There have been rumors flying around for weeks about Latex International but today they filed for Chapter 11 bankruptcy (see here and here).
Things will still be “business as usual” with both Latex International and Pure Latex Bliss apparently and hopefully this and an injection of capital will solve some of the ongoing issues they have experienced over the past few years.
They have certainly had their share of challenges in the last few years (see here and here) and with any luck this will give them the breathing room they need to put their business “back on track” for the long term.
Wow, I do hope this company is able to get themselves back on track - they have indeed had more than their fair share of troubles - so thumbs up to a fresh start.
Jeff Gober (the director of component sales) at Latex International called me a few days ago to catch up and he told me that the drier that was damaged in the fire is almost repaired and that they should be back in full production in a couple of weeks and that they were also making other equipment improvements. There is more about this in this topic as well.
He also told me that their restructuring was also moving ahead and that they had several potential buyers lined up but of course he couldn’t share with me who they were.
He also told me that their customers had for the most part remained quite loyal and that he was also encouraged by some of the new business that they had managed to acquire recently.
Overall I’m still optimistic that they will work their way through all of the issues they are facing and have faced in the past few years and that they will end up being a stronger company once they come out of Chapter 11 although of course there will always be some challenges along the way in circumstances like these.