Duro is one of at least three of Lynn Tilton’s Patriarch-managed companies to abruptly close in 2016, together costing around 2,000 jobs, the Wall Street Journal reported yesterday. Tilton’s empire that year was roiled by a flurry of lawsuits, as well as civil-fraud allegations leveled by the Securities and Exchange Commission. In a statement, a Patriarch representative said that the companies it manages are often in financial distress. “Given the substantial obstacles that many of these companies face, not all of them can be saved,” the firm said. The size of Tilton’s operation isn’t clear. In 2015, Patriarch counted 74 companies in its portfolio, according to a press release. On the witness stand in a Delaware court in August, Tilton said that she believed there were about 50 Patriarch-run businesses still in operation. In a television interview last week, she put the number at more than 60. Patriarch declined to explain the discrepancy or discuss individual businesses.
