Credit cut hurt Shermag

Knell, Michael J.
May 2008
Furniture/Today;5/19/2008, Vol. 32 Issue 36, p1
Trade Publication
The article reports that full-line furniture producer and importer Shermag Inc. was forced to seek court protection after suffering a liquidity crisis in Sherbrooke, Quebec. The liquidity crisis was attributed to the reduction of its line of credit by half in mid-April 2008. The company's financial was reduced by Wachovia Capital Finance of Canada from $25 million to $12.5 million.


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