BALTIMORE, MD—Rockland Industries Inc., parent of Rockland Mills, filed for Chapter 11 protection in the district of South Carolina October 5 after unsuccessfully trying to sell the assets of the company.
The company was in business since 1832 and was a leader in manufacturing blackout linings.
The bankruptcy petition states funds will be available to the 100 plus Unsecured Creditors.
Some feel that Rockland will be more successful selling its bankrupt assets at two forthcoming auction sales.
The assets include a factory in Bamberg, SC and a coating line used by the blackout lining producer.
An inspection of the paperwork submitted by the company to the bankruptcy court includes tax returns showing sales of $33.8 million in 2018 and sales of $19.2 million in 2019. Losses in both years were recorded.
Informed sources say that Rockland had sales of $40 plus million within the last five years. What led to its rapid sales and profit decline is not obvious.
Roc-lon® built the lining business over the years and it was a solid company.
Some feel a buyer will still emerge at this late stage of the game.