A Chariton-based maker of Christmas ornaments has filed to liquidate assets under federal bankruptcy law, leaving orders for decorations from cities across the country unfilled, according to court documents.
Wayne Manufacturing Co. LC claimed $367,856 in assets and $717,289 in debts, with most of the creditors being local governments that had ordered decorations to adorn their city streets.
The company, which had orders for ornaments that were to be delivered to communities in 10 states plus Iowa, has been in operation since 1995, according to court records.
A history of Russell, a town in southern Iowa where one of the firm's principals resides, said the company was founded in a basement and grew into a business with 7,000 customers and $1.5 million in revenues.
According to the bankruptcy filing, Wayne Manufacturing could owe sales and excise taxes in several states. The amount of the possible tax bill is not declared in the filing.
The company's website said today that the business is closed.