February 27, 2020 I Legal
Cascio Interstate Music Placed Into Receivership
Cascio Interstate Music and its affiliate Dynamic Music announced on Feb. 20 that they have filed a petition under Chapter 120 of Wisconsin State Statutes, which is similar to Chapter 11 of the federal bankruptcy law. Cascio was subsequently placed into receivership by a court order. Milwaukee attorney Seth Dizard of O’Neil, Cannon, Hollman, DeJong & Laing S.C. is the court-appointed receiver for the New Berlin, Wisconsin-based company.
Dizard sent a letter to the Department of Workforce Development on Feb. 24 stating that there will be ongoing efforts to find a buyer for the company as it remains in business, but if this doesn’t happen Cascio will close in April. Cascio has been in business for over 70 years and, according O’Neil, Cannon, Hollman, DeJong & Laing S.C., currently has 75 employees
“Continuing issues with financial performance and future investments which are needed to expand its online presence [have] led the shareholders to the conclusion that the company must be sold,” the law firm said in a press release.