Amazon, Target Furniture Supplier Goes Bankrupt, Citing Inflation
- Noble House plans asset sale to GigaCloud Technology
- Company blames inflation, decreased appetite for furniture
An employee moves a sofa at the Wayfair studio in Westborough, Massachusetts.
Photographer: Scott Eisen/Bloomberg
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Noble House Home Furnishings LLC filed for bankruptcy with plans to sell its assets after inflation and weakening consumer spending crimped its finances.
The company — which counts Amazon.com Inc., Wayfair Inc., and Target Corp. among its customers — listed assets and liabilities of at least $100 million each in its bankruptcy petition. The filing allows Noble House to keep operating while it works to close a sale of itself to publicly traded GigaCloud Technology Inc. or another, higher bidder.