A Westlake Village firm that promoted author Albert J. Lowry's books, seminars and television programs on how to get rich by investing in real estate has closed under pressure from creditors, the company's chairman disclosed Tuesday.
Success Development Institute closed in the face of $2.5 million in debts and has dismissed all of its 30 employees, Chairman David Hart said.
It was unclear whether Lowry, 58, who founded the business in 1973, was still involved in running the company.
Hart said that Lowry, who could not be reached for comment, sold it two years ago and has not been an officer of the company since then. Hart said that Lowry's only continuing role with the company was selling products such as cassette tapes that were produced by Success Development.
But a document filed by the company March 18 with the California secretary of state lists Lowry as the company's chief executive, chief financial officer and its only director.