The Oreck Corporation, well known vacuum maker, has filed for bankruptcy under chapter 11.
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.
Don't Miss: The best Deal on a new Samsung Galaxy S8
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.
In collaboration with Balla Networks, I4U News brings you regular updates of the current Trending News outside of the technology interesting to Geeks.
Balla Network sites curate and highlight Trending News from the entire web and features commentary on the hottest stories of the day. Stay up to date with the latest news, tweets and Youtube videos about all trending news in real-time.