Guildmaster emerges from Chapter 11, investors take company private
Carole Sloan -- Furniture Today, September 26, 2013
Springfield, Mo. — Guildmaster has emerged from Chapter 11 as a private company. Management and a small group of investors have purchased the company and committed more than $1 million of capital, according to a statement from the company released today.
A judge in the U.S. Bankruptcy Court for the Western District of Missouri in Springfield approved the reorganization plan, which had already been accepted by the shareholders and creditors.
"Today, we officially have launched an extreme makeover of Guildmaster that will absolutely amaze you," said Steve Crowder, Guildmaster CEO. "We are ecstatic about the future direction and the new opportunities of our all-new company. Buyers will start to see a number of exciting new marketing, product and operational changes at Guildmaster this fall, as we leverage what Guildmaster has always done well.
"Next spring the company will introduce a new customization program that is currently unavailable in the industry in order to provide interior designers and specialty retailers a unique opportunity for their businesses."
Guildmaster's company-owned factories in Indonesia and China produce furniture, wall art, accessories and lighting.
"We promise we will not stray from the fundamental tenets of design, quality and fun that have built the Guildmaster brand for more than three decades," Crowder said. "Our products will still be all about creating the 'wow' factor in every room and with an expanded staff, we are even more committed to the highest level of service.
"We have weathered 20 months of navigating a raging storm but the storm has passed, the seas are calm, the dawn is breaking and the wind is blowing steadily on our backs," Crowder added. "We have the same phenomenal team of retailers, sales representatives, suppliers, employees and management, and we are proud to say that the new Guildmaster is standing in victory today as a stable and energized company."
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