Vid Distrbutor Alchemy Files for Chapter 7 Bankruptcy

Troubled independent DVD/Blu-ray distributor Alchemy has filed for Chapter 7 bankruptcy protection in the USA bankruptcy court in Delaware. The move was no surprise and had been expected since late June when reports emerged that the company was taking steps to liquidate its assets.

In the filing, the company said it has $50 million to $100 million in liabilities and $10 million to $50 million in assets. The petition also said Alchemy has between 200 and 999 creditors.

Recently, the company recently launched a series of cuts in its work force, leaving Alchemy with about 25 employees. It was their second series of staff reductions this year. Alchemy co-president Kelly Summers left the Los Angeles-based company recently. 

Read more at variety.com/2016/film/news/alchemy-chapter-7-bankruptcy-protection-