Z Gallerie files bid procedures for assets, seeks Dec. 7 auction

By Sarah Lizee

Olympia, Wash., Oct. 20 – DirectBuy Home Improvement, Inc., which does business as Z Gallerie, is seeking approval of bid procedures for its assets, according to a motion filed Friday 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.

The debtor is proposing a bid deadline of noon ET on Dec. 5, an auction on Dec. 7, and a sale hearing on Dec. 15.

The company is also seeking approval to choose a stalking horse bidder and provide bid protections that would include an up to 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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