Chapter 7 Bankruptcy No Laughing Matter for Alabama Toymaker

Written by CFB Blogger. Posted in Blog

Birmingham, Alabama-based toymaker Summit Products LLC has filed for Chapter 7 bankruptcy, listing over $6.8 million in liabilities and only $1.6 million in assets. The largest creditors holding unsecured non-priority claims are Everlasting Toys Co. Ltd and Eastern Progress. The company’s headquarters is listed for sale with a $2.2 million asking price, according to Loopnet, the largest on-line commercial real estate listing service. In 2012, Summit Products had ranked among Birmingham’s 100 largest private companies with $10.4 million in revenue and 18 employees, according to the Birmingham Business Journal’s The List. When the toymaker began its business in 1995, it only sold on a direct-to-customer basis. However, some five years later, it started selling its products to retailers including Wal-Mart, Target and Toys-R-Us. Its core brands, ZillionzTM and Backyard SafariTM, are sold on Amazon, reports Antrenise Cole for the Birmingham Business Journal. If you have been thinking about filing Chapter 7 or Chapter 13 personal bankruptcy due to failed real estate or other investments, contact the attorneys at Client First Bankruptcy. We are experienced and knowledgeable in the field of all aspects of personal bankruptcy. Hiring a Client First Bankruptcy attorney to counsel you through the process and provide representation may be the key to your financial freedom.  We have helped thousands of consumers like you discharge their debts.  For your free initial phone consultation, please call us toll-free at 800-383-6004 today or log onto www.clientfirstbankruptcy.com for more information. Our well-informed and compassionate attorneys answer their phones Monday thru Friday from 8:30 a.m. – 6:00 p.m. Central Time. Give us a call today; don’t you and your family deserve a secure and happy future?