by NEW YORK — The United States Bankruptcy Court for the Southern District of New York has approved the sale of ABC Carpet & Home to New York-based investor group 888 Capital Partners.
The court approved the sale of all of the company’s assets including A.B.C. Home Furnishings Inc., A.B.C. Carpet Company Inc. and A.B.C. Oriental Carpets Inc. free and clear of liens, claims and other encumbrances. The purchase price is said to exceed $15 million according to the court documents.
ABC Carpet & Home filed for Chapter 11 bankruptcy protection Sept. 9. It reported estimated assets between $10 million and $50 million and estimated liabilities of $50 million to $100 million.
The court identified 888 Capital Partners as the stalking horse bidder in early September. It then was designated the successful bidder on Oct. 22 as no other bids had been received by an Oct. 19 deadline .
Officials from A.B.C. Carpet & Home have not returned calls seeking comment. Officials with 888 Capital Partners also were not immediately available for comment.
In a release, ABC said CEO Aaron Rose is continuing with the new owners. It characterized 888 Capital Partners as “a consortium of investors with multi-generational experience in home goods and consumer products.”
