Bench Dog Files Chapter 11 Bankruptcy

[jennofarc]

Don't know if you guys heard this yet, found it on Woodworkingonline(dot)com

Bench Dog Files Chapter 11 Bankruptcy
§ by Randy Maxey on October 24th, 2007

Well, I’ve been hearing rumors for quite some time that Bench Dog was having financial difficulty. It’s been confirmed from this listing in the Minneapolis/St. Paul Star Tribune. Bench Dog filed for Chapter 11 bankruptcy last July:

Bench Dog Inc., 3310 NE. 5th St., Minneapolis; filed July 27, 07-42546; Chap. 11; …

I’ve always liked Bench Dog’s products. Though their products aimed for the “higher end” of the market, I think their designs are innovative and well thought out.

So, what’s the future of Bench Dog and their products? Rumor on the street says that Bench Dog or at least a portion of their product line has been purchased by another well-known woodworking catalog supplier. As soon as we can confirm or deny any of this, we’ll post it here. Let’s hope they can get back on their feet or that someone will carry on the tradition of great woodworking products.

[vapochilled]

That's a shame, sounds like another "good product, bad business" type deal

[challagan]

It is too bad, they made some nice stuff. It's a very small market with a lot of players in it. Hard to make a buck that way.

Corey

[Joe Lyddon]

Originally Posted by jennofarc

Don't know if you guys heard this yet, found it on Woodworkingonline(dot)com

Bench Dog Files Chapter 11 Bankruptcy
§ by Randy Maxey on October 24th, 2007

Well, I’ve been hearing rumors for quite some time that Bench Dog was having financial difficulty. It’s been confirmed from this listing in the Minneapolis/St. Paul Star Tribune. Bench Dog filed for Chapter 11 bankruptcy last July:

Bench Dog Inc., 3310 NE. 5th St., Minneapolis; filed July 27, 07-42546; Chap. 11; …

I’ve always liked Bench Dog’s products. Though their products aimed for the “higher end” of the market, I think their designs are innovative and well thought out.

So, what’s the future of Bench Dog and their products? Rumor on the street says that Bench Dog or at least a portion of their product line has been purchased by another well-known woodworking catalog supplier. As soon as we can confirm or deny any of this, we’ll post it here. Let’s hope they can get back on their feet or that someone will carry on the tradition of great woodworking products.

I'm not real sure, BUT it seems to me that Chapt. 11 is for Reorganization and has some creditor protection in the process.

If I'm correct, that isn't the final death pill... they are still trying to make it work by reorganizing the way they do business, mfr things, etc.
So, don't count them out yet...

I think Chapt. 7 is the final end of the process...

If anyone really KNOWs the difference, please speak up... thank you.

[challagan]

Joe it is as you say, but it's usually the last step before 7. Some make it some don't. I hate to see any good tool mfg go down. I hope they zing thru but they have a lot of competition so things will have to get leaner.. cut them expenses is the bottom line.

Corey

[Joe Lyddon]

Originally Posted by challagan

Joe it is as you say, but it's usually the last step before 7. Some make it some don't. I hate to see any good tool mfg go down. I hope they zing thru but they have a lot of competition so things will have to get leaner.. cut them expenses is the bottom line.

Corey

OK Corey, thank you! ...very good...

There is a glimmer of a chance that they will reorganize their product lines, prices, and other factors that JUST MAY keep them alive and kicking.

... so, how does it go... the fat lady hasn't sung yet...

Let's hope for the best.

[S Bolton]

Chapter 11 is a reorganization bankruptcy program. They will pay their creditor's pennies on the dollar. They will come out of it in better condition.

Chapter 7 is basically consumer bankruptcy. You lose everthing this isn't exempt. House, basic furniture, family bible.

Steve Bolton

[Joe Lyddon]

Originally Posted by S Bolton

Chapter 11 is a reorganization bankruptcy program. They will pay their creditor's pennies on the dollar. They will come out of it in better condition.

Chapter 7 is basically consumer bankruptcy. You lose everthing this isn't exempt. House, basic furniture, family bible.

Steve Bolton

Steve, what is the Corporate Chapter ... for the final Out-of-Business step?
Not Chapt. 7?

Thank you...

[challagan]

Chapter 7 also applies to the corporate world. This shows how it works:

http://www.investopedia.com/articles/01/120501.asp

Corey

[vapochilled]

it's more a way of showing good intent, that way when the you know what hits the fan, they have a way of demonstrating good intentions.
Might save a few bucks when it comes to pass