Rookwood Corporation filed an involuntary chapter 11 bankruptcy in May, 2011, forced into filing by their creditors. Shareholders voted on June 21, 2011 for a change in leadership and restore former company president and CEO Chris Rose as a director.
Current CEO Chip DeMois laughed when he was asked to comment on a news release which states that he has been removed from his position by shareholders.
DeMois said he is still at Rookwood and the current team is “firing on all cylinders and continuing to move forward.”
Rookwood Pottery is experiencing growth, having increased the amount of employees by 50 percent since January. It has recently received its first international order and increased the production capacity by 200 percent. Rookwood saw its first profit in May, 2011, the first in many years.
Majority owners Martin and Marilyn Wade tried to avoid filing for bankruptcy by planning an auction of the company’s assets. They hoped to reorganize under a new corporate structure. However, creditors Alfred Berger Jr., Sharri Ramelsberg and Rose forced the involuntary bankruptcy. They say they are owed almost $260,000 in total.
The Wades fired Rose in December, 2010 and hired DeMois in January, 2011.
If you are considering filing for bankrupty and would like to obtain bankruptcy information, about the process, contact a Chicago bankruptcy attorney.