May 8 2013, 11:31pm CDT | by Luigi Lugmayr
There is a big chance that you have an Oreck vacuum cleaner in your house. The well known Oreck corporation has filed for bankruptcy under Chapter 11. The company says in a statement that the move will enable Oreck to sell the business while continuing day to day operations without interruption.
Oreck will continue to operate while the sale process takes place, with authorized and exclusive dealers and other trade customers continuing to receive product for sale to ultimate consumers. It is anticipated that following the closing of the sale that plant operations and corporate headquarters will remain in Tennessee.
Chapter 11 is a business reorganization proceeding under the federal bankruptcy law that allows a company to remain in control of its assets and operations while it seeks to reorganize or sell its assets.
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