Aug 20 Lamson & Goodnow Manufacturing Co, which describes itself as the oldest U.S. maker of cutlery, has filed for bankruptcy protection.
The Shelburne Falls, Massachusetts-based manufacturer of knives, tableware and kitchen tools traced its Chapter 11 filing last Friday to business decisions by prior management and a tightening of credit by a secured lender, Newtek Business Credit.
Lamson said it plans to sell its main factory, enabling it to repay a $1.07 million loan to the U.S. Small Business Administration, which holds a first mortgage on the property. It also said it expects to generate positive cash flow by November.
The privately held company was founded in 1837, the same year President Andrew Jackson left the White House and Queen Victoria began her 63-year reign in the UK. Its products are sold by retailers such as Williams-Sonoma. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler)