It’s official, SK Hand Tools has declared bankruptcy. Rumor of the bankruptcy was relayed by a GarageJournal forum member, and then confirmed by another after receiving an email from an SK distributor.
It is also rumored that Ideal Industrials, who recently acquired Pratt-Read and Western Forge, is interested in buying up the company. We have our fingers crossed. If Ideal does purchase SK Hand Tools, we are hoping that they keep the company’s USA-made tradition alive as they’ve done with their other acquisitions.
SK has been through quite a few rough patches for some time now, including a 2+ month labor strike last fall. There has been speculation of an inevitable banruptcy here and there, but it’s a shame to see this finally realized. Hopefully the company will be purchased and everyone gets to keep their jobs.