Inscape announces resignations of four board members
January 6, 2023 | 12:58 pm CST
Inscape Hollands Landing Factory

HOLLAND LANDING – Four members of the Inscape board of directors resigned on Dec. 23, the same day the office furniture manufacturer was the subject of a successful take-over bid by HUK 121 Ltd., a subsidiary of Hilco Capital Ltd.

The resignations of Tania Bortolotto, David LaSalle, Neil McDonnell, and Tracy Tidy were announced in a press release issued on Jan. 3.

In a separate press release, Inscape and HUK 121 jointly announced that no additional shares were deposited during the mandatory 10-day extension period specified in Hilco’s Nov. 17 offer.

Financially distressed Inscape agreed to the “friendly” takeover as the only credible option to stave off insolvency proceedings. Inscape’s board urged shareholders to sell their holdings for $0.007 per share. In the end, 12,661,625 common shares, representing 88% of the issued and outstanding common shares, were deposited to HUK 121. The total cash payout amounted to $88,631.38.

Inscape was founded in 1888. The company designs and manufactures systems furniture, storage and walls for workspaces.
 
 

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Rich Christianson is the owner of Richson Media LLC, a Chicago-based communications firm focused on the industrial woodworking sector. Rich is the former long-time editorial director and associate publisher of Woodworking Network. During his nearly 35-year career, Rich has toured more than 250 woodworking operations throughout North America, Europe and Asia and has written extensively on woodworking technology, design and supply trends. He has also directed and promoted dozens of woodworking trade shows, conferences and seminars including the Cabinets & Closets Conference & Expo and the Woodworking Machinery & Supply Conference & Expo, Canada’s largest woodworking show.