Address Problems Slow Kleid Disbursements

Share this article:
The Kleid Co. has collected $6.2 million (70 percent of receivables) and disbursed $4.6 million to creditors in its bankruptcy proceedings, but deliveries have been slowed by address problems. CFO John Hughes urges those who still owe receivables of $2.7 million to mail to Kleid's correct address: 362 Fifth Ave., Suite 1202, New York, NY 10001-2210. Kleid can be reached at 212/244-3341. Hughes would like to assure former employees with 401k money tied up that Kleid hopes to complete negotiations with plan executor Smith Barney within a month. Plan holders will be subject to a 5 percent charge only if their 401k balances are moved from Smith Barney. Hughes could not speculate on when the IRS will approve termination of Kleid's 401k plan.
Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

NBA Names Insurance Exec as its CMO

NBA Names Insurance Exec as its CMO

Nationwide and State Farm veteran Pamela El takes the league's marketing helm next month.

Bloomberg Names Bigley CMO

Bloomberg Names Bigley CMO

Communications chief Deirdre Bigley is appointed head of global marketing for the business and financial news company.

2014 Essential Guide to Omnichannel Marketing

2014 Essential Guide to Omnichannel Marketing

The 2014 Essential Guide to Omnichannel Marketing—everything you need to know about Omnichannel, all in one spot. Read on for insight.