Schirmer's LLC files Chapter 11
Casual Living Staff -- Casual Living, May 13, 2005
Schirmer's LLC, based in Falls Church, Va., filed for Chapter 11 bankruptcy protection in March.
Schirmer's LLC President Doug Cashmere said he had hired a management company skilled in restructuring, but had not met with creditors by early April. "It's very early into the process and risky making long-term predictions, but it's certainly our intent to stay in business and to be a smaller version of what we are today," Cashmere said. "We're so focused right now on capitalizing on the next four months of selling season and generating sales that our plan will not be formalized until mid-summer. Certainly the educated people in the industry know these are very trying times, and you don't like to hurt any of the vendors who have been so wonderful so we're working hard to put a business plan together that allows us to emerge as an ongoing company."
Liabilities to its 20 largest unsecured claims were estimated at more than $3.6 million while assets were less than $50,000, according to the court docket. Major unsecured creditors include: Brown Jordan Company, $266,360; Laneventure, $110,870; Sundance Spas $377,285; Tropitone, $172,130; Winston Furniture, $63,808; Woodard, $65,000 and Childlife, $64,700. Other major creditors are majority owners Phillip Pollet, Seagrove, N.C., $420,000; Doug Pollet, Oak Ridge, N.C., $400,790; Pollet Enterprises, Greensboro, N.C., $152,000 along with Cashmere, $224,500.
Marie and Ed Schirmer sold the business and its name to Cashmere in 1997. Their involvement in recent years has been an advisory role although they own real estate for two of the three stores.
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