The Fuller Brush Company has filed for bankruptcy protection. This filing comes as a bit of a surprise to many, coming just two months after the company had “completely rebooted itself.” The Fuller Brush company salesmen made a name for themselves by popularizing door-to-door selling of personal care, and household cleaning products. In 1906, 21-year-old entrepreneur Alfred C. Fuller, established The Fuller Brush Company, and set out to make, “the best products of their kind in the world.” Fuller followed three basic rules that he felt would ensure success: make it work, make it last, and guarantee it no matter what. With a new marketing campaign, distribution channels, products and a revamped website complete with helpful videos, cleaning tips and links to Facebook and Twitter, the company intended to increase revenue. The cleaning product maker also worked with popular retailers to make their products more available to consumers. Fuller Brush products can be found at Home Depot, Orchard Supply Hardware, Vermont Country Store and Dierberg’s.
“This is a landmark year for The Fuller Brush Company as we have devoted a significant amount of time and effort toward creating new strategies to better serve our customers”, said Vinnie D’Alleva, chief marketing officer, Fuller Brands. “We’ve invested in new product development, expanded our retail offering, hired new talent and refreshed our branding to meet the needs of today’s consumers.”
“After careful consideration of Chapter 11 at this time, the board of directors and senior management team believe this is a necessary step and the right thing to do for the future success of the company.” “The filing was a necessary means to effectuate a reorganization of the company in an effort to return the company to profitability and restructure its balance sheet. Chief restructuring officer Lawrence Perkins said in a statement Wednesday.
Fuller Brush listed assets and debts of as much as $50 million each in their Chapter 11 documents which were filed Tuesday in a U.S. Bankruptcy Court in New York. Fuller Brush’s parent company CPAC, has also sought court protection from creditors.
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Throughout the bankruptcy process, the Fuller Brush Company hopes to cut costs and discontinue their unprofitable products to emerge a more profitable company. Whether you are considering filing for personal bankruptcy, or business bankruptcy, bankruptcy can be a crucial step in the right direction to achieve financial stability and success. At McFarlin Law we offer free bankruptcy consultations to prospective clients, so give us a call today (888) 728-0044, or email us here.