Acorn Sign Graphics (Richmond, VA) has ceased operations and declared Chapter 7 bankruptcy following a drawn-out dispute with its largest client, Richmond BizSense reports.
The signshop’s contention is with LL Flooring (Henrico, VA), a publicly traded retailer that hired Acorn to install new signage as part of its name change from Lumber Liquidators, the article says. Each side claims money is owed by the other, but the conflict has left the shop with a cash shortfall, forcing it to shut down as the parties head to bankruptcy court.
“While recovering from COVID and supply chain difficulties the company was unable to prevail in a contract payments dispute with its largest customer, LL Flooring (formerly Lumber Liquidators). The resulting liquidity crisis forced closure of the company,” Acorn said in a statement.
Court documents reviewed by the outlet say Acorn has liabilities between $1 million and $10 million with nearly 300 creditors.
Acorn Sign Graphics opened in the 1970s and has been owned by the husband-and-wife team of Steve and Beth Gillispie since 2003. The shop appeared on the Inc. 5000 list in 2015 and 2017, generating $6 million in sales in the latter of those years.
Read more at Richmond BizSense.