Adaptive Micro Systems, a designer and manufacturer of electronic signage, LED displays and related control systems, has entered Wisconsin Chapter 128 receivership and the company will be taken to market in the near future, according to Milwaukee attorney Michael Polsky, who has been appointed receiver in the matter.
Polsky is one of the most prominent attorneys that handles Chapter 128 receivership cases in the Milwaukee area. He has taken many companies to market in the receivership process and believes there is a strong chance that Adaptive Micro Systems will be kept open if it is sold.
Polsky has retained the firm Wadsworth Whitestar Consulting to assist in bringing Adaptive Micro Systems to market.
“The business has a strong going concern sale potential,” Polsky said. “We’re optimistic that we will find a buyer who will continue their operations in Milwaukee and offer employment to substantially all of their employees.”
Late last week, Polsky notified the state Department of Workforce Development that the company had entered receivership. If a buyer is not found, the company is likely to shutter its headquarters and manufacturing facility at 7840 N. 86th St., Milwaukee.
If the facility is closed, all of Adaptive Micro Systems’ 71 employees will be terminated. Layoffs are expected to begin July 6.
According to the letter, the company has experienced unforeseen business circumstances and was in the process of seeking capital or business to prevent or postpone the plant closure and to continue operations.