JEFFERSONVILLE —
Two Jeffersonville businesses that have been entrenched along the riverfront for more than half a century have closed and filed for bankruptcy.
Kentuckiana Yacht Sales Inc. and Jeffersonville Yachts Inc. filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court Southern District of Indiana Jan. 23.
“The downturn in the economy caused people to stop buying luxury items like boats,” said Steven Lohmeyer, the attorney who is representing the companies. “Even people that have money are holding onto it.”
He said both businesses have closed their doors and there were six employees on their payroll when they shut down.
According to court documents, Kentuckiana Yacht Sales has more than $1.75 million in total liabilities and $221,648 in assets. Of the more than $1.75 million in debt, Lohmeyer said, $1.45 million is secured debt and $177,101 is unsecured debt.
Secured debt refers to money owed through liens, while unsecured debt does not involve liens and often refers to money owed to utility companies or to credit card companies.
Jeffersonville Yachts Inc. — the manufacturing division of Kentuckiana Yachts — reported a total of $570,513 in total liabilities and $17,286 in assets. Of its debt, Lohmeyer said $528,887 is secured debt and $37,626 is unsecured debt.
Although the company was reliant on the sale of luxury items, Lohmeyer said bankruptcy filings have not been limited to a company that sells yachts.
“This week, the bankruptcy court in New Albany, Indiana, will be doing eight bankruptcies in an hour,” he said. “They don’t even break for lunch anymore.”
Kentuckiana Yacht Sales Inc. was among industry leaders in customer satisfaction winning the industry’s Regal President’s Award two years in a row and receiving a 97 percent rating on the Customer Satisfaction Index, according to its website.
But the industry as a whole has been decimated in recent years.
Between 2008 and 2010, the number of marine dealerships in North America fell by about 41 percent from 5,100 to 3,000, said Matt Gruhn, president of the Marine Retailers Association of America, in a Louisville Business First report.
Lohmeyer said Kentuckiana Yacht Sales and Jeffersonville Yachts are scheduled to meet with its creditors March 14.
Clark County
Kentuckiana Yacht closes, files for bankruptcy
Overall debt totals more than $2.3 million
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Appeals court hears Covered Bridge case
