As we told you a few months ago, direct sales company Home Interiors and Gifts, has been struggling in the past year with declining sales, and a dwindling workforce. The company recently filed for bankruptcy protection. Now it seems they are on their way out.
The home goods company filed officially for Chapter 11 protection in April, and then began a restructuring of the company which included hiring Robin Crossman, a direct sales vet to help rebuild. Unfortunately, the company never got back on its feet. In June they were forced to lay off many employees and now it is looking to sell its operating entities. The Dallas based company announced that they are seeking approval from the U.S. Bankruptcy Court of the Northern District of Texas to sell its operating entities.
The home interiors and gifts company is looking hire investment banking firm Houlihan, Lokey Howard and Zukin Capital, Inc. to help with the sale. The company feels that the sale is the best way to get the highest return for the company’s stakeholders. .
A spokesperson for the company says that its operation in the U.S, Canada and Puerto Rico will be sold as one single unit while its Mexico and Domistyle, Inc subsidiary which is a home fragrance manufacturer will be sold as independent entities.
I’m not expert, but it seems like the company has been struggling for a looooong time and thing seem to be getting progressively worse, and not better. If I were a distributor of the company, I might think twice about staying involved, we all remember what happened with Weekenders. While I’m not sure if distributors have been notified by the company, at least the company itself has made the news public.
And….by the way…….Home Interiors and Gifts is a member of the DSA, yet there is no news on their site of the problems at the company. Good to know that once again the DSA is protecting their members and consumers by failing to report news on one of its member companies selling its assets.
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Pingback by MLM News - OpTree » Update on Home Interiors: Company Being Split Up - Assets are For Sale! — September 23, 2008 @ 4:38 am
Hello. Home Interiors is not going out of business. We have been released from Chapter 11 and are currently being sold to Robin Crossman, the woman mentioned above. The previous owners left us with a lot of debt and with the declining economy, it wasn’t good with our numbers. We are continuing to climb and are becoming strong once again! Downsizing is part of restructuring in order to cut costs.
Unit Director-Home Interiors and Gifts
Comment by Jennifer Holloway — October 14, 2008 @ 1:35 pm
As you say, you are not an expert. Are you affiliated with Home Interiors in any way? Perhaps you should consult with Robin Crossman before you have Home Interiors planted six-feet under. We are moving forward and hopefully will be out of Chapter 11 by the end of the year. Robin Crossman is not the only new person on board and our consultants are continuing our work in the field.
I hope you are not one of those people who glory in the problems of others. If you are not part of the solution, then you are probably part of the problem. I am a Director/Consultant and have been with Home Interiors for over 28 years and have sold over $1,000,000 in wholesale product. My show sales are strong and my customers and hostesses are well-serviced. Does that sound like we’re going out of business?
I choose to have faith, work hard and earn a solid income. Laurie Collins
Comment by Laurie Collins — October 14, 2008 @ 3:27 pm