Denver ProSource Files For Bankruptcy
Denver, CO, October 1, 2020-The Denver franchisee of wholesale flooring retailer ProSource, led by Brett Martin, has filed for Chapter 11 bankruptcy, reports Business Den.
ProSource of Denver reported in a filing that it owes between $1 million and $10 million to between 100 and 200 creditors. The company said it has assets in the same range.
“A later section of the filing indicates that the company owes approximately $3 million to its 20 largest creditors.
“Attorney Jamie Buechler of Denver-based Buechler Law Office, who is representing the company in bankruptcy proceedings, said that it had more than $10 million in sales in 2018, but was set back after a former employee was caught stealing last year. Things got worse with the pandemic as sales and cash flow began to slow down, she said.”
ProSource of Denverhas been open since the early 1990s.