Dak Industries Inc

DAK Industries Inc. hopes to submit a reorganization plan in June, allowing it to emerge from bankruptcy two years after the mail-order firm filed Chapter 11 to protect itself from creditors. But the Canoga Park company, one of the nation's largest consumer electronics catalogue marketers, will only be a shadow of its former self.

DAK Industries Liquidation Ruling Due: A hearing is being held in federal bankruptcy court in Los Angeles today to consider Tokai Bank's request to foreclose and liquidate the inventory of the consumer electronics catalogue marketer. DAK, based in Canoga Park, has been operating under Chapter 11 bankruptcy protection since June, 1992. Faced with continuing losses and a lack of cash to continue operating, DAK closed its doors on Nov. 23.

Mail Order Firm Files Chapter 11: DAK Industries Inc., one of the nation's largest mail-order consumer electronics companies with $200 million in annual sales, filed a Chapter 11 petition in federal court in Los Angeles. The Canoga Park firm also laid off more than 100 of its 400 employees. Court documents show $58 million in assets against $48 million in debt. The company blamed the filing on a lack of financing and the sluggish economy.

DAK Industries Closes Its Doors: The Canoga Park company, once one of the nation's largest consumer electronics catalogue marketers, has been operating under Chapter 11 bankruptcy protection since June, 1992. Faced with continuing losses and a lack of cash to continue operating, DAK closed its doors Nov. 23. Its largest secured creditor, Tokai Bank, asked Bankruptcy Court to allow Tokai to foreclose and liquidate DAK's remaining inventory. The court will consider the request at a hearing

DAK Industries Inc.'s summer 1992 catalogue gives no hint of trouble. DAK President Drew Kaplan, in his regular letter to 'DAKonians,' writes in his typically breezy fashion about the wonders of CD-ROM, the latest in home electronics technology. But last week, Kaplan's mood was more solemn, as DAK, one of the nation's largest mail-order consumer electronics marketers, filed for Chapter 11 bankruptcy court protection.

DAK Industries Liquidation Ruling Due: A hearing is being held in federal bankruptcy court in Los Angeles today to consider Tokai Bank's request to foreclose and liquidate the inventory of the consumer electronics catalogue marketer. DAK, based in Canoga Park, has been operating under Chapter 11 bankruptcy protection since June, 1992. Faced with continuing losses and a lack of cash to continue operating, DAK closed its doors on Nov. 23.

General Motors' sprawling Van Nuys plant is now empty. Independence Bank, once the region's largest, is closed. So is Valley Federal Savings & Loan. Those three institutions, once among the most dominant enterprises in the San Fernando Valley region, are now history. Their demise in 1992 underlined the region's difficult business climate during the year, a climate that reflected the weak Southern California economy overall.

DAK Industries Inc. hopes to submit a reorganization plan in June, allowing it to emerge from bankruptcy two years after the mail-order firm filed Chapter 11 to protect itself from creditors. But the Canoga Park company, one of the nation's largest consumer electronics catalogue marketers, will only be a shadow of its former self.

DAK Industries Inc.'s summer 1992 catalogue gives no hint of trouble. DAK President Drew Kaplan, in his regular letter to 'DAKonians,' writes in his typically breezy fashion about the wonders of CD-ROM, the latest in home electronics technology. But last week, Kaplan's mood was more solemn, as DAK, one of the nation's largest mail-order consumer electronics marketers, filed for Chapter 11 bankruptcy court protection.