Home Interiors NOT in Chapter 7
I want to make it very clear to all that Home Interiors is NOT in Chapter 7 Bankruptcy. The negative rumor mill (fueled by those who would love nothing better than to have you give up on your business now so they can take your Customers, Hostess and Consultants from you) is in full swing in spreading this false rumor. Some are even disguising their bad intentions by putting a false "good motive" face on what they are doing. Don't be fooled. There is no truth to this rumor.
We remain in Chapter 11, and as I have shared with you, I am pursuing the purchase of Home Interiors US, Canada , and Puerto Rico operations. Included in this purchase will be the Home Interiors and Gifts brand and name (as well as other assets such as inventory).
To further clarify, if we were in Chapter 7, there would have been no WARN notices, which we all received today, given to our employees. Instead, we would have come to work and there would have been a lock on the door. Not one employee (including myself) would have been allowed to enter, and a court appointed representative would be put in charge of selling every single piece of furniture, inventory, paper, etc. at pennies on the dollar in a bid process. This is not what is taking place.
I'll say it yet again. We are not in Chapter 7. Our board has agreed that the best option for Home Interiors & Gifts, Inc. is to sell each division, which will allow all facets of the company to move forward in a sound and successful manner, unencumbered by Chapter 11. I must say it is highly unusual that they had management teams in each division that wanted to purchase their own respective companies. Pretty neat, really, and such a strong testament to the confidence that remains for all that we have yet to attain and accomplish.
Please remain confident in yourself, your company, and those who support our moving ahead - whole and more determined than ever to succeed. Get the word out that Home Interiors in NOT in Chapter 7, and refer anyone who says something different to our corporate web site to read these facts for themselves. Put the bad to rest and let the good be your guide - God is on our side and with Him, all things are possible.
Together WE CAN!!
Robin
CEO Home Interiors
First as an independent/uninvoled, a clarification: The Company IS in Bankruptcy under Chapter 11.
Under C-11, the intent normally is to restructure, and eventually continue operations as a way to get the most value for the parties/creditors. Under C 7, the same actions may be taken (and frequently are) keeping the operations running while selling them...again if it is believed that will result in the best value to the creditors. Maintained and running property and entities are frequently worth more than closed ones...even if it costs a bit to keep them going. (In either case, the locking the doors and continuation of operations is generally more dependent on the ability to get financing for the period ....called DIP (debtor in possession), and the analysis support of the court and creditors).
Chapter 7 and 11 are similar in many ways, and now, as C 11 is frequently a liquidating or dissolving plan...virtually identical. The fact is, in either, creditors normally don't get paid all they are owed. One main difference is in C-11, some level of creditors (like bondholders) generally end up owning the Co.
The comments about what would happen if C 7 was declared are in no ways always true....operationally for the winding down period the 2 Chapters are frequently basically the same process. For example, now there is a CRO (a chief restructuring officer), generally someone whose job it is to do what was claimed the court appointed one would do...but here it is appointed by an agreement with the court, creditors and such. Agreeably, for employees particularly, working for a division that is being sopld as a going concern is preferrable to being in one that is basically being sold for scrap.
You will note that this CEO is claiming - in the same sentence - strangely proudly - the plan is to "...sell each division" - but then claims that "will allow all facets of the Co to move forward..." After the sale of the divisions, I should think there isn't anything to move forward with...it's gone!
Even the Company website she directs you to has the notice posted (pasted below)...which sure sounds like the company is toast! But ...it isn't in C-7...only liquidating in C-11...(although maybe they'll convert it to a 7 at the end...but normally all creditors and the court agree that is a costly, time consuming process without and substantial benefit to anyone...the result being the same).
Finally: how insulting as she misleads and deceives - with accusations at others and an attitude: Clearly, it isn't God on their side - (I would think he would have been a more successful manager - and wouldn't force others to lose)....it is the court and bankrutpcy law that allows them to not pay their obligations and fulfill their promises to those that supported them previously!
Home Interiors & Gifts, Inc. Requests Court Approval
To Commence Sale Process to Sell the Company's Operating Entities;
Company Continues to Conduct Business Operations
DALLAS, TX-SEPTEMBER 22, 2008-Home Interiors & Gifts, Inc. will seek approval from
the U.S. Bankruptcy Court, Northern District of Texas, to sell the company's operating entities.
The board of directors determined that a sale of assets at market value will yield the highest and
best return for stakeholders. The company has petitioned the Court for approval to employ
investment banking firm Houlihan Lokey Howard & Zukin Capital, Inc. to manage the sale
process. The company filed for protection under Chapter 11 of the U.S. Bankruptcy Code April
29, 2008. The company's foreign affiliates (Home Interiors de Mexico; Home Interiors Services
de Mexico; and Home Interiors and Gifts of Canada, Inc.) and its wholly-owned subsidiary,
Domistyle, Inc., were not a part of the Chapter 11 filing.
The company intends to petition the Court to establish bid procedures and a timeline for the sale
of operating entities. The Company anticipates that such procedures will provide for the
following:
U.S., Canada and Puerto Rico operational assets will be offered as a single unit. Home
Interiors & Gifts' president and chief executive officer, Robin Crossman, is leading a
team of investors that is expected to submit a bid to purchase certain operational assets of
the U.S., Canada and Puerto Rico entities.
The company's operations in Mexico, Home Interiors de Mexico, will be offered
independently. Fabian Uribarren, president of Home Interiors de Mexico, is leading a
team that is expected to be the lead candidate to purchase this entity.
Domistyle, Inc. will be offered as an independent company. Domistyle is a home décor
and home fragrance manufacturer and distributor based in Dallas, TX. The company was
founded by Brenda Buell and sold to Home Interiors & Gifts in 2002. Buell, president of
Domistyle, is leading a team that is expected to be the lead candidate to purchase this
entity.
The company's Laredo Candle operational assets, based in Laredo, TX, will be offered as
a single unit; however, it may be included as part of a sale of Domistyle.
- more -
Home Interiors/ Page Two
Chief restructuring officer William K. Snyder said, "The board believes that an auction process
that preserves the operating units' management teams will ensure the maximum stability among
employees, vendors and customers during the sale process and will ensure the maximum
financial recovery value for creditors."
The Court previously approved the company's motions to pay employees and decorating
consultants, for the continuation of benefits and certain incentive programs and for the payment
of certain critical vendors and suppliers to allow the company to continue to conduct business
operations while in Chapter 11.
They are in the middle of Chapter 11 bankruptcy while they restructure. See http://www.homeinteriors.com/corporate-content/pdfs/HIG_PressRelease_042908.pdf
After Chapter 7 bankruptcy has been Discharge can buy a home
Yes
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
You can file either Chapter 7 or Chapter 13 as a homeowner. If you are trying to save the home from foreclosure, then Chapter 13 would be the proper chapter.
yes
Sure.
It depends on which "chapter" of bankruptcy you file. I suggest you speak with an attorney to see what you can do.
One can find a guide on how to refinance a home after a Chapter 13 bankruptcy on various websites like Homeguides and wikiHow. Both websites offer a great amount of information about all kinds of things, including bankruptcy.
Your bankruptcy attorney is best prepared to answer your question, especially if you expect to continue living in the home.
Home Interiors and Gifts is no more, the folks that took it over after their bankruptcy are now called Celebrating Home, but while similar, they are not quit the same. There are no new or current Home Interiors and Gifts catalogs or merchandise. However, there is lots of Home Interiors and Gifts older items on eBay, I've purchased several pieces myself. Lots of framed pictures, candles, globes, shades, lots of wall sconces, floral pieces, shelves, sirroco items, etc.
The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.