Schweiger poised to close on May 18
By Larry Thomas -- Furniture Today, May 16, 2004
Jefferson, Wis. — Jefferson, Wis.— Upholstery producer Schweiger, which has been seeking a buyer for months, apparently will make its last piece of furniture this week.
Officials of the 105-year-old company said that, unless an 11th-hour deal can be struck, production will cease May 18 and the plant's equipment will be auctioned two days later.
"We're still in discussions daily (with possible buyers) … but right now, our plan is to continue with the liquidation process," Schweiger President Leon Wilkosz said late last week.
The company took orders at last month's furniture market, but will proceed with its previously announced plan to close if a buyer doesn't emerge, he said.
The privately held company has received several offers in recent weeks, but none were acceptable, he said.
The attempt to sell the company was prompted by principal owner K.C. Stock's decision to retire from the home furnishings industry. Stock, a Wisconsin businessman whose holdings include a lumber company that supplies Schweiger, acquired the company in 1995 while it was operating under Chapter 11 bankruptcy protection.
In addition, Wilkosz said the company has been adversely affected by the downward price pressure created by imports.
A closure will put about 135 people out of work. They won't receive severance pay, except for accrued vacation time, but Stock was quoted in the Milwaukee Journal Sentinel as saying he would offer them jobs with Cruisers Yachts, another company he owns that has two factories in North Carolina.
Schweiger's plant here spans 580,000 square feet, but in recent years about a third of it has been leased to Briggs & Stratton for warehouse space.
-
What's happened to most original petitioners?
Oct 5, 2010 -
Schweiger may close
Mar 21, 2004
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
