Fuller Brush Co Announces Bankruptcy
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PRESS RELEASE - Fuller Brush Co Enters Bankruptcy
Fuller Brush Co., founded in 1906 and for decades known for its door-to-door salesmen, filed for bankruptcy less than two months after saying the company had "completely rebooted itself."
The cleaning-products maker, based in Great Bend, Kan., listed assets and debt of as much as $50 million each in Chapter 11 documents filed Tuesday in U.S. Bankruptcy Court in Manhattan. CPAC Inc., Fuller Brush's parent company, also sought court protection from creditors.
"The filing was a necessary means to effectuate a reorganization of the company in an effort to return the company to profitability and restructure its balance sheet," chief restructuring officer Lawrence Perkins said.
Fuller Brush said Jan. 3 that 2012 would be a "land-mark year" as the company introduced a new marketing campaign, products and distribution channels.
Company founder Alfred C. Fuller was born in Nova Scotia in 1885 and moved at age 18 to Boston, where he eventually sold brushes door-to-door, according to a company history on myfullerbrush.com.from Investor's Daily.