Despite rumors that Tectron is no more following the Chapter 7 bankruptcy filing of its parent company, Stockton, Calif.-based, Blue Magic Products, Inc., the company soldiers on, this time with a new owner, Boyd Specialty Sleep of Maryland, Mo. Tectron produces fabric and leather care and cleaning products sold into the outdoor specialty market.
Boyd purchased the assets and security interests (other than accounts receivables) of Blue Magic on August 29.
Aware that because of Blue Magic's troubles, orders for Tectron products had not been shipped for some time, Boyd's president, Dennis Boyd, sent a Sept. 2 letter to dealers promising to make "our best efforts in the coming weeks to begin shipping you the product(s) that you need without any unnecessary delay."
The only glitch in the entire process for retailers -- other than receiving promised orders late, of course -- is that retailers awaiting orders have to resubmit any current or pending purchase orders that have not been filled so that they can be entered into Boyd's company system.
Blue Magic began experiencing financial difficulties last year, and filed for Chapter 11 voluntary bankruptcy protection on June 11, 2003. The Claims Register report on file with U.S. District Bankruptcy Court, 9th Circuit, Modesto, Calif., is a long one with over $317,000 in claims.
According to the court documents, in July, Blue Magic was forced into Chapter 7 by the company's bank, which called in its note.
Boyd representatives told SNEWS that the company fully expects to be in full production with product and fulfilling new orders by mid-October. Questions should be directed to Jason Ross at 314-997-5222, ext. 208.