Is Kelly-Moore Going Out Of Business 2024?

About Kelly-Moore

Kelly-Moore was founded in 1946 by William Kelly and William Moore in San Carlos, California. For the past 80 years or so, the company has been a staple and leader in the paint industry.

Kelly-Moore is knee-deep in Debt

Kelly-Moore has accumulated a debt of $600 million because of multiple lawsuits filed against the company for using asbestos in their products.

It still has to pay $170 million debt

Kelly-Moore somehow paid $600 million in lawsuits over the past twenty years. But it still has over $170 million in future legal liabilities, along with an undisclosed sum of unpaid sales and use taxes.

Kelly-Moore is closing down 

The paint supply company made an abrupt announcement recently saying that it will shut down all of its 157 stores and cease operations permanently.

Saving Kelly-Moore is impossible now

Kelly-Moore tried to look for opportunities for mergers, reorganization, potential sales, new capital investment, Bankruptcy, etc., but all the efforts failed.

What’s Next For Kelly-Moore?

During the wind-up process, the company will try to fulfill previously placed orders and compensate the workers who have worked there.