The Murfreesboro based Old Time Pottery has declared itself out of bankruptcy. The Old Time Pottery is a chain of stores that specialize in home decor and furnishings. It had filed for Bankruptcy 10 months ago under chapter 11.
The Old Time Pottery went into bankruptcy after the credit provided to them by the firm SunTrust left it in the dark by pulling out after they themselves filed for bankruptcy. Suntrust eventually reduced the credit line from $40 million to $ 18 million before completely pulling out and zeroing the credit line to the chains. The Old Time Pottery chain listed its assets between 50 to 100 million and also had debts of up to 10 to 50 million dollars.
The Old Time Pottery chain has closed up to 6 chains as a part of its re-organization plans and more closures are in the pipe line, which are not performing very well. But most of its stores are performing very well and will see the company through these tough times.
Old Time Pottery is Out of bankruptcy
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