The Kane Company Winding Down Majority of Operations
The Kane Company announced yesterday the Company’s plan to conduct an orderly wind down of operations and eventually close the business.
John Kane, President and Chief Executive Officer, said, “Having explored multiple paths with the assistance of financial and legal advisors, it has become clear that the best course of action for the Company and its creditors is to wind down our operations. This difficult decision has not been made lightly and comes after many long discussions with key management, advisors, and family. I am truly grateful for the hard work and dedication of our employees that has enabled us to provide “Best in Class” service to our many loyal customers for 47 years in business. Unfortunately, we have not been able to find a strategic alternative that could generate a viable transaction within the time frame allowed by our limited cash resources and lender.”
The goal of the Company during the wind down process will be to divest the company’s assets and collect on receivables in order to satisfy obligations to creditors. This will also include working with customers to phase out current contracts and projects, while ensuring they are supported by high quality service providers going forward.
Additionally, the Company’s HR team will be focused on assisting employees with finding other employment, including through partnership with the Maryland, Virginia, and District of Columbia Departments of Labor and Workforce Development.
*Please note that we will continue our Office Shredding and Office Archives operations until further notice.*