All Resort Group, Inc. a large, long-established Park City transportation firm, closed early Thursday evening, an executive said, one of the most notable local business failures since the depths of the recession.
Gordon Cummins, a minority owner of All Resort Group and the firm’s vice president, said on Friday the closure impacted several hundred employees like drivers and office workers. All Resort Group suggested the employees file for unemployment benefits, Cummins said.
“We’re deeply disappointed and we feel for our employees. We wish our employees well,” Cummins said.
The firm in late April filed for bankruptcy protection in U.S. Bankruptcy Court in Salt Lake City under Chapter 11 of the federal bankruptcy code. A Chapter 11 filing is voluntary and is meant to allow a company to reorganize with the intention of paying debts. The filing listed between $10,000,001 and $50 million in estimated assets and the same dollar range in estimated liabilities. It was estimated in the filing there were between 200 and 999 creditors, including a leasing firm, a Las Vegas touring firm and an Ohio petroleum company.
Cummins said an investment group in Phoenix had implied it would acquire All Resort Group, Inc., with an arrival planned on Thursday to meet with managers of the transportation firm and walk through the facilities. Cummins said the investment group contacted one of the attorneys working on the bankruptcy indicating it had opted against a deal. The group “withdrew their intent to do an acquisition,” Cummins said. The deal fell through Thursday morning, he said.
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