BUSINESS

Imperial Laundry Services, a 121-employee Racine firm, has filed for receivership

Rick Romell
Milwaukee Journal Sentinel
Imperial Laundry Services, a 121-employee business in Racine, has filed for receivership.

Unable to meet its financial obligations, a 121-employee commercial laundry business in Racine has filed for receivership.

The company, Imperial Laundry Services LLC, remains in operation as court-appointed officials seek a buyer who would purchase the firm as a going business. Failing that, the company’s assets would be sold off.

Imperial does laundry for health care facilities, hotels and restaurants. The 26-year-old company is located near downtown Racine at 1236 13th St.

Imperial’s debts as of May 31 totaled $2,248,000, according to a petition for receivership filed by Milwaukee attorney Michael Polsky.

On the other side of the ledger, Imperial held assets with a book value of $1,417,000. The fair market value is likely less.

This is the company’s second venture into receivership, a state court proceeding similar to bankruptcy.

A predecessor, Imperial Laundry Systems, filed for receivership in 2011. That led to the company’s purchase by CMJ Partners, a private investment firm in Vero Beach, Fla.

CMJ renamed the business Imperial Laundry Services.