Maurice Warns Employees of Layoffs
In the wake of bankruptcy hearings, Maurice Sporting Goods (MSG) has notified workers that layoffs could be coming as early as this week, the Northbrook Patch reports.
Maurice CEO Jory Katlin told local reporters that the number of jobs lost has not been determined yet. And while the company employs 104 people in its Northbrook, Illinois hub, Katlin says the majority of layoffs will come from MSG’s Canadian center. MSG operates a 150,000 square foot distribution in the Toronto suburbs.
On November 20, Northbrook-based private equity firm Middleton Partners submitted a formal letter of intent to acquire MSG. Their current bid sits at $39 million, but awaits ongoing bankruptcy proceedings in U.S. Bankruptcy Court. Court documents list more than $50 million in trade debt in the filings, including large sums to Normark, Shimano North America, Gary Yamamoto Custom Baits, Z-Man Fishing Products, and Gamakatsu.
Gary Yamamoto Custom Baits and Ardent Reels filed suit against MSG earlier this year for unpaid debts.
MSG owes a total of $100 million in debt.
MSG Bankruptcy hearings are on going in the District of Delaware.
(As reported by Joe Sils – Fishing Tackle Retailer 2017-12-07)