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Purchaser aims to revive Moosehead Mfg.

Heath E Combs -- Furniture Today, September 21, 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 the Grand State O'Maine Land Co., submitted a $1.05 million bid to purchase Moosehead's property at a public auction on last week. Furniture/Today was unable to reach Jonaitis.
     Julie Anderson, town manager of Monson, said the town's residents are optimistic about the prospect of job creation.
     "They're very confident that she's going to do something. The people that have been unemployed I think are looking forward to working with her," Anderson said.
     The Bangor Daily News said Jonaitis expects the plant to be making furniture 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. He said his office helped Jonaitis with the purchase process.
     Jonaitis would be the third owner and operator of Moosehead in recent years. After family members announced plans to close in early 2007, they sold the company to Tardy-Connors LLC, a Maine investor group.
     The investors 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, but at the last minute, Tardy-Connors filed for Chapter 11 bankruptcy protection to try 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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