Clark files Chapter 11
Furniture Today Staff -- Furniture Today, May 8, 2003
New York — Clark Holdings LLC has filed for Chapter 11 bankruptcy protection.
The company was formed in April 2002 as a result of a merger of Cyrus Clark Co. and Concord Home. According to Gilbert Lazarus, a partner in Lazarus & Lazarus here, debtor in possession financing has been agreed to by the lender and debtor and is awaiting approval by the judge.
The company has assets of $2.7 million and liabilites in excess of $4 million, according to Lazarus.
Clark Holdings will continue to operate, said Bill Zales, one of the principals.
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