November 29, 2019
Barrymore Furniture, a Toronto, Ontario-based manufacturer and retailer of high-end furniture with a history dating back to 1919, filed an NOI on November 29, listing $7.5 million in liabilities, including $3.7 million to HSBC and $454.5 thousand to BDC. Historically, the company achieved revenues of over $10.0 million in each of its fiscal years ended April 30, 2017 and 2018. From late 2018 to the fall of 2019, however, the company experienced a dramatic reduction in sales which caused substantive liquidity issues. In the last few months the company has been operating at unsustainable monthly losses and became overdrawn on its operating loan facility. The NOI filing is intended to give the company temporary relief from creditors to allow it to carry on business through the holiday season and canvas the market for potential buyers of its business and/or assets. Farber is the proposal trustee. Counsel is Loopstra Nixon for the company, Chaitons for the proposal trustee, TGF for HSBC and Lipman Zener & Waxman for BDC.