05 Aug Mr. Bubbles Files Chapter 11.
Ascendia Brands filed for Chapter 11 Bankruptcy protection today, August 5, 2008. Ascendia which is a Delaware Corporation manufacturing such brands as Mr. Bubbles and Baby Magic had to seek the protection of the Bankruptcy Court. The company is blaming the economy for the down turn of profits. Along with the filing of the Chapter 11 the company also accepted the resignation of their President and CEO Steven Scheyer in the hopes of restructuring to save the company.
You can contact Ascendia’s website for updated information about their ongoing bankruptcy proceedings. Hopefully Ascendia will find help somewhere so that the long time favorite of children everywhere, Mr. Bubbles, will survive and not head down the drain one last time never to elicit smiles from parents and children again.
Written by Kansas City Bankruptcy Attorney, Rachel Lynn Foley.