by B2B e-commerce solutions provider submits offer to buy its assets for $85 million
WALNUT, Calif. — A report published Tuesday by Yahoo Finance said that B2B e-commerce solutions provider GigaCloud Technology announced it has entered an agreement as the stalking horse bidder to acquire the assets of Noble House Home Furnishings for $85 million.
The purchase has been negotiated as part of Noble House Home Furnishings bankruptcy proceedings.
Noble House is a full line resource of indoor and outdoor residential furniture that filed for Chapter 11 bankruptcy protection this month. It sells product under the Christopher Knight Home, Noble House, LePouf, OkiOki, Best Selling and GDF Studio brands and leases offices and warehouse space in California, Georgia and Texas.
“With over 8,000 SKUs and a strong supply chain system we believe Noble House will add significant depth to our 1p and 3p businesses, supplementing our already diverse range of product offerings,” GigaCloud founder, Chairman and CEO Larry Wu said in a statement. “On the other hand, we believe GigaCloud’s platform will enhance Noble House’s operational efficiency and expand Noble House’s sales channels. With our health balance sheet and cohesive marketplace ecosystem, we are confident that GigaCloud has the resources and management capabilities to stabilize and grow Noble Houses business in the future.
According to Yahoo Finance the asset purchase agreement is subject to various customary closing conditions, which include certain orders from the U.S. Bankruptcy Court for the Southern District of Texas in Houston, where the company filed for Chapter 11 protection on Sept. 11. It also is subject to higher offers that the company may receive as part of the bankruptcy process, the news service said.
