Gulistan To File for Chapter 11 Bankruptcy
Aberdeen, NC, Dec. 31, 2012 -- Gulistan Carpet is apparently shutting down operations.
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The company notified employees at its operations in Aberdeen and Wagram, North Carolina last Friday, the Pilot newspaper reported.
According to the report, Gulistan said in the letter it intends to file for Chapter 11 bankruptcy for the orderly sale of the remaining assets.
The closing of operations at its facilities in Aberdeen and Wagram will take place over the next four months, the newspaper said.
The move will result in the layoff of the company's approximately 395 full-time and part-time employees."
The letter indicated that the company has made "substantial efforts" over the past few years to restructure its debts and its business and continue to operate or postpone the shutdown. Those efforts, the letter states, "have been unsuccessful to date."