Buyer aims to revive Maine case goods maker Moosehead
Furniture production expected to start in three to six months
Heath E Combs -- Furniture Today, September 1, 2010
MONSON, Maine — The third time could be a charm for Moosehead Mfg.
After staving off two bouts with closure, it appears that the case goods manufacturer will resume production yet again.
According to the Bangor Daily News, Louise M. Jonaitis, who owns a Maine company called the Grand State O'Maine Land Co., submitted a $1.05 million bid to purchase Moosehead's property at a public auction on Tuesday.
Furniture/Today was unable to reach Jonaitis at press time.
The story said Jonaitis was interested in purchasing the company at a January auction just before its owners filed for Chapter 11 bankruptcy protection to give them more time to find a buyer.
The story added that she expects the plant to be making furniture again in three to six months, with assistance from a dowel and wood products plants she recently purchased. She did not estimate how many employees Moosehead would hire.
In a press release, Maine Gov. John E. Baldacci said the purchase was good news for Monson.
"I am pleased with the new owner's business plan, which has the promise of growing jobs with its successful implementation," the governor said. "My office and I provided assistance to Ms. Jonaitis and her team to get to this important point and the Maine Department of Economic and Community Development will continue to work with Ms. Jonaitis through completion of the process."
This marks the third reprieve for Moosehead. After family members announced plans to close in early 2007, they sold the company to Tardy-Connors LLC, an investor group with political ties in Maine.
It struggled to find working capital and shut down last fall. Moosehead's mortgage holder, Machias Savings Bank, had scheduled an auction in January to liquidate its assets.
Tardy-Connors filed for last-minute Chapter 11 bankruptcy protection to find a buyer. Unable to do so, the company again reverted back to Machias.
Brothers Tolford and John Durham started the business in 1947 and passed it down through two generations.
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