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Article: Morse files petition for Chapter 11. (Morse Shoe Co.)
- Article from:
- Footwear News
- Article date:
- January 28, 1991
CopyrightCOPYRIGHT 1991 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Morse files petition for Chapter 11
CANTON, Mass. - Morse Shoe Co. filed a voluntary petition for protection under Chapter 11 of the Bankruptcy Code in Boston last week, but added it had already arranged for up to $140 million in financing during the Chapter 11 proceedings.
Manuel Rosenberg, chairman and chief executive officer, stated Morse would "continue to conduct business with our customers and suppliers in the ordinary course" while it negotiated with creditors. "The current difficult retail environment, high debt burden and ongoing interest expense has required the company to seek court protection in order to restructure its outstanding debt," he ...