WSJ: National Envelope files for bankruptcy protection
US envelope manufacturer National Envelope Corp. filed for bankruptcy protection yesterday (June 11), reports the Wall St Journal. The article continues:
The company listed having between $100m and $500m in assets and debts in the same range in its Chapter 11 petition filed with the US Bankruptcy Court in Wilmington.
As of Thursday afternoon, the company didn’t file court documents explaining why it decided to enter bankruptcy. Kara Hammond Coyle, a bankruptcy attorney for the company, declined to comment on the case.
According to the company’s website, National Envelope has tried to take steps to remain competitive in a difficult business environment over the past few years. In 2009, for example, the company announced that it was ceasing manufacturing at its Chino, Calif., location and was curtailing production at its Long Island City, NY, facility.
“In today’s challenging business environment we must constantly reevaluate our organisation to assure our future success, remain the long-term supplier of choice for our customers, and continue as the leading employer in our industry,” COO John Grymes said in a May 18, 2009, statement aimed at explaining the curtailed production in Long Island City. “We are committed to doing whatever is necessary to remain the standard by which our industry is judged.”
