Bankruptcy filing spares furniture maker
An 11th-hour decision to file for bankruptcy has saved Monson-based Moosehead Furniture from the auction block.
The owners of Moosehead Furniture, formerly Moosehead Manufacturing, filed for Chapter 11 bankruptcy protection only minutes before a scheduled auction to liquidate the furniture manufacturer's assets, according to the Bangor Daily News. More than 200 people came to Monson from across the country to bid on the company's equipment and other assets, only to be told the auction had been canceled, according to the paper.
Tardy-Connors LLC announced it was shutting down the company earlier this month, after buying it in 2007, renaming it Moosehead Furniture and hiring back 40 workers. The group of investors, which includes Maine House Minority Leader Joshua Tardy, Maine State Chamber of Commerce President Dana Connors and a Rhode Island financier, must now file a reorganization plan, or another auction could be held at a future date.
Go to the article from the Bangor Daily News >>
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