Canada, Guelph-based Barber Glass Retail, which started its activities 127 years ago in the city, will stay in business after being purchased from the receiver. Bankruptcy proceedings regarding the mu…
Canada, Guelph-based Barber Glass Retail, which started its activities 127 years ago in the city, will stay in business after being purchased from the receiver. Bankruptcy proceedings regarding the much larger manufacturing component of the business, Barber Glass Industries, continue, but efforts are being made to save it. According to John Barber, president of Barber Glass, an agreement has been reached to buy back and preserve the retail operation, which 16 local families depend on for their livelihood. I negotiated with the receiver to maintain retail and keep it open, he said. They worked with me to do that. The deal was finished and we paid them last Thursday. What that basically means is that where Barber Glass originated, remains in operation, he said. We“ve saved a bit of Guelph“s history. Daniel Sobel, a chartered accountant with the receiver, Grant Thornton Limited, confirmed that a transaction had been completed for the sale of the assets of Barber Glass Retail division. The remainder of the assets of Barber Glass Industries, including the assets located in its Guelph and Collingwood manufacturing plants remain available for sale, he said. Offers for such assets are due on 22 December 2010. The Ontario Superior Court of Justice appointed Grant Thornton as the receiver of Barber Glass Industries On November 10, 2010. The order authorized the receiver to solicit offers for the company“s assets. A sale process was launched on November 23, 2010, requesting prospective purchasers to submit offers for the company“s assets, including equipment and inventory, by December 22, 2010. According to Sobel, it is not yet known whether the assets will be purchased by an entity that intends to continue to operate from the company“s premises in Guelph and Collingwood or if assets will be purchased and moved from their present locations. Any sale of the company“s remaining assets would be subject to, among other things, the approval of the court, he said.