Irving Tannery may be saved - leatherbiz: Leading news site for the gl Leatherbiz

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Irving Tannery may be saved

18/05/2005

It seems that Irving Tannery, which filed for bankruptcy in March (see leatherbiz.com 23.03.05), may have been rescued at the eleventh hour.

The company is said to have signed a letter of intent to sell the company to an investment company for middle-market restructurings and turnarounds, Meriturn Partners LLP, for approximately $6 million.

 

If the sale is successful, depending on the outcome of a hearing on May 25, the tannery will continue to produce leather goods at its Maine facility and that the 250 jobs at the tannery will be saved.

 


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