RANGER, Ga. (Nov. 18, 2011)—Rubber Wholesalers Inc., a processor and manufacturer of consumer and industrial goods from recycled rubber, has filed for Chapter 11 bankruptcy protection and is seeking an investor or buyer.
Ranger-based Rubber Wholesalers has retained Equity Partners CRB L.L.C. to conduct the search for an investor or buyer. The case is being heard in the U.S. Bankruptcy Court for the Northern District of Georgia.
The process is open-ended, but Equity Partners expects to entertain offers within the next 60 days, according to Fred Cross, managing director of investment banking services firm. No offers have come in yet, because the process is still new, Cross said.
Equity Partners said Rubber Wholesalers ran into cash flow restraints after investing in infrastructure to service a large order from Wal-Mart Inc. that it said was not supported with the proper point-of-sale advertising at the store level. The order was not renewed.