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CITY OF COMMERCE, Calif. - BMK Inc., one of the nation's largest general-merchandise distributors, filed bankruptcy on Tuesday, Reuters reports.
The privately held company did not detail its assets and liabilities in announcing the filing. Reuters reports the company's sales last year reached nearly $400 million.
BMK, which serves grocery and drug stores in 44 states, said it was looking for a strategic partner willing to invest in its operations. The company said it was profitable on an operating basis last year and has cut its operating costs by $12 million over the last four months by laying off staff, consolidating operations and improving inventory turnover.
The company's Hong Kong affiliate, Excite Ltd., was not included in BMK's filing for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.