Beaulieu Group files for bankruptcy protection
DALTON, Georgia (WDEF) – The Beaulieu Group has filed for bankruptcy protection.
The Dalton based flooring company filed petitions on Monday in Federal Bankruptcy Court in Rome.
A company release calls the action a formal proceeding to restructure its balance sheet.
They say lenders have agreed to continue to support the company to keep them going.
“Beaulieu family members and our board of managers believe pursuing a restructuring through chapter 11 is
the best path forward at this time,” said Michael Pollard, President of Beaulieu Group LLC.
“We have evaluated alternatives to address Beaulieu’s capital structure, and believe that restructuring through the
chapter 11 process will best position all of Beaulieu Group LLC’s businesses for future success.”
“This is a necessary process as we continue to execute our long-term strategic plans for the business.
Our business model has changed with the industry and our client base since our current capital structure was put
into place,” continued Pollard.
“This restructuring will allow us to invest in the business going forward and emerge a stronger organization.
We remain steadfast in our commitment to our customers and employees throughout this process.
I am confident that we have the talented and committed team capable of executing the reorganization plan.
We appreciate the support of our vendors and customers as we move through this process.”