Compex closes, seeks reorganization
Casual Living Staff -- Casual Living, April 15, 2005
Compex International has filed the appropriate paperwork to request reorganization within the courts of Taiwan.
Currently under review by the Taiwanese government, Compex has halted its major operations in the Southern China city of Shenzhen.
Its U.S. Customer Service and Sales office in Corona, Calif., closed March 15 with no immediate plans to set up a new office.
Compex's management hopes Taiwanese authorities will grant its request so they can begin the reorganization process.
Under the reorganization plan, management should be able to re-enter the business for the 2007 selling season. They believe the necessary changes and advances can be accomplished within the next nine months.