A New Chapter for Connelly Billiards
More bad news in the billiards industry. Connelly Billiards, a well known manufacturer of pool tables, filed for Chapter 11 Bankruptcy. They won’t be going out of business (that’s what Chapter 7 is for), but more often than not, the creditors get left holding the bag. The way Chapter 11 works is that the company can still operate while they ask the courts to grant them relief (full or partial) from their debt. Ultimately, it is up to the courts to decide how much they need to pay back.
My guess is that they’ll be shutting down at least a few of their stores and blowing out some tables in order to get through the re-org process. Should be interesting. Somehow I get the feeling that they won’t be the last company to hit the bricks over the next few months.
