Dearden’s Furniture

Founded in 1909, Los Angeles-based Dearden’s was one of Southern California’s oldest businesses, selling furniture, appliances and home goods, mostly to the lower-income Latino market. In June of 2017, the retailer’s management team began an organized wind-down, electing to close all eight of its retail stores and monetize its portfolio. At the time of acquisition by Hilco, Dearden’s performing portfolio approached $50 million dollars. Hilco Receivables purchased the portfolio in the fall of 2017 for $26 Million. At the same time, Dearden’s commenced store-closing events at all of its locations. Hilco Receivables has successfully transitioned the debtors from paying in-store to more efficient and effective web based payment systems. The process is expected to be complete by the end of 2018, and Hilco Receivables projects a return of approximately $6 Million on the deal.