SAN ANTONIO - Cardell Cabinetry has closed its manufacturing plant effective Sunday, September 8, 2013. The 30-year old kitchen cabinet manufacturer, located at 3215 N. Pan Am Expressway, has employed some 900 workers and has been ranked one of the largest manufacturing businesses in San Antonio for the last decade.
All employees have been contacted about the facility closing and have been asked not to report for regular shifts on Monday, except for a small group of employees who have been asked to help with the wind down of the company's operations. Paychecks for all employees who have worked through Saturday, September 7, 2013, will be forwarded to the workers’ addresses on file with the company.
Late last month Howard Marc Spector was appointed the receiver for all of the assets of Cardell because the company owed its unsecured creditors more than $15 million and its lenders in excess of $30 million, and it did not have sufficient liquidity to manufacture products to meet outstanding orders.
“These are unfortunate circumstances, but the harsh reality is that the Company cannot sustain itself and meet its business and financial obligations,” says Mr. Spector.
Prior to the decision to cease the company’s operations, the receiver has been working with a number of parties that are interested in acquiring the company’s assets. These efforts will continue following the closing of the facility.
SOURCE: Cardell Cabinetry
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