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Article: Sure Fit files for bankruptcy; a prelude to reorganization ...
- Article from:
- Home Textiles Today
- Article date:
- March 15, 2004
- Author:
CopyrightCOPYRIGHT 2004 Reed Business Information, Inc. (US). 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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NEW YORK -- Hammered by the high cost of building its rapidly growing catalog and Internet business, and at the same time shifting much of its production overseas, Sure Fit Inc., the nation's largest supplier of slip covers, last week filed for bankruptcy protection from its creditors in a U.S. Bankruptcy Court here.
Bert Shlensky, president and CEO, said, "It was two things really. We spent a lot of money to grow the catalog and Internet business, and the costs were greater than the revenues. At the same time, we started to import a lot of our product, and that takes a lot of money. You have to pay for the goods before they ship, and we were unable to raise the ...