New Berlin-based manufacturer
Stanek Tool will cease operations on Sept. 30 after an attempt to find a buyer for the company was unsuccessful, court records show.
Stanek Tool
entered receivership in April, stating the receivership process was a move that would “position the company for new growth.”
Milwaukee lawyer
Michael Polsky is the company’s court appointed receiver. He is a shareholder and director at
Beck, Chaet, Bamberger & Polsky, S.C.
A receiver’s motion filed in Waukesha County Circuit Court last week seeks approval to sell certain assets owned by Stanek Tool, located at 2500 S. Calhoun Road.
"The receiver and his financial consultant attempted to sell Stanek’s assets on a going concern basis. Those efforts were unsuccessful," according to the Aug. 11 motion. "The receiver, after consulting with the lender and Stanek, believes that after completion of certain customer purchase orders a public auction of Stanek’s equipment and other personal property will maximize the value of those assets for the benefit of Stanek’s creditors."
Stanek Tool owed Byline Bank $2.9 million as of Aug. 11, according to court records.
Wood Dale, Illinois-based
Aaron Industrial Solutions will auction off Stanek Tool’s remaining equipment and inventory.
Stanek Tool will be able to complete "certain customer purchase orders" by Sept. 30, according to court records. The company has 26 employees.
