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Article: Back from the brink, Biasco re-opens after five-week shut-down. (Retailer Update).
- Article from:
- Music Trades
- Article date:
- June 1, 2002
CopyrightCOPYRIGHT 2002 Music Trades Corp. 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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AFTER A FIVE-WEEK CLOSURE, Biasco Piano is again in operation under the management and control of John Biasco. On May 2, in an agreement with secured creditors, John Biasco purchased select assets of the company including the name and a large collection of office and moving equipment for $750,000. At that time, approximately 200 unsecured creditors including Baldwin Piano Ventures (Gibson's acquisition company for assets of Baldwin Piano) were owed $3.2 million, and a small group of secured creditors were owed $3.5 million. "Starting next month, I look forward to resuming an aggressive schedule of road shows, remarked John Biasco. "We have the tools and know how to ...