Cascio Music Co. Inc., the parent company for New Berlin music instrument retailer Cascio Interstate Music has been placed into receivership by a court order under Chapter 128 of state statutes.
Milwaukee attorney Seth Dizard of O’Neil, Cannon, Hollman, DeJong & Laing S.C. is the court-appointed receiver for the company.
The business remains in operation, for now. There will be on-going efforts to find a buyer for the business, Dizard said in a letter to the state Department of Workforce Development.
“We are planning to continue business as usual and plan to keep employees in place through the court process,” Dizard said in a news release.
If a buyer cannot be found, the Cascio Interstate Music will go out of business and permanently cease operations, Dizard’s letter to the DWD states.
The company is planning to cease operations on April 20. That would result in the elimination of 71 jobs, Dizard’s letter states.
In the news release, Dizard said he hopes to be able to sell the company as a going concern and that proposed buyers will be asked to agree to offer employment to substantially all of the company’s current employees and to acquire substantially all of its assets.
“Continuing issues with financial performance and future investments which are needed to expand its online presence has led the shareholders to the conclusion that the company must be sold,” the news release states.
Wadsworth Whitestar Consultants has been retained by Dizard to oversee the company’s continued operations and to assist in the sale of its assets as a going concern.
