Millennium Leather Restructures Under Chapter 11
Teaneck, New Jersey-based Millennium Leather LLC announced it will continue as an industry supplier after restructuring its debt under a chapter eleven bankruptcy filing.
Philip Kahan, company CEO, stated, "We took this action to ensure long-term viability in the face of a difficult banking environment. Our decision was predicated upon protecting all debtors and the business itself. We anticipate and hope for a quick resolution of this status. In the meantime, it's business as usual for Millennium Leather LLC. Our vendor and customer bases are intact and operating normally."
"As the economy turned downward and we experienced a softening of sales, our banking partner became increasingly difficult." Kahan continued, "Our restructuring is solely a decision to address this debtor."
Kahan further added, "We have begun to see a return of promotional products business both due to seasonality and a general uptick in the promotional products sector due to pent-up demand. We are optimistic for the future of our industry and the future of Millennium Leather LLC. This is actually a positive step for us given the past year and the industry downturn."
"I want to assure our customers that there will be no interruption of normal business nor any change in our standard operating procedures," Kahan concluded.
For more information on Millennium Leather, visit www.andrewphillips.com.