May 22, 2019

Even Global Warming Couldn’t Prevent This Bankruptcy

Global warming aside, it seems that the “big box” stores have impacted corporations such as Fedders to the extent that they have changed direction and started producing a “broad line of residential, commercial and industrial IAQ and HVAC equipment”

“Founded in 1896, Fedders Corporation is a leading global manufacturer of air treatment products, including air conditioners, furnaces, air cleaners and humidifiers for residential, commercial and industrial markets.” Despite adding to the product line and reducing costs, Fedders Corporation filed for bankruptcy in August.

“After careful evaluation, management and the board have concluded that in order to ensure the company’s business units’ viability and growth prospects, an exploration of the sale of the company’s businesses is in the best interest of all of its constituents,” said Michael Giordano, President and Chief Executive Officer of Fedders. “The Chapter 11 process will allow time for prospective buyers to evaluate the company and its business units while day-to-day operations continue.”

You can read more about Fedders cooling off here