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Monday, July 03, 2000
 End of the road for Smart and Friendly
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Message Text: We had posted the news first but you can read additional info about the end of Smart & Friendly:

"...In early April, Sanwa Bank threatened Smart and Friendly President and CEO Perry Solomon with foreclosure. Days later, representatives of Sanwa Bank arrived at the company's Chatsworth, Calif., headquarters and gave employees one hour to vacate the premises before the doors were padlocked.

Solomon took legal steps to stop Sanwa Bank from liquidating and attempted to continue operations with a smaller staff. Ironically, the company was still telling creditors and customers it was solvent with more than $4 million in assets at the end of March, sources reported. By mid-May, Solomon could not stop Sanwa from taking further action, and the company's assets were sold off. Some 30 to 50 employees were let go in the end, sources said. While the company's Web site is still active, messages left to the company's toll-free phone number were not returned.

A number of distributors who once sold and stocked Smart and Friendly products have confirmed the company mysteriously closed operations and were unreachable by phone, e-mail or standard mail..."

 
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