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Home Interiors & Gifts Inc., which sells decorating accessories through home parties, has filed for bankruptcy protection and says it will restructure under a turnaround expert. The company said it filed Tuesday for Chapter 11 bankruptcy protection in Dallas but is remaining in business. The company said it expects to continue paying employees and 100,000 sales consultants with court approval. It hired a chief restructuring officer, Richard Lindenmuth. Its largest unsecured creditors include UPS Inc., owed $2 million, and FedEx Corp. and hotel operator Gaylord Entertainment Co., each owed $1.4 million. Parties related to Highland Capital Management LP own a majority of the company's stock and more than 75 percent of its secured debt, according to court filings.

Tags: home interiors, home, interiors, decor, bankruptcy on 2008-04-30 -All Annotations (0) -About

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