Business
GigaCloud Technology Inc Enters Into Definitive “Stalking Horse” Agreement to Purchase the Assets of Noble House Home Furnishings
WALNUT, Calif., Sept. 12, 2023 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B
About this update from Gigacloud Technology Inc
[{"type":"text","content":"WALNUT, Calif., Sept. 12, 2023 (GLOBE NEWSWIRE) -- 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 Euro...