Thursday, August 11, 2011

Ashley Furniture Buys Berkline Intellectual Property

Ashley Furniture has been the successful bidder for Berkline's intellectual property assets, paying $6.07M in the auction.  They had made an initial bid at the start of the bidding for $850,000 and beat other bidders.

Berkline decided to declare Chapter 11 bankruptcy in March 2011 with the intention of liquidating it's assets.  As one of the leader's in reclining furniture and the largest brand in home theater seating, the news in March came as a surprise to many in the industry.   Their brand recognition and quality remained sought after - even after the announcement.  Berkline has been in existence since 1928 and operated out of Morristown Tennessee.

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