As we reported earlier, DSA Member company and struggling Network Marketing company, Home Interiors seems to have failed to emerge from bankruptcy after a reorganization process and is putting its assets up for sale.
Word is that executives at the firm are expected to submit bids to purchase some of its assets.
Home Interiors sells candles, artificial flowers and other home decor accessories through thousands of independent contractors.
“Parts of this thing are probably worth more than the whole,” said William Snyder, the company’s chief restructuring officer.
The new plan could mean more job losses at the company’s headquarters, he said. More than 300 people worked for Home Interiors when it filed for bankruptcy in April; the company now has 131 employees.
Under the new plan:
• Home Interiors’ business assets in the U.S., Canada and Puerto Rico will be offered as a single unit. Robin Crossman, the company’s president and chief executive, is leading a group expected to bid for only some of these assets.
• The company’s Mexican unit will be offered separately. Fabian Uribarren, president of that unit, is heading a team that is likely to purchase that entity.
•Domistyle Inc., a Dallas manufacturer and distributor of home fragrances and decor accessories that Home Interiors bought in 2002, will be offered as an independent company. Brenda Buell, Domistyle’s founder and president, is leading a team in the running to purchase Domistyle.
•The Laredo Candle unit will be offered as a separate entity, although it may be included as part of the Domistyle sale.
Mr. Snyder said Home Interiors’ largest shareholder and creditor, Highland Capital Management LP of Dallas, supports the plan. A spokesman for Highland declined to comment beyond a Home Interiors news release.
Mr. Snyder said he expects other creditors to support the plan as well.
Home Interiors was founded in 1957 by Mary Crowley; she and her son Don Carter built it into a Dallas landmark.
We will keep you up to date on this as it progresses.
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Pingback by DallasDirt » Blog Archive » We Told You Artificial Flowers Are Out Of Style — September 24, 2008 @ 9:56 am
When is someone going to investigate the DSA already!
How on earth can this association be allowed to exist!! This is the 3rd member company this year to kick the bucket and those people at the DSA offer no help at all!
Comment by Charles — September 27, 2008 @ 4:18 pm