Techniku, a leading motor supplier for the blinds market, is calling it quits. Probably to the floundering building market. A recent email sent to their vendors reads:
In an attempt to keep the business going we have talked with several
potential purchasers, but have not been able to reach satisfactory terms.
While we continue to have discussions with various parties potentially interested
in continuing certain products, nothing is certain at this time. Therefore
(+ at this moment) we see no other option than to prepare for winding down
the company effective as per December 15, 2009.
Customers with open orders, please advise us if you wish for your orders
to be filled. If so, they will be shipped only on a pre-paid basis,
following payment of any outstanding account balances. Additionally, such
purchases will not be covered by a Techniku warranty, while customer returns
will not be accepted after this date.
Vendors with open purchase orders should immediately cease any shipments,
unless specific contrary instructions from management of the company.
During the wind down period that is expected to last two months, several
employees will be responsible for liquidating the assets, consisting
primarily of Inventory and Receivables, and pay on a pro rata basis the Company
outstanding obligations. As the owner has funded all operating losses,
there is no outstanding bank debt. The lease on our facility has a sixty day
termination clause, which matches the expected wind down period, and
therefore there is no extended lease liability. Employees, other than those
that will be responsible for the liquidation process, will be terminated on
December 15, 2009, and will be paid their accrued PTO.
While discussions with various parties continue, it is our intention to
provide you by January 30, 2010 with an update on either our discussions with
parties interested in various assets of the company, or on the liquidation
process.
We thank you for your business and support over the past, and are deeply
sorry that our relationship might end this way.
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