Commercial Financial Services, Inc., (CFS) which filed for chapter 11 relief last December, officially closed its doors for business at 4:00 PM Wednesday. Since last fall CFS officials had been working to sell the company's operating assets in order to restore the company to profitability, retain jobs and preserve the most value for the estate and its creditors.
Wednesday afternoon, Fred Caruso, president of CFS, delivered the news to company managers in a meeting at the company headquarters. Later, he issued the following directive to all Tulsa and Oklahoma City employees in a company-wide e-mail message:
"As you know, the negotiations among Worldwide, CFS and two creditors committees ran into problems last week. Although we attempted to work through those problems, they have not been resolved and we don't think they can be resolved. I also tried reopening discussions with two of the other interested buyers. Those discussions have not led to a result, which satisfies creditors.
Because of our ongoing losses and the inability of the potential buyers to strike a deal satisfactory to the creditor committees, I am left with the difficult decision to shut down the company effective immediately."
Caruso promised a job fair for all employees next week. Employees can also call the CFS hotline at (877) 395-6151 for more information.