COMPLIANCE INFO_2024 - Laserfiche WebLink

Home Browse Search

To that end, KM has contracted with a company called GDB International to facilitate the removal of all paint, paint -related products, and waste still in the stores. GDB is a global paint dealer. Their corporate headquarters is based in New Brunswick, NJ and their main processing & distribution facility is located in Nashville, IL. They have several other distribution facilities as well. They are widely considered to be the largest global paint dealer in the world. Their drivers are licensed to transport paint and hazardous materials, and they will document all truckloads on bills of ladings. GDB will also hire a licensed waste hauling company to properly ship store waste to licensed treatment storage disposal facilities. Kelly -Moore is also attempting to sell/sublease some California locations to other paint -related companies. In these events, it is likely that all ownership of inventory and waste will be transferred to the new company. For all other stores, KM must work with property owners/landlords to allow access for GDB and the licensed waste hauler to remove the inventory. However, Kelly -Moore cannot guarantee that all landlords will choose to cooperate. Once all items are removed/transferred from the applicable stores, Kelly -Moore will attempt to close out all EPA ID#s, update CERS, and ensure that manifests for applicable stores are retained and forwarded to the DTSC as required. Long-term, it is unclear who will be representing Kelly -Moore during this process as continued employment is uncertain. It is possible that KM may need to ask GDB or someone else to take care of the EPA ID/CERS/Manifests close out process. At least in the short term, your main Kelly -Moore contacts will be Jeff Martin Omartin@kellymoore.com) and Janet Bailey Obailey@kellymoore.com). The entire process is expected to take at least a few months to complete. Please advise if there is anything further that is required, and if so, Kelly -Moore will do as much as possible to accommodate. Best Regards, Jeff Martin Kelly -Moore Paint Company mailto: j martin@kellymoore. com mailto: jbailey-@kellymoore.com image001.png image001.png ELLY— MOORE Kelly -Moore Paints Announces Plan for Orderly Out -of -Court Wind-Down.pdf Kelly -Moore Paints Announces Plan for Orderly Out -of -Court Wind-Down.pdf FOR IMMEDIATE RELEASE Contact for Kelly -Moore Paints: kminfo@kellymoore.com Kelly -Moore Paints Announces Plan for Orderly, Out -of -Court Wind -Down of Company Opera*ons IRVING, TEXAS –January 12, 2024 - Kelly -Moore Paints ("Kelly -Moore" or the "Company") announced today that the Company plans to immediately cease operations and commence an orderly, out-of-court wind -down of substantially all its business. During the wind -down process, the Company will continue to endeavor to fulfill previously placed customer orders to the extent possible from existing inventory in Kelly -Moore's Union City, California, distribution facility. All the Company's other facilities will be permanently closed effective immediately, including Kelly -Moore's manufacturing facility in Hurst, Texas, and its retail stores, all of which were leased. Kelly -Moore employees will be fully compensated for regular time worked, and management will continue its efforts to collect receivables to pay all accrued benefits including Paid Time Off. Earlier this week, the Company announced a furlough of approximately 700 employees across the Company's locations, as well as an operational halt at its manufacturing facility. At the time, the Company had a number of interested investors with which it was working, in hopes of allowing for a return to full operations. Since then, the Company has continued actively seeking new capital to enable a