Johnstown, New York State-based H&J Leather Finishers Inc. has reportedly filed for bankruptcy protection to avoid being evicted from its premises.

Established in the late 1970’s, H&J moved to the 35,000 square-foot building, on the Johnstown Industrial Park, in May 2001.  But since then it has fallen behind on rent payments to landlord Crossroads Incubator Corp., - the real estate arm of Fulton County Economic Development Corporation.

In filing for Chapter 11 protection with the Albany District Bankruptcy Court (Northern Circuit), representing attorney Richard Weiskopf cited the weak national economy and consequent downturn in the two main areas served by H&J, footwear and furniture.   H&J listed $876,000 in assets and $1.86 million in debt.  The company projects sales of around $1.6 million over the next 12 months, down from $2.4 million seen the year before.  Speaking to the local media, a spokesperson for Fulton County Economic Development Corporation pledged the organisation’s commitment to helping the leather finisher reorganise and preserve jobs.

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