Later this month, fourteen sites owned by United Furniture Industries (also known as Lane Furniture) will be up for auction. The company has filed Chapter 11 bankruptcy and ceased operations in November. B. Riley Real Estate is conducting the sale of these properties, four of which are located in North Carolina with a total square footage of 1.5 million feet.
The auction is scheduled to take place on July 25 near the office of the district bankruptcy court overseeing United’s case in Memphis, TN and bids will be accepted until 5 p.m Central Time on July 14th . Potential bidders can submit offers for individual properties or an entire portfolio with a minimum bid set at $65 million for all five million square feet across all fourteen sites combined . Those qualified to attend the auction will be notified by July 21st , followed by property closings expected late August after a sale hearing takes place .
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