GigaCloud Technology Inc Enters Into Definitive “Stalking Horse” Agreement to Purchase the Assets of Noble House Home Furnishings
September 12 2023 - 6:00AM
GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced that it has entered
into a definitive agreement (the “Asset Purchase Agreement”) as the
stalking horse bidder to acquire substantially all of the assets of
Noble House Home Furnishings, LLC and certain of its affiliates
(“Noble House”) for $85 million in connection with Noble House’s
Chapter 11 bankruptcy proceedings.
Noble House is a leading distributor,
manufacturer and retailer of an extensive selection of indoor and
outdoor home furnishings. Noble House sells its portfolio of
products through a diverse set of third-party channels, with
leading positions at major retailers.
“With over 8,000 SKUs and a strong supply chain
system, we believe Noble House will add significant depth to our 1P
and 3P businesses, supplementing our already diverse range of
product offerings,” said Larry Wu, Founder, Chairman, and Chief
Executive Officer of GigaCloud. “On the other hand, we believe
GigaCloud’s B2B platform will enhance Noble House’s operational
efficiency and expand Noble House’s sales channels. With our
healthy balance sheet and cohesive marketplace ecosystem, we are
confident that GigaCloud has the resources and management
capabilities to stabilize and grow Noble House’s business in the
future.”
Noble House filed for Chapter 11 bankruptcy
protection on September 11, 2023 with the United States Bankruptcy
Court for the Southern District of Texas, Houston Division (the
“Bankruptcy Court”). The Asset Purchase Agreement is subject to
certain customary closing conditions, including certain orders
being entered by the Bankruptcy Court. The Asset Purchase Agreement
is also subject to higher and better offers Noble House may receive
during the auction process.
About GigaCloud Technology
Inc
GigaCloud Technology Inc is a pioneer of global
end-to-end B2B ecommerce solutions for large parcel merchandise.
The Company’s B2B ecommerce platform, which it refers to as the
“GigaCloud Marketplace,” integrates everything from discovery,
payments and logistics tools into one easy-to-use platform. The
Company’s global marketplace seamlessly connects manufacturers,
primarily in Asia, with resellers, primarily in the U.S., Asia and
Europe, to execute cross-border transactions with confidence, speed
and efficiency. The Company offers a truly comprehensive solution
that transports products from the manufacturer’s warehouse to the
end customer’s doorstep, all at one fixed price. The Company first
launched its marketplace in January 2019 by focusing on the global
furniture market and has since expanded into additional categories
such as home appliances and fitness equipment. For more
information, please visit the Company’s website:
https://investors.gigacloudtech.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
GigaCloud Technology Inc
Investor RelationsEmail:
investor.relations@gigacloudtech.com
ICR
Ryan GardellaEmail: GigacloudIR@icrinc.com
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