 |
|
 Home
Products
Store
Forum
Warehouse
Contact Us
|
|
|
|
 
|
|
Author
|
Topic: Premier Seating Command Performance Model 2686
|
|
|
|
|
|
|
Gordon McLeod
Film God
Posts: 9532
From: Toronto Ontario Canada
Registered: Jun 99
|
posted 01-20-2004 07:09 PM
check out the latest reencarnation of them
http://www.americanpremierseating.com/
also http://baltimore.bizjournals.com/baltimore/stories/2003/07/14/story1.html
Premier Seating closes
Rachel Sams
Staff
The company that once made seats for Ripken Stadium and the Naval Academy's football stadium has gone under -- for the second time.
The assets of American Premier LLC, formerly Premier Seating, were auctioned off to Track Seating of Grand Rapids, Mich., in mid-June, an American Premier official said this week. All 55 employees of American Premier were laid off June 11, and the company's equipment was moved to Michigan, said William Dotson, a managing member of American Premier. The company's factory on Shannon Drive in East Baltimore is for sale.
American Premier had a loan of about $750,000 from Mercantile Bank, Dotson said. Mercantile called the loan, and when the company could not repay it, the bank auctioned the company's assets, Dotson said. The company's assets were sold to Track Seating for $519,000, he said.
It is a deja vu experience for the stadium seating company, which defaulted on a $1.1 million loan from Columbia Bank in 2001. Columbia sued. The assets of the company -- then Premier Seating -- were placed in receivership to be sold, and all 100 employees were laid off.
Modern Door & Equipment Sales Inc. in Charles County bought the company for a reported $1 million and renamed it American Premier LLC. Modern Door General Manager Philip Pasini told the Baltimore Business Journal in April that three companies were vying to buy American Premier, including one in Michigan. Pasini could not be reached for comment.
Premier Seating was founded in 1994 and grew throughout the mid-1990s along with the movie theater industry. Premier made seats for such renowned theaters as the John F. Kennedy Center for the Performing Arts in Washington, D.C., and the Senator Theater on York Road.
But that business slacked off when movie theater expansion slowed in recent years. Some theaters did not pay the business for large projects, Dotson said. Last year, it still looked as though the company might make it. Employment was up to 130 people in 2002, Dotson said; Modern Door's Pasini said in April that the company had 2002 revenues of $7 million.
But that ultimately wasn't enough.
"We underestimated the damage Premier had in the industry," American Premier LLC's Dotson said. "We were never able to really overcome the whole Premier thing."
Pasini said in April that Modern Door was asking about $2 million for American Premier.
A Track Seating official could not be reached for comment.
© 2003 American City Business Journals Inc.
| IP: Logged
|
|
|
|
All times are Central (GMT -6:00)
|
|
Powered by Infopop Corporation
UBB.classicTM
6.3.1.2
The Film-Tech Forums are designed for various members related to the cinema industry to express their opinions, viewpoints and testimonials on various products, services and events based upon speculation, personal knowledge and factual information through use, therefore all views represented here allow no liability upon the publishers of this web site and the owners of said views assume no liability for any ill will resulting from these postings. The posts made here are for educational as well as entertainment purposes and as such anyone viewing this portion of the website must accept these views as statements of the author of that opinion
and agrees to release the authors from any and all liability.
|
|
|
|
Printer-friendly view of this topic