The nation's oldest cutlery manufacturer has filed for bankruptcy after 177 years of making knives and other kitchen tools.
The Recorder of Greenfield reports that Lamson & Goodnow Manufacturing Co. of Shelburne Falls, Massachusetts, filed for Chapter 11 bankruptcy earlier this month, which protects the company from creditors as it reorganizes.
The business has also put its 18-acre factory complex up for sale.
According to federal bankruptcy court in Springfield, the company filed for bankruptcy protection as a result of two multimillion dollar loans it could not repay. The company owes $1 million on a U.S. Small Business Administration loan and more than $2 million to the small business corporation in New York.
Founded in 1837, the company has been owned by James Ross Anderson since 1998.