Thomas Kinkade Manufacturing Arm in Chapter 11
GDA Staff -- Gifts and Dec, 6/21/2010 1:52:24 PM
Morgan Hill, CA — Pacific Metro, which manufactures reproductions of artist Thomas Kinkade's works, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in San Jose, according to the Silicon Valley Mercury News .
The filing is intended to ease the company's real estate costs, and lists nearly $6.2 million in creditors' claims. A company statement said Pacific Metro has outsourced much of its manufacturing by using advanced digital technology, reducing its need for commercial space, and that the company intends to "provide for payment in full of all allowed claims."
"Pacific Metro has lost money the last two years, despite increasing revenue," according to company spokesman Dave Satterfield, who added that the operation - which has about 30 employees - is expected to be profitable this year. Satterfield also said Kinkade plans to continue painting, and the filing is not expected to affect customers, vendors or daily operations.
Pacific Metro is the successor to Media Arts Group, which went public in 1994. Kinkade took his business private in 2004.
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