O'Sullivan Industries filed for Chapter 11 bankruptcy at the close of business today. Filing were O'Sullivan Industries Holdings, O'Sullivan Industries Inc., O'Sullivan Industries Virginia, and O'Sullivan Furniture Factory Outlet, Inc.
Million-dollar CEO Robert Parker said in a press release that the company does not plan to cut back on its workforce. Documents filed in U. S. Bankruptcy Court for the Northern District of Georgia indicate the company has asked the court to continue its employee pay and benefits as is.
Court documents indicate O'Sullivan Industries has $158,433 in assets and $132,151,000 in debts. The company's biggest creditor was Bancboston Investments at $29,755,324.
The filing came one day before the deadline for the end of the company's forbearance agreement with its major creditors. The agreement was designed to give O'Sullivan officials more time to work out the company's financial problems.
MORE TO COME
3 comments:
Randy I don't understand why O'Sullivans would still be hiring then. I saw in the Joplin Globe recently where O'Sullivans was hiring some upper management job of some kind.
This is what happens when those Eastern boys come in and think they know everything and we in the midwest know nothing. They do not understand the words loyalty, commitment, trust, and that a family business built from the ground up and what it does for its employees and were successful. They were so smart that they are now going bankrupt and worse yet trying to get out of their commitments to the O'Sullivan family and employees. Yes they are very smart!
Yep, smart enough to rape the company for their own personal gain.
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