Ok, the broken clock is right again... On July 15, 2009 I wrote about Office Source, an also ran in the national office furniture wholesale ranks. On that day with my posting: Office Source Sells Itself I wrote about the then recent transaction in which Office Source sold itself to some Alaskan native investors. I took a "huge" leap of faith when I wrote:
"This "change" in control, with a new "financial" owner now in charge is most likely not a good sign regarding the viability for the Office Source concept. Candidly, There are already two National Wholesalers (United and SP Richards), so I'm not sure the world needs a third."
Well, maybe it wasn't such a huge leap... We received the "shocking" news today via emailed press release that Office Source had filed for bankruptcy protection late on Friday 11/20/2009. The release went onto state that "As part of the bankruptcy case, upon approval of the Bankruptcy Court, United Stationers will acquire certain assets of Office Source, Inc. and hire certain employees, including key management of the company. We expect the sale proceedings to last 45 to 60 days."
And the consolidation continues...
