Network Equipment Solutions Files Chapter 7
Computer hardware supplier Network Equipment Solutions announces Bankruptcy. Blames troubles on singular focus.
TAMPA, FL (I-Newswire) September 17, 2012 - Florida hardware sales company Network Equipment Solutions announced Friday that it intends to file a Chapter 7 petition with the United States Bankruptcy Court for the Middle District of Florida.
NES management authorized the filing of the Chapter 7 petition on Friday. The company has stated its plan, as is the custom under Chapter 7, to make salary deductions and hopes to continue to offer healthcare benefits to its employees as long as possible. The status and future of the privately-held company's profit-sharing plan, is uncertain.
Company spokesman John Hamm stated that the source of the company's financial troubles was its reliance on "a vast majority" of its receivables coming from a single customer. This client, Hamm reported, had stopped making scheduled payments on their account, which carried “a very significant balance.” Without this scheduled revenue stream, Network Equipment Solutions was unable to continue operations.
Mr. Hamm had been the acting director of the company since mid-July, upon the retirement of the President. Network Equipment Solutions had been a major player in domestic and international hardware and computer network sales. The company had offices and distribution centers in several Florida locations, and several other states.
The Chapter 7 liquidation process is scheduled to begin as soon as possible. Network Equipment Solutions has listed as assets office furniture and supplies, computers, photographic equipment, and a small piece of real property on which the company had a structure for staging purposes.
Information on the companies annual revenue, and exact number of employees were not available as of this writing.
About Money Business News
Money Biz News is a journalism organization dedicated to reporting on financial and business develop More..ments along the eastern seaboard. Our dedicated staff prides itself on being among the first to know, thereby assisting individuals and businesses struggling with independent, verified financial news.Less..
Money Business News
PO Box 2471
Phone : 800-909-0090
Published On:September 17, 2012
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.
The Best Media Planning Services
Food Trends in London
List Companies: Great Website for Business to Business Advertising
Letting Agency Aims to Help Landlords and Students Find Their Perfect Match
Acquire Plenty Amount Of Mobile Accessories From SINOELE