A 127-year-old Jamestown company has filed for bankruptcy.
On Thursday, Crawford Furniture Manufacturing Corp. and Crawford Furniture Retail Outlet Inc. filed for Chapter 11 bankruptcy protection. The company filed in U.S. Bankruptcy Court in Buffalo after the company's board of directors approved the decision Wednesday.
All Crawford Furniture store locations, warehouses and its customer service department will remain open and continue to operate as it works to restructure. Company officials, in a news release Friday, stated they anticipate sale orders will continue to be delivered as scheduled and all warranties, both manufacturers' and extended, will remain intact and valid.
A Chapter 11 reorganization is the most complex of all bankruptcy cases and generally the most expensive type of bankruptcy. A bankrupt company uses Chapter 11 of the Bankruptcy Code to reorganize its business and try to become profitable again. Management continues to run the day-to-day business operations, but all significant business decisions must be approved by a bankruptcy court.
''During these difficult economic times, Crawford Furniture will continue to labor and find a way to keep selling a great American-made product,'' company officials stated. ''We will fight for our employees and families of Western New York. Our 127-year-old company will strive to deliver all customer orders.''
Crawford of Jamestown was founded in 1883 as a family-owned manufacturer of solid-wood furniture. Furniture pieces consist of 100 percent solid wood being purchased within a 150-mile radius of their factory in Jamestown. Having to deal with the changing seasons of Western New York, the lumber is considered one of the best in the industry. Some of the company's furniture choices include refined American traditional, classic country, modern eclectic, Victorian/English and sophisticated rural.
In documents filed with the U.S. Bankruptcy Court in the Western District of New York, the company estimates that funds will be available for distribution to unsecured creditors. The documents listed the top 20 unsecured creditors for both of Crawford's operations. The largest creditor claim for the manufacturing corporation was from Randall Benderson of Florida for more than $161,000 for a lease. The second-largest creditor claim was for more than $144,000 from the United Furniture Workers. Local companies with unsecured credit claims include Clark Supply of Falconer for $6,800, Falcon Chair & Table of Falconer for $7,645, Fancher Chair Co. of Falconer for $15,848, Jamestown Container for $42,856 and Mason Carvings of Jamestown for $4,520.
For the retail outlet, the largest claim was from the Sheridan Center for $98,175 for a lease. The Jamestown city treasurer also had a claim for more than $21,000. The nature of the claim was not included.
For customer questions, call the company's service department at 661-9100.
Comments on this article may be sent to email@example.com