Homeware and kitchenware retailer Instant Brands has received court approval to sell its business to private investment firm Centre Lane Partners.

The approval by the US Bankruptcy Court for the Southern District of Texas followed a comprehensive sale process and auction.

The Illinois-based company designs, manufactures and markets a global portfolio of consumer lifestyle brands including Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, Zoid and Visions.

Instant Brands filed for Chapter 11 bankruptcy protection in June as mounting debt threatens its operations.

Now the company has entered into an asset purchase agreement pursuant to which affiliates of Centre Lane will acquire its housewares and appliance businesses in separate transactions, expected to close in this year’s fourth quarter.

“We believe our company’s sale to Centre Lane Partners represents the best path forward for our customers, retail partners, suppliers and employees,” said Ben Gadbois, president and CEO of Instant Brands.

Gadbois added the company has found a solution to fix its “unsustainable capital structure” through this process, allowing its business to continue operating.