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Collezione Europa Filed for Chapter 11 BankruptcyMarch 3, 2008 Are you as shocked as I am? Collezione Europa filed for Chapter 11 bankruptcy today, listing more than $5.2 million in unsecured debt to its largest creditors. Back in 2000, the company had $60 Million in revenues. In 2005, FURNITURE Today wrote:Case goods and upholstery importer Collezione Europa said its U.S. sales jumped 25.5% last year to $119.3 million. The company is planning for continued growth, and said last month that it intends to open a West Coast distribution center within two years to supplement its North Carolina facility, and also is shopping for a domestic upholstery plant.Using my “Rule of 72”, if sales double in five years, that's a growth rate of approximately 14% compounded. An enviable growth rate for any company! What put the fast growing company into hot water?
On Nov. 30, U.S. District Court for the Middle District of North Carolina issued a permanent injunction in a three-year-old case restricting Collezione Europa from imitating or copying designs from Universal's Grand Inheritance and English Manor collections, introduced in 2001 and 2002.
[...] "In court documents, the company said its sales declined from about $120 million in 2004 to $74 million in 2007. It blamed the rapid drop partly on the bankruptcies of two key customers..." Thoughts??? Email me at landfair3554@comcast.net. Posted by Mike Landfair on March 3, 2008 | Comments (3)
October 15, 2008
In response to: Collezione Europa Filed for Chapter 11 Bankruptcy hidden commented: They suffer from mismangement and they do not value the employees at all.
June 29, 2009
In response to: Collezione Europa Filed for Chapter 11 Bankruptcy hush hush commented: I worked for this family owned and operated company briefly some years back. I don't know how they passed audits - the older brother was always getting $ for his trips to China - never any documentation for expenses. It's amazing that it took so long for a lawsuit to catch up to them. They would buy pieces and send them to their Chinese employees (paid on the books but never as foreign employees) to see how cheaply they could copy the design. It was rumored that harassment & other suits were settled out of court. Lead me to think there were a lot of other schemes going on so I got another job and got out of there.
September 9, 2009
In response to: Collezione Europa Filed for Chapter 11 Bankruptcy I commented: Have they emrged from Bankrupcy? I did business with Paul who I found to be very sharp and sound in his practices. I was surprised to hear this.
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