Shermag gets extension
— Michael J. Knell -- Furniture Today, July 20, 2009
SHERBROOKE, Quebec — Shermag has received another extension, until July 24, for its court-ordered bankruptcy protection as it evaluates bids that have been submitted for the company.
In early June, the Québec Superior Court approved a plan for the sale of furniture importer Shermag and its subsidiary, upholstery producer Jaymar Furniture, as ongoing businesses and for the sale of the company's non-core assets.
The non-core assets include 11 of its now-idled factories in Quebec and northern New Brunswick, two sawmills, equipment and remaining inventory from its once-domestically produced collections.
Included in Jaymar's package is its 150,000-square foot factory in Terrebonne, Quebec. The Shermag package includes its distribution centre in Victoriaville, Quebec, as well as its head office and research and development centre in Sherbrooke.
Once Canada's largest publicly held furniture maker, Shermag sought protection under the Company's Creditors Arrangement Act in May 2008.
-
Bankrupt Shermag receives on receiving bids
Jul 14, 2009
Featured Company
-
Wright Labels
Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more
VIEW ALL GALLERIES
