BANKRUPTCY: Nortek Declares Chapter 11
Submitted by advisor on Sat, 10/24/2009 - 12:11am.
Nortek, parent of the Best, Broan, Nutone, Venmar, Rangaire, Zephyr rangehood brands FINALLY declares Chapter 11 bankruptcy.
Richard L. Bready, Nortek Chairman and Chief Executive Officer, said, "We continue to believe that Nortek has fundamentally sound businesses operating in established markets that are poised for growth as economic conditions improve. The chapter 11 process will enable Nortek to emerge as an even stronger company with substantially less debt. Going forward, we anticipate no disruption in product availability or delivery of products and remain focused on meeting customer needs worldwide."
See the full Press Release.
See the Providence Journal.
It Just Goes to Prove ...
... that even Bankruptcies are strategically planned ...
Norteck should voluntarily reduce the number of brands ...right now they look like the automobile manufacturers of old with so many overlapping designs ... lets face it, Broan & Nutone look like Dodge & Plymouth !!! There is too much redundancy there for a product which only had so many options and designs !!!