Oreck Bankruptcy: Vacuum Company Files Chapter 11, Seeks Buyer

Vacuum company Oreck has filed for Chapter 11 bankruptcy protection this week, although their regular business operations are still intended to run. According to the report, the long-standing vacuum maker is looking for a buyer for the company in the near future and is optimistic about finding one.

"Oreck will continue to operate in the ordinary course of business while the sale process takes place, with authorized and exclusive dealers and other trade customers continuing to receive product for sale to ultimate consumers," the company said.

The coming bankruptcy forced the corporation to lay off an unknown number of workers in 2012 and early 2013, statements at the time indicating this was due to a "shift from direct sales." Based out of Nashville, Tenn., the corporate office currently employs 70 people, while the manufacturing plant in Cookeville has approximately 250 and more than 300 people work in their retail sector across the country.

The Chapter 11 filing will allow the company to consolidate assets and restructure its finances in an effort to sell. The company's assets and liabilities are both estimated between $10 million and $50 million, according to the bankruptcy filing. The company has between 200 and 999 creditors.