Henrico County-based mostly Acorn Indicator Graphics Inc., makers of custom architectural indications that has landed two times on the Inc. 5000 record of the nation’s fastest developing private businesses, has ceased operations.
The enterprise shut down immediately after filing for Chapter 7 liquidation in the U.S. Bankruptcy Court docket in Richmond on Wednesday.
Acorn Sign Graphics, started in the 1970s, has been co-owned by partner and wife Beth and Steve Gillispie considering that 2003.
The enterprise stated in between $500,000 and $1 million in belongings and $1 million and $10 million in liabilities, courtroom paperwork present.
It had amongst 200 and 999 lenders. The submitting didn’t record the company’s most significant unsecured collectors, but lots of of the lenders are from the Richmond location.
Acorn Signal Graphics said in a statement that it was recovering from organization impacts from the pandemic and supply chain challenges.
But the corporation claimed it “was unable to prevail in a contract payments dispute with its biggest purchaser, LL Flooring. The resulting liquidity disaster forced closure of the organization.”
Individuals are also reading…
The business claimed it expects to go after its declare in personal bankruptcy court docket from LL Flooring, the Henrico-primarily based flooring huge that previously was named Lumber Liquidators. Acorn Sign Graphics didn’t provide any information about the payment dispute, together with the total.
Beth Gillispie, who is stated as the company’s president and CEO, could not be achieved for comment.
“We are deeply saddened by the hardship in this problem for our stakeholders, 43 employees, suppliers and prospects,” the enterprise statement said. “The legacy we hope stays echoes our vision: to have improved the human expertise in the built environment and furnished a location the place our staff members would prosper.”
Acorn Indication Graphics was acknowledged for its high-excellent style, fabrication and set up expert services. It has produced tens of hundreds of signals for offices, retail merchants, hospitals and educational institutions in Virginia and somewhere else.
The firm also was a benefit company, or B Corporation, devoted to social and environmental responsibility.
That intended its mission was to produce the signals in an environmentally helpful way. At Acorn’s key office environment and creation facility on West Clay Avenue near Dabney Street, the organization had invested many yrs in the past in tools intended to assemble and paint signs with significantly less squander and much less poisonous chemical substances. It also utilised recycled or environmentally friendly-friendly supplies in its indicators.
In 2015, the enterprise was recognized in the “Best for the Environment” group in the Ideal for the Environment awards method by B Lab, a Pennsylvania-based nonprofit that certifies corporations as B Corps and advocates for that small business design.
Acorn Indication Graphics also created it 2 times on the Inc. 5000 record of the nation’s fastest-escalating non-public companies based on the companies’ three-year earnings advancement rates.
In 2017, the firm was rated No. 4,756 with a 47% 3-12 months progress fee building $6 million in once-a-year gross sales. In 2015, it experienced a 66% expansion amount with $5.9 million in product sales landing it at No. 4,193.
The firm is represented in its individual bankruptcy situation by the Richmond law agency of Spiro & Browne PLC.