Rome Company, Inc.
Rome Company, Inc. was a furniture business in Rome, New York which became bankrupt in September 1935, during the Great Depression.[1] It had branches in many sections of the United States.[2] The corporation's fate illustrates the bleak economic climate in the United States during the 1930s.[1] The retailer's failure is significant in the history of Rome. It was one of several of the town's establishments which closed in 1935, a consequence of the ongoing deflation.
To avoid bankruptcy Rome Brewery, Inc., filed a petition of reorganization under Section 77B of the Bankruptcy Act of 1898, in May 1935.[3]
Insolvency details[edit]
A court in Malone, New York rejected a plan for reorganization offered by Rome Company, Inc., under Section 77B of the Bankruptcy Act of 1898. The furniture dealer had net assets of $793,000 at this time.
A court date was set for October 3, 1935 for the Rome Products Association to purchase assets for $725,000, not including cash, receivables, securities, and real estate.[1]
Sale of the assets of Rome Company Inc., to the Rome Products Association for $725,000, was completed on October 4, 1935. Rome and Boston Real Estate was not included in the purchase. Rome Company Inc., had book assets of $2,500,000 and liabilities of $1,991,705.[2]