JAMESTOWN, NY - Crawford Furniture Manufacturing has received court approval to liquidate, and will auction its manufacturing equipment April 24.
United States Bankruptcy Court for Western New York okayed the formal closure of the Jamestown factory and retail operations after the company failed in its attempt to reorganize under Chapter 11, filed August 25, 2011.
Crawford Manufacturing had just one customer - it's five retail outlet stores. After court-approved going out of business sales for the "concluded with less than mediocre results," according the Crawford's lawyer, "the manufacturing facility was closed in December 2011 and has ceased its manufacturing operations.
"No current funds are on hand to meet the wind down and continuing administrative costs. The Manufacturing assets need to be liquidated to produce recovery just for currently increasing administrative expenses. Both Chapter 11 Debtors have ceased business operations and are currently nonoperating entities."
The court approved Crawford's petition and gave permission for an auction of finished goods and other inventory, and remaining assets in April. Blackbird Asset Services was appointed to liquidate the remaining assets new hardwood furniture in a dock sale from April 12-19; office furniture and equipment at public auction on April 21; and intellectual properties, real estate and manufacturing equipment on April 24 begining at 10:00am.
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