Tuesday, July 19, 2011

ArchBrook Laguna to Close in New Jersey and Georgia and Lay Off 259 Workers

ArchBrook Laguna could cease operations in Carlstadt, N.J., and Kennesaw, Ga., and eliminate a total of 259 jobs by September.  ArchBrook Laguna has experienced "significant financial distress" over the past few months and may discontinue operations if it can't find additional financing or a buyer before Sept. 30. 

ArchBrook is a procurement and distribution intermediary between production companies and end retailers. It distributes consumer electronics, computers and appliances to principal customers that include Wal-Mart Stores Inc., Best Buy Co. and Costco Wholesale Corp.

ArchBrook Laguna Holdings LLC and certain of its affiliates filed voluntary petitions for reorganization on July 8 with the U.S. Bankruptcy Court for the Southern District of New York, Lead Case No. 11-13292. ArchBrook disclosed assets of $246.2 million against debt totaling $176.4 million as of March 31, 2011.

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The Plant Prospector is a weekly e-mail service that identifies national, regional, and local plants and businesses in transition through layoffs, closings, and work force reductions. A reduction in the number of employees is an indication of a current or imminent change in the operations of an enterprise and is invaluable in identifying companies including private firms, small public companies, and subsidiaries of major corporations that are in flux. Plant Prospector is an ideal prospecting tool for firms that provide services to businesses in transition, such as temporary employment agencies and outplacement firms, and for companies whose business may be affected by change, such as suppliers, professional firms, and insurance companies.

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