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Towle filed for reorganization under Chapter 11.

March 25, 1986

Attorneys for Towle Manufacturing of Boston and eight of its affiliates filed for reorganization in U.S. Bankruptcy Court in New York, the company said. Towle President Paul J. Dunphy reported that the firm's losses for 1985 probably will total $40 million on revenue of about $222 million. The company, which estimated its net worth at $28 million, said it has been plagued by a slowdown in customer payments, a softness in retail sales, high inventories and a high level of returns and allowances.

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