N.Y. manufacturer Crawford liquidating assets
Thomas Russell -- Furniture Today, April 2, 2012
JAMESTOWN, N.Y. - Crawford Furniture Mfg. says it is liquidating its assets after determining that it was unable to profitably reorganize its operations as part of a Chapter 11 bankruptcy proceeding.
The company had filed for Chapter 11 protection in August, saying it planned to reorganize its retail and manufacturing operations. But earlier this year, it asked for court approval to convert to a Chapter 7, which allows a company to liquidate.
The Buffalo News reported that U.S. Bankruptcy Judge Carl L. Bucki approved the liquidation. According to the report, the company will sell its remaining inventory of finished furniture during a public sale April 12-19.
On April 21 and 24, it will sell other properties, including five parcels of commercial real estate, intellectual property, leftover inventory and materials including lumber, fabrics, hardware, finishes, plywood and packing materials. The sale also will include machinery and equipment.
The report did not state the value of the assets for sale, but the original Aug. 25 filing said the company had assets valued over $10 million.
In October, it announced it was closing its five retail stores in Hamburg, Lockport, Williamsville, Amherst and Lakewood, N.Y.
It had planned to continue its 129-year-old manufacturing operation, which produced solid wood bedroom, dining room and occasional furniture. However, in December, it announced it was closing this too, resulting in the layoff of about 84 workers.
The company, one of New York state's few remaining wood furniture producers, was hit hard by the recession, which affected both the manufacturing and retail sides of the business. In addition to providing products for its own stores, Crawford sold furniture to about 200 retailers around the U.S., company executive Brett Cappa told the Buffalo News in October.