Long Island Home Décor Co. Buys Competitor in Bankruptcy Auction
By Jacoby & Jacoby
Mar. 21, 2011 12:58p
Kravet Inc., a Long Island, NY home décor company, founded in 1918 purchases major competitor Brunschwig & Fils for $9.665 million.
Brunschwig & Fils filed for Chapter 11 bankruptcy this last January, claiming the poor economic conditions as the cause for the bankruptcy. Brunschwig & Fils made the official announcement that Kravet Inc. was the winner of the Brunschwig & Fils auction after a standoff against Sovereign Partners. Brunschwig & Fils is expected to be in full operation of the Brunschwig & Fils business by the end of March 2011. If you are considering filing for Chapter 7,
Chapter 13 or, Chapter 11 bankruptcy, contact a skilled and knowledgeable
Long Island bankruptcy attorney for further assistance.
For over 100 years, Brunschwig & Fils, a prestigious home décor company, supplying a variety of high quality fabrics, wall coverings, furniture, lighting and accessories has been operated by the Peardon family. Headquartered in White Plaines, NY, the company has 21 showrooms across the globe. Brunschwig & Fils was not only a household name amongst elite interior designers; the world renowned manufacturer had drawn global attention from both local and international bidders.
During the Chapter 11 bankruptcy period, Kravet stepped in and provided Brunschwig & Fils with $4 million dollars in financing, in order to ensure that the bankrupt company would be sound trading partners during the transition. Kravet’s funds held an important function, making sure that the transfer of ownership went as smoothly as possible.
Long Island Bankruptcy Lawyer
Over one million individuals file for bankruptcy in the United States each year. If you are drowning in overwhelming debt, you owe it to yourself and your family to examine all of your options. Bankruptcy is no longer something to be ashamed of, in this economy; more people are filing for bankruptcy protection than ever before. If you would like more information about the different types of bankruptcies, contact a Long Island bankruptcy attorney from Jacoby & Jacoby today.
Contact a Long Island bankruptcy lawyer from our firm today for a free initial consultation.
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