Abe’s Of Maine Files Chapter 11

By Alan Wolf On Nov 8 2012 - 11:23am

resident and founder Abraham Mosseri said he plans to sell or liquidate the business if an investor cannot be found. He currently employs 41 staffers.

Edison, N.J. – Abe’s of Maine, the 33-year-old direct CE seller, has filed for Chapter 11 bankruptcy protection.

According to a bankruptcy court filing on Nov. 5, the company sought Chapter 11 protection to reduce debt, improve liquidity, and find a backer to bolster its “long-term growth prospects and operating potential.”

Total fiscal year sales through June 30 were about $87 million, down from $110 million in 2011 and $115 million in 2010.