October 5, 2022

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Henrico-based mostly sign maker shuts down, information for liquidation | Area Enterprise Information

3 min read

Henrico County-based mostly Acorn Indication Graphics Inc., makers of customized architectural signals that has landed 2 times on the Inc. 5000 record of the nation’s quickest rising non-public companies, has ceased functions.

The organization shut down immediately after submitting for Chapter 7 liquidation in the U.S. Bankruptcy Courtroom in Richmond on Wednesday.

Acorn Sign Graphics, launched in the 1970s, has been co-owned by spouse and wife Beth and Steve Gillispie considering the fact that 2003.

The firm outlined among $500,000 and $1 million in property and $1 million and $10 million in liabilities, courtroom files clearly show.

It had concerning 200 and 999 lenders. The submitting didn’t checklist the company’s greatest unsecured lenders, but quite a few of the collectors are from the Richmond area.

Acorn Signal Graphics stated in a assertion that it was recovering from company impacts from the pandemic and offer chain challenges.

But the organization reported it “was not able to prevail in a deal payments dispute with its premier purchaser, LL Flooring. The ensuing liquidity crisis forced closure of the firm.”

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The organization stated it expects to pursue its claim in personal bankruptcy court against LL Flooring, the Henrico-dependent flooring big that earlier was identified as Lumber Liquidators. Acorn Signal Graphics did not offer any information about the payment dispute, including the sum.

Beth Gillispie, who is mentioned as the company’s president and CEO, could not be reached for remark.

“We are deeply saddened by the hardship in this circumstance for our stakeholders, 43 workers, sellers and customers,” the firm assertion said. “The legacy we hope stays echoes our vision: to have increased the human expertise in the developed setting and furnished a position where by our workers would flourish.”

Acorn Signal Graphics was regarded for its substantial-high quality structure, fabrication and set up companies. It has built tens of thousands of symptoms for workplaces, retail retailers, hospitals and faculties in Virginia and in other places.

The organization also was a gain corporation, or B Company, committed to social and environmental responsibility.

That meant its mission was to build the indicators in an environmentally pleasant way. At Acorn’s principal workplace and manufacturing facility on West Clay Street close to Dabney Road, the corporation experienced invested a number of several years ago in gear built to assemble and paint symptoms with less waste and much less harmful chemical substances. It also employed recycled or green-pleasant resources in its signals.

In 2015, the enterprise was recognized in the “Best for the Environment” classification in the Greatest for the Entire world awards software by B Lab, a Pennsylvania-centered nonprofit that certifies corporations as B Corps and advocates for that business design.

Acorn Sign Graphics also made it twice on the Inc. 5000 record of the nation’s quickest-growing non-public firms based mostly on the companies’ a few-yr income advancement fees.

In 2017, the company was rated No. 4,756 with a 47% 3-yr growth fee producing $6 million in yearly revenue. In 2015, it had a 66% progress level with $5.9 million in sales landing it at No. 4,193.

The organization is represented in its personal bankruptcy circumstance by the Richmond law business of Spiro & Browne PLC.

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https://richmond.com/enterprise/local/henrico-centered-indication-maker-shuts-down-information-for-liquidation/write-up_5dbb7cb7-b59e-5d4f-9027-1da5d1bf59e0.html