Bankrupcty judge okays Sure Fit sale

NEW YORK — Judge Burton R. Lifland approved the sale of Sure Fit's assets to New York-based investment firm DE Shaw and bath-towel producer J.R. United yesterday at a hearing at the U.S. Bankruptcy Court of the Southern District of New York. According to the case's committee of unsecured creditors, the two parties will pay $16.5 million in cash and assume $4 million of Sure Fit's liabilities.

Priority claims in the Sure Fit bankruptcy proceedings include Wachovia Bank, which is owed more than $27 million, and GE Capital, which has an $8 million lien on equipment and other assets.

Final details of the purchase are expected to follow next week when the deal officially closes.

According to company officials, the change of ownership will mean "business as usual" for the slipcover manufacturer, which will be able to keep its management and operations in place, at least for now.

Home Textiles Today Staff | News & Commentary

Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Research Store

Featured Video

Subscribe to
Home Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT November 2017 cover

See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs.  Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.  See details!