the plan was to sell the land and the buildings and become a tenant. sell any asset that we didn t need to become liberty tabletop and then the third part was to find someone to invest in us. it was an incredibly emotional time. on the one hand, they were entrepreneurs creating something new. on the other hand, they felt like they had failed. i would always go to the store with my wife and look at the flatware. during the bankruptcy i avoided the flatware departments because i felt so i just felt bad. they had to compartmentalize and look on the future. we were very good at survival. looking back i can t believe we survived. i m not going to say there weren t days both matt and i looked at each other and said, you know, is today the last day? somehow we managed to make it through it. as excess equipment and steel was sold for cash, liberty came to life. unlike during the oneida days,
filing for chapter 11. that certainly was want the plan when they bought the company from industry giant oneida five years earlier. we manufactured foroni oneid and other flatware marketers. when the recession hit in 2008, orders for forks, knives, and spoons simply dried up. they stopped buying from us, or in some cases they would buy things they didn t have a lot of. it was dribs and drabs, not leerily what we needed. with bearically any cash coming in, the pair took a drastic action. they closed the factory, let 100 employees go, and shifted production for the remaining clients to mexico. we were left with a severely reduced revenue stream, and really a revenue stream that couldn t support the amount of debt we had. we were slow-paying people and behind on our bills. we received a letter in the mail from one of our creditors basically suing us.
when they bought the company, carol manufacturing, from industry giant oneida five years earlier. we manufactured for oneida and other flatware marketers. when the recession hit in 2008, orders for forks, knives, and spoons simply dried up. they stopped buying from us or in some cases they would buy things they didn t have a whole lot of. it was dribs and drabs of orders. it was a disaster, and with barely any cash coming in, the pair took drastic action. they closed the factory, let 100 employees go and shifted production for their remaining clients to mexico. we were left with a severely reduced revenue stream and really a revenue stleem couldn t support the amount of debt that we had. we were slow paying people and we were behind on our bills. we received a letter in the mail from one of our creditors