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
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