Cary Francis Group Inc. Files for Bankruptcy
Franklin, Wisconsin-based distributor Cary Francis Group Inc. filed for bankruptcy on Nov. 17, according to the Milwaukee Business News. As part of the bankruptcy process, the court will determine a winning bid for the company's assets.
The company filed a voluntary petition under Chapter 128 of the Wisconsin Statutes in Milwaukee County Circuit Court. The Milwaukee Business News reported that Cary Francis Group Inc.'s president Philip Kremperly blamed a system failure that occurred earlier this year for recent financial 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 statement to the Milwaukee Business News.
Milwaukee-based management company Wadsworth Whitestar Consultants will handle Cary Francis Group Inc.'s daily operations and spearhead the sale of the company.
Michael Polsky, the lawyer serving as receiver of the bankruptcy case, told the Milwaukee Business News that Cary Francis Group Inc. will ask interested buyers to retain the company's current staff, totaling 30 employees.
For more information on Cary Francis Group Inc., visit www.thecfg.com.