Moosehead Furniture Co. in Monson is once again headed for the auction block, now that the Passamaquoddy Tribe has decided against purchasing the company.
The tribe in April launched a feasibility study to revive the furniture manufacturing company and open a pellet mill, but the tribe's council has decided to focus on other projects instead, according to the Bangor Daily News. As a result, mortgage holder Machias Savings Bank is planning to put the company's property and its contents up for auction on Aug. 31. A previously scheduled auction in January was cancelled at the last minute after owner Tardy-Connors LLC decided to declare Chapter 11 bankruptcy.
Formerly known as Moosehead Manufacturing, the company was bought in 2007 by a group of investors -- including Maine House Minority Leader Joshua Tardy and Maine State Chamber of Commerce President Dana Connors -- who restarted operations and hired back 40 workers. The investors in January stopped production at the facility, citing economic conditions.
Tardy told the paper that other parties have expressed interest in buying the property, which could once again cancel the auction.
Go to the article from the Bangor Daily News >>