A company that once provided advanced interactive mirror technology to both commercial and residential interests has closed its doors, according to local business sources. Luxury Tec, a parent company comprising Luxury Tec LLC and Luxury Tec Holdings LLC, filed for Chapter 7 bankruptcy on Nov. 14. Michigan business owners will recognize this as a difficult but necessary decision, which came on the heels of considerable financial responsibilities that have gone previously unaddressed.
The company spent the earlier part of the year in good spirits, after the North Carolina-based company moved offices to a more prominent downtown location and announced its intention to expand its services and worker pool from its existing ten employees. Somewhere along the line, those plans were derailed. By November the company's manager, who oversees both Tec and Tec Holdings, made the decision to close the doors on both interests.
Bankruptcy paperwork indicates that each company lists assets between $0 and $50,000. Tec faces debts owed to between 50 and 99 creditors totalling between $1 million and $10 million. Tec Holdings lists an additional $0-$50,000 in debt to a similar number of creditors. Both companies will now be liquidated and their assets used to satisfy outstanding debt.
The reality of the financial crisis that has gripped this nation for several years is not lost on Michigan business owners. Savvy business people understand the importance of Chapter 7 bankruptcy as a tool to discharge debt. It is hoped the owners of Luxury Tec will be able to move forward with a clean slate and rebuild their business free of the debt that was holding them back.
Source: Winston-Salem Journal, Luxury Tec files for Chapter 7 bankruptcy protection, Richard Craver, Dec. 5, 2013