A Chapter 11 filing will allow Oreck to consolidate its assets and restructure its finances as part of an effort to sell the business, the company said in a statement released Tuesday.
The statement provided few details and the company didn't respond to interview requests, but Oreck's bankruptcy filings paint a picture of a struggling company fighting to survive amid management departures and falling sales.
According to court filings, Oreck, along with eight affiliated entities that filed for Chapter 11, "are in a precarious financial position." The company is losing money, sales "are quickly deteriorating," the filing states, and it "simply cannot generate cash fast enough to cover expenses as they arise."
Have to wonder where all the money went, all those sales on TV, maybe they spent too much for the Infomercials. I found this on the internet: David Oreck continues to be active in aviation, maintaining and flying his personal collection of aircraft which includes a Stinson Reliant SR 10J, a Waco WMF, an Aviat Husky Amphibian, an American Champion Decathlon, a Staggerwing Beech G-17S, and a Beech T-34A Mentor.
