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Merit Group records $163,108 operating loss for June; net sales climb
By Caroline Salls
Pittsburgh, July 21 - Merit Group, Inc. reported a $163,108 operating loss for June on $13.33 million in net sales, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the District of South Carolina.
In comparison, Merit posted a $448,801 operating loss for the period of May 17 to May 31 on $4.65 million in net sales.
The net loss for June was $299,113, narrowing from a $654,748 net loss posted for the May period.
The company had $186,122 in cash and cash equivalents at June 30, down from $2.43 million at the end of May.
Merit, a Spartanburg, S.C., paint sundry distributor, filed for bankruptcy on May 17. The Chapter 11 case number is 11-03216.
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