Offenbachers Files for Bankruptcy
October 27, 2016,
Offenbachers filed for Chapter 11 bankruptcy on Oct. 25, according to documents filed with the U.S. Bankruptcy Court.
Rust Omni Bankruptcy Today reported that the company has assets of $1 million-$10 million and liabilities of $1 million-$10 million.
“From a sales perspective and a relationship perspective, it’s unfortunate to see something like this happen,” said Frank Verna, vice president of retail sales and marketing, Tropitone. “We certainly don’t like to see any retailers file for bankruptcy.”
Tanya Stevens, vice president of service operations, Tropitone, said that she has had hardly any dealings with the new ownership, Antson Capital Partners LLC, since it acquired Offenbacher Aquatics Inc. in October 2014, when founders Karl and Alpana Offenbacher announced their retirement.
Other outdoor furniture manufacturers on the Top 20 list of creditors include: Hanamint, Treasure Garden, Jensen Leisure, Gensun Casual Living, Beka Casting Limited, Ratana International and Woodard. (For the full list and the unsecured claims, see below.)
“We are sorry they are struggling and hope they can reorganize profitably,” said Belinda Lavender, vice president of sales and marketing, Woodard. “It’s a tough economy for everyone.”
Casual Living reached out to the outdoor furniture manufacturers listed as creditors, but most declined to comment at this time. Mark Ramos, senior vice president of operations, Offenbachers, and Jason Pappas, founder and managing partner, Antson Capital LLC, were also unavailable for comment.
Simply put, Offenbachers has always been an industry-leading retailer since Karl Offenbacher founded the company in 1960 and opened the first store in 1972. His aim was to sell affordable, yet finely crafted, outdoor furniture. Over the years, the company expanded its wares to accessories such as cushions, umbrellas, hammocks, outdoor lamps, rugs, mirrors, artwork—anything required to finish the “fifth room.”
Casual Living first reported the acquisition by Antson Capital Partners LLC in October 2014, when the Offenbachers announced their retirement. At that time, Antson Capital’s Jason Pappas stepped in as chairman of the board of directors, and Offenbacher and wife Alpana agreed to serve as consultants through the first quarter of 2015.
According to the same report, Offenbachers has about 50 employees and operates three stores in Maryland (Columbia, Hunt Valley and Rockville), and an additional four stores in Virginia (Fairfax, Fredericksburg, Springfield and Sterling).
“After serving as president for over 40 years, it is time to retire and let Antson Capital’s team build Offenbachers into a leader in the outdoor living and recreation market,” Karl Offenbacher said at the time of the acquisition. “I am proud of the legacy my family leaves behind, and I know my employees will be in good hands.”
In the coming months, Casual Living will continue to follow this story as it unfolds.
Top 20 Creditors
1. Tropitone Furniture Co. - $347,903.94
2. Minson Corporation - $122,912.32
3. Hanamint - $109,938.49
4. Fairfax Court Limited Partnership - $100,055.55
5. Treasure Garden - $98,607.64
6. Summit Construction Inc. - $89,682.18
7. Washington Real Estate Investment Trust- $87,689.62
8. Bac Sales - $84,443.13
9. Aerospace Investors LLC - $77,826.04
10. Jensen Leisure Furniture - $77,594.78
11. Gensun Casual Living - $76,300.62
12. Legacy Billiards - $75,108.04
13. Beka Casting Limited - $69,769.26
14. Ratana International - $66,518.33
15. Winkal Management LLC - $61,122.76
16. Potomac Run LLC - $59,631.02
17. Woodard - $53,829.12
18. Master Heat Distributor - $44,527.36
19. Dobbin Center Investor - $40,542
20. Pinnacle Express - $39,943.03
(Source: U.S. Bankruptcy Court)
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