Longtime wholesaler at Hunts Point files Chapter 11
Longtime wholesaler at Hunts Point files Chapter 11
Rosenthal & Klein Inc., a fixture at New York's Hunts Point Terminal Market in the Bronx, NY, for nearly 30 years, has ceased operations and filed for reorganization in federal bankruptcy court under Chapter 11.
According to Ken Schultz, vice president of rating services for The Blue Book, based in Carol Stream, IL, Rosenthal & Klein, which was incorporated in 1977 and had been a Blue Book trading member since 1982, had a temporary restraining order filed against it and its owners, Alec Rosenthal and Burt Klein, on Sept. 30 by Deerfield, FL-based Astern International Inc. for $73,590.20. Rosenthal & Klein then filed for Chapter 11 protection in the U.S. Bankruptcy Court Southern District of New York on Oct. 12.
According to Mr. Schultz, Rosenthal & Klein, whose listing in The Blue Book was deleted Nov. 17 after it "reported suspended operations; obligations not fully liquidated," is in the process of liquidating its units at the Hunts Point market.
Mr. Klein declined to comment on the proceedings or his future plans when he was contacted by The Produce News Nov. 21 other than to confirm that Rosenthal & Klein had "ceased operations at the end of September."
Myra Gordon, executive administrative director at the Hunts Point Terminal Produce Cooperative Association Inc., said that what makes the market vibrant are its different tenants. Rosenthal & Klein was an "active participant in the cooperative and did their fair share to make it a viable entity," Ms. Gordon said. "It's sad when a good company has to close its doors."
According to Ken Schultz, vice president of rating services for The Blue Book, based in Carol Stream, IL, Rosenthal & Klein, which was incorporated in 1977 and had been a Blue Book trading member since 1982, had a temporary restraining order filed against it and its owners, Alec Rosenthal and Burt Klein, on Sept. 30 by Deerfield, FL-based Astern International Inc. for $73,590.20. Rosenthal & Klein then filed for Chapter 11 protection in the U.S. Bankruptcy Court Southern District of New York on Oct. 12.
According to Mr. Schultz, Rosenthal & Klein, whose listing in The Blue Book was deleted Nov. 17 after it "reported suspended operations; obligations not fully liquidated," is in the process of liquidating its units at the Hunts Point market.
Mr. Klein declined to comment on the proceedings or his future plans when he was contacted by The Produce News Nov. 21 other than to confirm that Rosenthal & Klein had "ceased operations at the end of September."
Myra Gordon, executive administrative director at the Hunts Point Terminal Produce Cooperative Association Inc., said that what makes the market vibrant are its different tenants. Rosenthal & Klein was an "active participant in the cooperative and did their fair share to make it a viable entity," Ms. Gordon said. "It's sad when a good company has to close its doors."