Countertop manufacturer Clio Holdings LLC filed to liquidate its business, including six related businesses, under Chapter 7 on Jan. 15, in U.S. Bankruptcy Court in Wilmington, Del., The Wall Street Journal reported.
Clio's troubles stemmed from failing to integrate its businesses, tariffs imposed by the Trump administration during the U.S.-China trade war, as well as separate duties on imported Chinese quartz, the publication said. Much of Clio's material is imported from China and the company's management was unable to pass along the price increases, the publication added, citing a person familiar with the business.
Clio faced a number of unspecified operational and financial challenges over the past year, Don Tanner, spokesman for the company's former board and CEO, said in a statement to The Journal.
The liabilities of the firm, backed by private equity firm O2 Investment Partners LLC and debt and equity financier Tecum Capital Partners, range from $10 million to $50 million, according to the report, which cited the petition.
Alfred Giuliano of Giuliano Miller & Co. has been named in the court proceedings as a Chapter 7 bankruptcy trustee to wind down the business, the publication added.