Famous vacuum cleaner manufacture files for bankruptcy

Oreck Corp., maker of the famous upright vacuum cleaners and other items, filed for protection under Chapter 11 of the United States Bankruptcy Code. Citing “deteriorating sales” and an inability to pay debts as this come due, the company had no choice but to file for bankruptcy protection. It is expected that the company will sell its assets through the bankruptcy after reorganize debts and consolidating assets. Along with Oreck, eight of its affiliates also filed for bankruptcy protection.

For more details on this story read, “Oreck Corp. files for bankruptcy protection.”

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