If you recall, SK Hand Tools recently declared bankruptcy. It was rumored that Ideal Industries would make a bid to buy the debt-stricken hand tool manufacturer. This rumor has turned out to be true, although the sale has not yet been finalized
It turns out that SK Hand Tools did file a contract for sale to Ideal Industries. An auction is being scheduled so that the hearing for approval of sale can occur by July 26th.
SK’s assets and debt both exceed $10 million, and the selling price for the company will be $3.25 million unless there’s a higher bidder.
SK blamed their bankruptcy filing on “loss of customers, rising labor costs, and the recession.”