Moosehead files Chapter 11, cancels liquidation auction
By Furniture Today Staff -- Furniture Today, January 25, 2010
MONSON, Maine —
Case goods manufacturer Moosehead Furniture was able to stave off a final shutdown by declaring Chapter 11 bankruptcy as prospective buyers stood by waiting for an equipment auction to begin, the Bangor Daily News reported last week.
The last minute reprieve left about 200 people — including those with trucks and long trailers — standing in the company's parking lot. Some had traveled cross-country to bag a bargain, the paper said.
This is the second time Moosehead was set to close. The company was purchased by a small group of investors in September 2007 after the family who owned it for 60 years said it was closing because of competition from lower-priced imports.
The auctioneer said it is now up to the company's owners to file a reorganization plan.
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