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CHICAGO — Interior Define, which encountered financial issues in 2022, has been acquired, reportedly by direct-to-consumer brand Havenly.
The Chicago-based direct-to-consumer brand had been the subject of industry rumors about its ability to pay vendors and consumer rumors about its ability to fulfill orders.
On Jan. 4, Interior Define posted on Instagram that it had experienced financial hardship in 2022 and has entered into an ABC (assignment for the benefit of creditors), and that parts of the organization would be liquidated by the assignee over the next few months. The company sold its business assets, including the Interior Define brand, to a third-party with experience in the industry. While it did not identify the buyer in the post, other industry sources have identified the buyer as Denver-based Havenly.
“During 2022, Interior Define Inc.’s business experienced several months of severe financial hardship,” the post read. “Due to rapid cost increases related to pandemic supply chain effects and challenging capital markets, Interior Define Inc. found itself in a position where it could no longer maintain the day-to-day operations of the Interior Define business.”
The post noted that any orders placed before Dec. 29, 2022, would be fulfilled, and Interior Define is working with its buyer to create a website for consumers to check on the status of their orders.
“This has been a challenging and quickly evolving process for Interior Define Inc., and as a result, customer service and store teams often did not have visibility into the status of orders. The teams worked hard to answer customer questions even when not fully informed of the details and we are sorry for the stress this added to loyal customers. Understandably, this reduced communication has caused frustration and a breach of trust between Interior Define Inc. and its customers,” the company said in its post.
Furniture Today has reached out to representatives for Interior Define and to Havenly for comment. This story will be updated.
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