Creditors approve Sklar restructuring plan
By Michael J. Knell -- Furniture Today, December 31, 2006
Ajax, Ontario — Upholstery and case goods source Sklar Peppler Furniture Corp. is back on its feet and ready for business after more than 90% of its creditors voted in favor of its proposal under the Bankruptcy & Insolvency Act last month.
"The company is very appreciative of the support it received from its creditors and looks forward to continuing business with them in the years ahead," said Bob Tweedy, chairman, in a statement.
"With the completion of its formal and operational restructuring and the ongoing support of its lenders, Sklar Peppler is a much stronger company," he added. "The company is now profitable and looks to the future with confidence."
Tweedy noted that Sklar is making new investments in machinery, technology and processes that will push the privately held producer and distributor's drive to expand capacity, improve productivity and ensure cost competitiveness at its facilities both here and in Portland, Ore.
"In addition, the company is now well established with offshore sourcing of raw materials, parts and finished goods to complement its domestic production capabilities," he said. "This business model will allow us to offer significant value in the broad middle price point range."
Retail response to Sklar's new product offerings at the recent High Point Market was strong, Tweedy said. The company intends to build on this success at the upcoming Canadian Home Furnishings Market in Toronto. The CHFM will open for a four-day run on Jan. 13.
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Creditors OK Sklar bankruptcy plan
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