One of the nation's oldest furniture makers is selling all of its assets in an auction.
Harden Furniture, a maker of case goods and upholstery, was founded in 1844 and is one of the oldest furniture manufacturers in the United States.
Miramar Capital Partners has held a majority ownership stake in the business since 2016, but fifth generation Greg Harden, CEO, maintains a minority stake in the company. He has been the sole Harden family owner since 2011.
Lender GemCap is auctioning Harden's assets in an Article 9 auction, which puts Harden's equity stake in jeopardy. Harden or other Harden family members would have to be among the successful bidders.
“There are a thousand different variables, a lot of different ways it could go,” Harden told Furniture Today.
One bid was submitted as of January 22. Bids are being accepted until January 31.
“My hope is that we wind up with a new ownership group that is willing to make the investment that needs to be made in the company so we can enjoy additional growth and another 174 years,” he told FT. “It is a tough business these days, but the commercial business has been especially good in the last 12 months.”
Founded in 1844, Harden Furniture Inc. is the contract furniture industry’s largest privately held manufacturer of high-quality solid hardwood office furniture and is in its fifth generation of continuous family ownership and management. This year Harden is celebrating 170 years in business. Harden is certified to the Sustainable Forestry Initiative® (SFI) forest certification standard, and is a Silver Exemplary Member in the Sustainable Furniture Council® (SFC), earning a reputation for responsible environmental stewardship. Fine detailing, rich hand-rubbed finishes, durability and craftsmanship are all hallmarks that define the Harden brand.