GALLATIN, Tenn. — Cresent Enterprises Inc., the parent of long-time solid wood furniture resource Cresent Fine Furniture, is winding down operations.
In an Oct. 27 letter, the company’s attorney, David W. Houston IV, said that Cresent Enterprises was liquidating its remaining inventory and equipment.
While the company has not filed for Chapter 7 bankruptcy protection, the letter said that its liabilities exceed its assets. Claimants and creditors can make claims until March 15, 2021.
Houston declined to comment for this story. In recent weeks, Cresent Fine Furniture President Taylor Condra has not responded to multiple requests for comment about the status of the company.
In May, he told Furniture Today that Cresent was unable to resume production of its BenchMark custom dining line, following the company’s reopening after a brief COVID-19 related shutdown. But Condra said at the time that the company was still shipping other goods to major customers including Wayfair and Macy’s.
According to Houston’s letter, Cresent’s board of directors on Sept. 9 unanimously agreed to dissolve the company, a move that also was approved by shareholders. The company’s filing status with the Tennessee Secretary of State office was changed from active to dissolved on Oct. 16.
For more on this story, see the Nov. 30 edition of Furniture Today.