 1928 in Springfield, Massachusetts, to create comfortable, quality furniture, including recliners, sofas and sectionals. In 1937, the company expanded and relocated to Morristown, Tennessee, where it has been headquartered ever since. The company filed Chapter 11 on May 2, 2011 in the United States Bankruptcy Court for the District of Delaware. Prior thereto, the company had been pursuing a 'going concern' asset sale, but was unable to find a buyer and secure needed financing on acceptable terms.

On April 26, 2011, the Debtors conducted an auction for asset liquidation rights, which lasted more than four hours and involved six bidders. Ultimately, 20 bids were received that bested the stalking horse bidder and the Hilco-Maynards-Bowling-Linon joint venture prevailed with the highest and best bid. Marketing activities began almost immediately thereafter.

“Although our marketing and sales initiatives began only a few weeks ago, we are extremely pleased with results to date,” said the disposition team’s spokesperson, Anton Caracciolo, Executive Vice President and Principal with Hilco Merchant Resources.

For information on the joint venture participants, please refer to these websites:

Hilco Merchant Resources: www.hilcomerchantresources.com

Hilco Industrial: www.hilcoind.com

Maynards Industries: www.maynards.com

Myron Bowling Auctioneers: www.myronbowling.com

Linon Home Décor Products: www.linon.com

Contacts

Hilco Merchant Resources, LLC
Richard L. Kaye
Executive Vice President
847-418-2711
rkaye@hilcotrading.com

Contacts

Hilco Merchant Resources, LLC
Richard L. Kaye
Executive Vice President
847-418-2711
rkaye@hilcotrading.com