Rome Company, Inc. was a furniture business in Rome, New York which became bankrupt in September 1935, during the Great Depression.[1] It had branches in many sections of the United States.[2] The corporation's fate illustrates the bleak economic climate in the United States during the 1930s.[1] The retailer's failure is significant in the history of Rome. It was one of several of the town's establishments which closed in 1935, a consequence of the ongoing deflation.

To avoid bankruptcy Rome Brewery, Inc., filed a petition of reorganization under Section 77B of the Bankruptcy Act of 1898, in May 1935.[3]

Insolvency details

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A court in Malone, New York rejected a plan for reorganization offered by Rome Company, Inc., under Section 77B of the Bankruptcy Act of 1898. The furniture dealer had net assets of $793,000 at this time.

A court date was set for October 3, 1935 for the Rome Products Association to purchase assets for $725,000, not including cash, receivables, securities, and real estate.[1]

Sale of the assets of Rome Company Inc., to the Rome Products Association for $725,000, was completed on October 4, 1935. Rome and Boston Real Estate was not included in the purchase. Rome Company Inc., had book assets of $2,500,000 and liabilities of $1,991,705.[2]

References

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  1. ^ a b c Furniture Concern Fails, New York Times, Saturday, September 21, 1935, pg. 20.
  2. ^ a b Business Records, New York Times, October 5, 1935, pg. 28.
  3. ^ Business Records, New York Times, May 3, 1935, pg. 38.