ronco files for chapter 11 - food dehydrator machine
WASHINGTON --Ronco Corp.
Two years after the founder and television company pitchman Ron Popeil sold the iconic company for $56 million, the matric vegetable slicer and Pocket Fisherman filed for bankruptcy.
The product sold by Ronco is perfect for "graduates and fathers", and it seeks to protect creditors from more than $32 in debt. 7 million. It listed $13.
Yesterday at the American bankruptcy court in Woodlands Hills, California, 9 million of assets in Chapter 11 documents
Chief executive John Reiland said in the bankruptcy application that "the sale of Ronco in the coming weeks is the best and most viable mechanism to maintain the company's value ".
Reiland says Ronco will sell through court
Supervised auctions already have a potential, unnamed buyer.
The 72-year-old Popeil opened in Chatsworth, California. -
A company based around 1958 has recently become a household name --night TV ads.
He is known for advertising his products and began to sell his father's vegetablesO-
Marty Qi manual food processor with the phrase "It slice! It dices!
According to court documents, on June 2005, Popeil sold it to a holding company for $40 million in cash and $16 million in notes.
The buyer reserves the name of Ronco and the right to purchase the product invented by Popeil before offering it elsewhere.
He continued to work for Ronco as a consultant and spokesperson.
Popeil invented the execution of debts exceeding $.
7 million, other companies owned by Popeil are listed as Ronco's largest unsecured creditor in court documents.
The invention of Popeil included a machine that messed up eggs in the Shell, a food dehydrator, an automatic pasta maker, and a spray covering bald spots on the head.
The best in the company-
The gadget is sold by the Pocket Fisherman, a small fishing rod and reel.
According to the Patent and Trademark Office, Popeil is listed as the inventor of more than 20 U. S. patents. His fast-
Fast-paced TV commercials provide phrases for vocabulary like "but wait, and more" and "How much will you pay now ? "?
"Ronco has moved in 30-to 60-
Repeat the minute program to sell the product.
One of the best sellers is Showtime Rotisserie, a small oven that uses Popeil's latest catch to cook meat and poultry
Phrase: "set it up and forget it.
Bill Brandt of Chicago said, "These brands will have value in bankruptcy sales"
Development expert company based in turnaround consulting company
The problem is "you need something innovative" because "every family has something to put in a broom closet.
Reiland said in court documents: "The 2005 acquisition of Popeil left only about $250,000 in cash for Ronco.
According to a court document, its current assets include a stock of $7.
Cash and unpaid bills were $7 million and $3 million, respectively.
The company said it generated $45 million in revenue last year.
Popier declined to comment through his assistant.