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Company That Received Millions In Loans from Connecticut Files for Chapter 11 Protection

Company That Received Millions In Loans from Connecticut Files for Chapter 11 Protection

Submitted by jhartgen@abi.org on

A Suffield, Conn.-based marketing company that has received $3.5 million in state economic development loans since 2009 filed a Jan. 8 petition for chapter 11 protection from creditors, while it reorganizes in hopes of getting out of a cash bind it attributes to financial problems affecting retail stores nationwide that are its customers, the Hartford Courant reported. Windsor Marketing Group. Inc. and its president and owner, Kevin F. Armata, told the U.S. Bankruptcy Court that without chapter 11 relief the company “will suffer irreparable harm in that it will be forced to cease operations, thereby destroying its going concern value for creditors … and eliminating vital jobs for its employees.” However, the company gave a more optimistic assessment yesterday. “While we are re-organizing, we are proceeding with business as usual, and...[w]e fully expect to emerge from Chapter 11 as soon as practicable, stronger than ever,” Chief Marketing Officer Steve Thomas said. Windsor Marketing, which marked 40 years in business in 2016, says that it has more than 3,000 customers, including major retail chains — to which it sells “in-store marketing” materials such as high-definition “merchandising signage” to grab customers’ attention, steer them to product displays, and stimulate “impulse purchases.” he bankruptcy case, moving forward in its early stage, has caused concern at the state Department of Economic and Community Development — which loaned the company $2 million in 2009 and another $1.5 million in 2015 for expansion of the company's headquarters.