Several closings, one optimistic start-up for Los Angeles produce industry
Several closings, one optimistic start-up for Los Angeles produce industry
LOS ANGELES — California Vegetable Exchange Inc., here, a produce broker and wholesale firm founded by Tom Kunisaki in 1966, has suspended operations May 14 following the filing of a PACA claim last month by a group of creditors.
Mr. Kunisaki’s attorney, John Lapinski, told The Produce News June 22, “This is a closure and liquidation” and not a bankruptcy. There has been and will be no bankruptcy filing, he said. “There is no need,” as Cal-O’s assets will be distributed to PACA creditors by the trust under supervision of the court.