Carter Grandle files Chapter 11
Courtney Mueller -- Casual Living, February 15, 2007
Carter Grandle filed for Chapter 11 on Jan. 7 in U.S. Bankruptcy Court for the Middle District of Florida, Tampa division.
The manufacturer and supplier of outdoor furniture, cushions and umbrellas had closed its doors on Nov. 10, owing $1.2 million to LaSalle Bank, with plans to secure local investors, bring in new people and restart production.
"The Chapter 11 filing will allow the company to reorganize its financial affairs," said Webb Carter, CEO of parent company CFI Manufacturing. He said the Sarasota, Fla.-based manufacturer "anticipates resuming operations, preserving the jobs of its domestic and overseas employees and emerging from bankruptcy as a leader in the casual furniture business in August 2007."
According to the filing, Carter Grandle estimates funds will be available to pay unsecured creditors. Eastern Metal Supply of Orlando, Fla., holds the largest unsecured claim of $567,391. Other companies include Shuford Mills, Inc., $132,964; Merchandise Mart, Chicago, $113,654; Vf Jeanswear (Wrangler), $98,703, and Glen Raven Mills, $70,431.
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