Projo Biz Blog

A private equity firm has petitioned a Providence court to force The Colibri Group into recievership, a form of bankruptcy in which a court-appointed trustee sells a company's assets to pay its debt.

Founders Equity SBIC filed the petition in Superior Court, Craig N. Berke, the court spokesman, said today. Executives at Colibri, a jewelry and clock maker, could not immediately be reached for comment.

"Our customers aren't ordering because no one is buying," Kelly Fusaro, a Colibri designer who was laid off in December, said in an interview this morning. "It was a temporary layoff before Christmas, but it might not be a temporary layoff."

Calibri, manufacturer of well-known brands such as Dolan Bullock and Krementz, opened in 1928. Colibri has a headquarters in East Providence and a manufacturing plant in Providence.

 Tags  bankruptcy Colibri courts economic development economy jewelry jewelry making jobs

---