Micro Warehouse
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Micro Warehouse was a Norwalk, Connecticut based PC and Apple Computer-product catalog company that filed for bankruptcy on September 11, 2003.
[edit] History
Jerry York, famed CFO who led turnarounds at IBM and Chrysler, was the Chairman, President, and CEO. The Los Angeles buyout firm Freeman, Spogli, York, and a group of private investors including Michael Ovitz and Gary Wilson, spent $725 million to take Micro Warehouse private in February, 2000.
The leveraged buyout left the company burdened with $200 million in debt. The company sold its North American operations to CDW Corporation just two and a half years later, on September 8, 2003 for $22 million. Micro Warehouse filed for Chapter 11 bankruptcy protection and York announced his resignation.
The bankrupt company owed millions to its unsecured creditors. $17.9 million to Ingram Micro, $8.6 million to Hewlett-Packard, $3.1 million to Toshiba, and $2 million to IBM.[1]
