Franklin marketing and promotional products company Cary Francis Group, Inc., on Tuesday filed for bankruptcy.
The company, which has about 30 employees, filed a voluntary petition under Chapter 128 of the Wisconsin Statutes in Milwaukee County Circuit Court, a move president Philip Krempely hopes will open up opportunity for new growth as he now looks to sell the company.
Kremperly blames a systems failure that occurred this year and “the resultant financial stress” for the company’s recent struggles.
“We are grateful for the continued support of our outstanding workers, customers and vendors as we take this difficult but necessary step,” Kremperly said in a press release.
Cary Francis Group will continue serving its customers as per usual throughout the bankruptcy process, according to Krempely.
Milwaukee lawyer Michael Polsky will serve as receiver of the bankruptcy case after being appointed by the court at the company’s request. Milwaukee-based turnaround management company Wadsworth Whitestar Consultants will head daily operations of Cary Francis Group and will lead the push to sell the company.
Bids for the company’s assets will be solicited as part of the bankruptcy process, and the winning bid will be determined by the court, according to Laxson Boyd, a Wadsworth Whitestar principal who is overseeing the sale process.
Polsky aims to announce an agreement to sell the company as a going concern. Interested buyers will be asked to retain employment of the company’s current staff members and acquire substantially all of its assets.
