ELKRIDGE, Md. (AP) - The Kane Company, an Elkridge-based commercial mover, has filed for Chapter 7 bankruptcy.
Media outlets report that last week’s filing came after the company announced it would shut down most operations and lay off at least 900 workers in Maryland and Virginia. In Chapter?7 liquidation, a court trustee sells assets to pay creditors’ claims and the company then ceases operations.
The company claims assets of about $15.8 million. Kane and its affiliates owe about $8.8 million to more than 700 entities. The firm also faces several pending lawsuits over contracts.
CEO John Kane says business had grown more difficult generally, but the company had to make $2 million in unexpected investments when new facilities weren’t ready as expected last year.
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