Home improvement and hardware stores have faced economic issues in the last year that have led to store closings and bankruptcy filings.
Most recently, a couple of major home improvement product providers in the kitchen and bath industry have filed for bankruptcy, with major retail chain Wren Kitchens shutting down all operations and filing for Chapter 7 liquidation.
Florida-based home improvement products supplier DAX International Brokers Inc. filed for Chapter 11 bankruptcy and will remain in business while it restructures its debt and reorganizes operations.
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Dax International Brokers files bankruptcy
The Hialeah Gardens, Fla.-based kitchen and bath products distributor filed its petition in the U.S Bankruptcy Court for the Southern District of Florida on April 22, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities, including over $7 million in unsecured debt, according to its petition, as RK Consultants reported.
Dax International did not indicate in its petition why it filed for bankruptcy protection.
Debtor’s largest creditors
The debtor’s largest creditors include Amerant Bank, owed over $3 million; the U.S. Small Business Administration, owed over $1.9 million; co-owner Diego Capuro, owed over $384,000; State of Florida Department of Revenue, owed over $255,000; Becrisa 2011, S.L., owed over $163,000; and Algicocina S.L., owed over $157,000, according to the petition.
Dax International Brokers’ owners, Alejandro Randazzo and Diego Capurro, launched their business in Miami, Fla., in 2008, and it has since grown to seven showrooms.
Company sells kitchen and bath products
The company specializes in providing kitchen and bath fixtures, as well as tile and flooring, to contractors, kitchen and bath companies, designers, interior decorators, and other wholesalers in North, South, and Central America, and the Caribbean.
Dax International provides a wholesale delivery system with guaranteed same-day delivery service.
Dax’s products include kitchen accessories, faucets, sinks, grids, and cabinets. It also offers bathroom cabinets, bathtubs, shower doors, showers, faucets, mirrors, sinks, toilets, and accessories.
The home improvement wholesaler also sells flooring and tile, wall coverings, countertops, and slabs.
Wren Kitchens closes, files for liquidation
Dax International Brokers’ bankruptcy came just two days before major kitchen and bath retailer Wren Kitchens filed for Chapter 7 bankruptcy liquidation on April 24 and abruptly closed down all 15 of its brick-and-mortar retail stores on the East Coast.
Wren Kitchens launched a strategic partnership to open showrooms in Home Depot stores beginning in 2024, but closed all of its Wren Kitchen Studios within the stores when it filed for Chapter 7 liquidation.
Retailer also shuts its in-store studios
“Wren Kitchens has alerted us that they’ve ceased operations in the United States, which includes closing their showrooms in our stores,” Home Depot said in a statement to WFSB-TV in Rocky Hill, Conn.
“We had no previous notice of Wren’s intent to close, and we’re actively evaluating how this has affected Wren customers to help those who may have questions or issues. For questions about operations, please contact Wren directly,” the statement concluded.
The U.K.-based home improvement retailer’s parent, Wren US Holdings Inc., posted a message on its website announcing the closing.
“We regret to inform you that our showrooms and studios are now closed. If you require assistance, please click button and complete the form,” the message said. The message included a green “Click for form” button for customers to use.
No other information is available on the website at last check.
Related: 41-year-old cosmetics company files for Chapter 11 bankruptcy
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