Orlando, Florida based Dusobox Corporation filed a petition last month with the United States Bankruptcy Court, Middle District of Florida, Orlando, FL to reorganize under Chapter 11 of the U.S.Bankruptcy Code.
John and Richard Kelley authorized the Chapter 11 on behalf of the stockholders in order to protect the company’s future.
The relief provided by Chapter 11 will allow Dusobox the opportunity to re-organize its cost and debt structure, as they continue to operate under normal business operations.
“We will continue to honor our commitments to our customers, vendors and employees,” says John Kelley.
“Filing Chapter 11 was a very difficult and emotionally tough decision for us. But our primary goal is to keep the doors open for business and continue to serve our customers.”
Now run by the third generation of the family, Dusobox is one of the most innovative, privately owned manufacturers of decorative Corrugated Packaging and displays.
It is a well invested company, using state-of-the-art equipment to design and manufacture corrugated fiberboard packaging solutions for customers throughout Florida and into neighboring states.
“We have experienced one of the harshest trading environments for quite some time,” said Richard Kelley.
“Unfortunately, we lost one primary direct sales contract, as well as a large trade account, both of which amounted to many millions of dollars of revenue annually.
“These lost accounts were close together — and coupled with the poor demand being felt across the U.S. corrugated packaging industry, it hurt our cashflow significantly.”
“The most important thing to make clear is that filing for Chapter 11 will afford us the protection and time to reorganize our business,” John Kelley said.
“Our family sincerely thanks all employees who have stuck by us during this tough time; we also thank our loyal customer base and commit to keeping it ‘business as usual’ while we undertake changes to the structure of Dusobox.
“Finally, our raw material and machinery and service suppliers, from whom we continue to get the support and assistance we need.
“We are ready to take on this challenge, ensuring we protect the people and company. Dusobox has a proud history, and we are looking forward to working our way through this situation with positivity and vigor.”
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