The Column, No. 118:
Queen Cutlery Announces Plant Closing
By Gary Zinn
The following announcement has been posted on the Queen Cutlery company website and Facebook page.
"Kenneth Daniels CEO and President of Queen Cutlery has announced effective January 10, 2018, that due to issues with cash flow, Queen Cutlery Company has been forced to cease all production and close it's Titusville Pennsylvania facility, and furlough it's employees while it goes through a period of reorganization."
This came to my attention via a January 15, 2018 item posted on the Knife News website. Very quickly, the cutlery related internet blogs and forums have become rife with rumors and speculation about whether the company is going out of business, along with various theories regarding the underlying causes of the Queen business difficulties.
My interpretation of the announcement, as worded, is that the company is having trouble meeting its debt obligations. Consequently, it is apparently entering a Chapter 11 bankruptcy proceeding, seeking temporary suspension or reduction of credit obligations, while attempting to restructure the business, with the intention of renewing operations at a future date. The announcement strongly suggests this by its wording, rather than indicating that Queen is going out of business (which would be a Chapter 7 bankruptcy proceeding).
I will not speculate beyond that. Time will tell whether Queen Cutlery reemerges as a viable business, or becomes defunct. I will update Guns and Shooting Online readers about the Queen situation as it develops.
Copyright 2018 by Gary Zinn and/or chuckhawks.com. All rights reserved.