Flooring Distributor Cronin Company Liquidating Assets
Portland, OR, February 5, 2019--The Cronin Company, which has been in business for more than 100 years, has made the decision to begin winding down its operations. The company explored all alternatives to winding down but determined that taking the action in an orderly fashion, with the support of its secured lender, US Bank, is in the best interest of creditors and interested parties.
The company is not shutting down immediately but will liquidate its assets over a period of time to generate cash to pay its creditors.
All of Cronin’s assets are secured by perfected liens held by US Bank.
After the bank has been paid in full, the company will begin paying its unsecured creditors with any remaining funds. At this time, the company cannot estimate what amount, if any, will be available to pay unsecured creditors.
Suppliers are asked to immediately cease shipping any and all merchandise to the company.
The company will assist its customers as best it can to transition you to another distributor. Any open orders will be filled, if possible.
Cronin intends to complete the wind down of the company on an out of court basis.
The Cronin Company was founded in 1878 by P.J. Cronin as a saddle and harness business in Portland, Oregon. In 1962, the company entered the flooring business. The company is today run by the fifth generation of the Cronin family.