Blonder files Ch. 7 bankruptcy
HTT Staff -- Home Textiles Today, 12/28/2011 11:52:11 AM
Cleveland, Ohio - Bath accessories supplier Blonder filed for Ch. 7 bankruptcy, the procedure used for liquidation.
In its Dec. 19 filing in the Ohio Northern District Bankruptcy Cout, Blonder claimed assets of $3.17 million and liabilities of $4.75 million.
Year-to-date income in 2011 amounted to just under $2.9 million, according to the bankruptcy petition. While the paperwork did not specify the company's intention to liquidate, there was no filing for Debtor-in-Possesstion financing, which is typical in cases where a company plans to reorganize.
Blonder's list of unsecured creditors included 48 employees owed wages and benefits. Only a few home textiles companies were cited among the unsecured creditors and for small amounts. Brazilian towel manufacturer Buettner is owed about $6,500 and Bochang Towels of Taiwan just over $600. Blonder, which produced a number of licensed lines, also listed Bentley Licensing Group among its unsecured creditors with an outstanding payment due of about $11,000.