Noble House gets approval to sell assets to stalking horse GigaCloud

By Sarah Lizee

Olympia, Wash., Oct. 26 – Noble House Home Furnishings LLC received approval to sell its assets to GigaCloud Technology Inc., the stalking horse bidder, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The stalking horse agreement provides for a purchase price of $85 million, subject to a working capital adjustment, plus $4.11 million for equipment, in addition to assumed liabilities.

The deal included a $3.4 million breakup fee and a $550,000 expense reimbursement.

Competing bids had to be $93.3 million or more.

The outside closing date is Oct. 31.

The Chatsworth, Calif.-based home furniture company filed bankruptcy on Sept. 11 under Chapter 11 case number 23-90773.

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