The Mitchell Gold Co. has filed for protection under chapter 11 of the U.S. Bankruptcy Code listing assets and liabilities of between $10 million and $50 million, Furniture Today reported. The company, which suddenly shut down Aug. 23 telling its 533 employees the business couldn’t secure needed funding via a sign on the factory gate, said in the bankruptcy petition that funds would be available for distribution to unsecured creditors. The company estimated its number of creditors to be between 200 and 999. The filing said that the abrupt closure was necessary when PNC bank denied funding, and at that time the company ceased accepting customer deposits at all store locations. In its filing, the board of The Mitchell Gold Co. has approved the appointment of Dalton Edgecomb, senior managing director of Riveron, a consulting company, to act as chief restructuring officer.
