HEADLINES
Heads & Threads Remains ‘Mum’ on Receivership
On February 14, 2011, the word spread quickly through the fastener industry that importer Heads & Threads International had gone into receivership with $16 million in debt.
There were reports that dozens of employees had already been laid off, including CEO Michael Wrenn – though he remains pictured on the company website.
Two weeks later neither HTI officials nor Greenwich, CT-based Capital Partners have responded to requests for information.
As of March 1 there was no message from management on the HTI website.
“I am not at liberty to respond,” was one high-ranking employee’s only comment.
While the industry waits for information from Heads & Threads, rumors are escalating about fulfilling contracts and upcoming “surplus pricing.”
Customers told FIN that HTI salespeople are saying that if there isn’t a buyer by April that Heads & Threads will shut down.
“Interesting times now to say the least,” responded one competitor.
Another competitor, former HTI vice president Dan Long, now with Factory Direct Logistics, began actively soliciting Heads & Threads customers. ©2011 GlobalFastenerNews.com
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