GuildMaster Emerges from Chapter 11; Investors Take Company Private
September 27, 2013,
SPRINGFIELD, Mo.-GuildMaster has officially emerged from Chapter 11 and will operate as a private company. Management and a small group of investors have purchased the company and committed more than $1 million of capital. A judge in the U.S. Bankruptcy Court for the Western District of Missouri approved the reorganization plan, which had already been accepted by the shareholders and creditors.
GuildMaster filed for bankruptcy protection in December 2012, after the government seized 5,150 lamps that had an unlicensed sticker indicating a Underwriters Laboratory (UL) trademark, which was applied in China without GuildMaster's U.S. management's knowledge or approval, the company said. This past summer, GuildMaster pleaded guilty in federal court and accepted responsibility for those actions.
"Today, we officially have launched an extreme makeover of GuildMaster that will absolutely amaze you," said Steve Crowder, CEO, GuildMaster. "We are ecstatic about the future direction and the new opportunities of our all-new company. Buyers will start to see a number of exciting new marketing, product and operational changes at GuildMaster this fall, as we leverage what GuildMaster has always done well. Next spring the company will introduce a new customization program that is currently unavailable in the industry in order to provide interior designers and specialty retailers a unique opportunity for their businesses."
"We promise we will not stray from the fundamental tenets of design, quality and fun that have built the GuildMaster brand for more than three decades," Crowder said. "Our products will still be all about creating the 'wow' factor in every room and with an expanded staff, we are even more committed to the highest level of service."