Bear Archery Group Files Bankruptcy
The parent company which includes Bear Archery, L.L.C. of Gainesville, Florida, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court, Northern Division of Florida, earlier this month.
North American Archery Group, L.L.C. filed the petition for protection and, according to an April 11 news article in the Gainesville Sun, plans to reorganize the business which includes Golden Eagle/Satellite Archery.
The companies experienced lay-offs earlier this year when revenues fell short. The lay-offs numbered only 15, but touched the departments of management, purchasing and distribution. No workers were laid off in the manufacturing end of the company.
The company cited the financial problems at Kmart, one of the North American Archery Group's biggest customers, as one of the reasons for its difficulties. Accounts remain active with Wal-Mart and other large retailers, however, and the company will also now work with smaller retailers to further promote its line of archery equipment and supplies.
The parent company which includes Bear Archery, L.L.C. of Gainesville, Florida, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court, Northern Division of Florida, earlier this month.
North American Archery Group, L.L.C. filed the petition for protection and, according to an April 11 news article in the Gainesville Sun, plans to reorganize the business which includes Golden Eagle/Satellite Archery.
The companies experienced lay-offs earlier this year when revenues fell short. The lay-offs numbered only 15, but touched the departments of management, purchasing and distribution. No workers were laid off in the manufacturing end of the company.
The company cited the financial problems at Kmart, one of the North American Archery Group's biggest customers, as one of the reasons for its difficulties. Accounts remain active with Wal-Mart and other large retailers, however, and the company will also now work with smaller retailers to further promote its line of archery equipment and supplies.