Z Gallerie gets approval of bid procedures; auction set for Dec. 7

By Sarah Lizee

Olympia, Wash., Nov. 10 – DirectBuy Home Improvement, Inc., which does business as Z Gallerie, secured approval of bid procedures for its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

The company said it is pursuing a flexible bidding and sale process for a going-concern transaction or a sale of discrete assets, as previously reported.

The bid deadline is noon ET on Dec. 5, an auction is scheduled for Dec. 7, and a sale hearing is set for Dec. 15.

The company also received approval to choose a stalking horse bidder and provide bid protections, including a 3% breakup fee and a $250,000 expense reimbursement.

Z Gallerie is a Gardena, Calif.-based furniture retailer. The company filed bankruptcy on Oct. 16 under Chapter 11 case number 23-19159.

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