Newton Mfg. Files for Bankruptcy
Newton Manufacturing Company has petitioned the U.S. Federal Court in Des Moines, IA for Chapter 11 Bankruptcy protection. Although subject to potential competitive bidding, the filing included a court motion to sell nearly all of the assets of the business to industry distributor, HALO Branded Solutions, in an expedited sale to take place within 30 days.
According to Mancil Laidig, Newton president, "We have explored several options to resolve the difficult financial environment we have operated under for several months. It became clear that our greatest assets-the Newton sales force and the loyal team that supports them-would be best served with a Chapter 11 filing."
Laidig added, "HALO bought out the position of our senior, secured lender and has agreed to provide Debtor In Possession (DIP) financing, which was a crucial first step in a successful transition of the business. This financing will assure all Newton orders that are shipped and billed from today forward will be paid in the normal course of business. The confidence this will provide our suppliers in filling our orders will have an immediate and positive impact on our ability to serve the Newton sales force and their customers."
Headquartered in Newton, IA, has served the promotional needs of a national client base since its founding in 1909. Newton serves clients through a dedicated nationwide sales team supported by nearly 60 employees.
Prime Line Announces Dream Rewards Contest
Prime Line® (Prime Resources Corp.) announced its "Dream Rewards" summer sales contest, which offers distributor salespeople travel or merchandise prizes for each order of $5,000 or more. The contest runs June 1 through August 31 and is open to U.S. and Canadian distributors. Prize options and contest rules are posted at www.primeline.com.
Contest prizes include vacation packages to Turks and Caicos and the Dominican Republic, Carnival Cruise certificates, hotel stays in New York City plus merchandise rewards such as Fitbit activity wristbands, GoPro cameras, Sharp big screen TVs and Apple computers. "With five prize options including an Amazon gift card for each tier, we believe there is something here to motivate everyone," said Jeff Lederer, CEO of Prime Line.
Custom and overseas orders placed with Source Abroad By Prime, a factory direct overseas sourcing division of Prime Line, are eligible for the contest.
Candidates Ramp Up Campaigns with Swag
While campaigning for President is serious business, candidates are adding a bit of humor to their efforts with some fun swag.
Hillary Clinton, for example, is offering a pantsuit T-shirt on her online campaign store for $30, and a stitch by stitch throw pillow that says "A Woman's Place is in the White House," both of which are described as "union-made by everyday Americans."
Senator Rand Paul's campaign store offers a "Rand on a Stick" in the "Fun Stuff" section along with a "Hillary" tab, which features a "Hindsight Eyechart" from the ophthalmologist. It also offers "Hillary's Hard Drive" ($99.95), with the following description: "CLEARANCE SALE! You've read about it on the news, now you can get one for yourself. Hillary's Hard Drive. 100% genuine erased clean email server. Buyer beware, this product has had heavy use and it currently is no longer working, but that doesn't mean it's not valuable to someone. Anyone?"
Apple Tabbed as 'Most Valuable Brand'
As part of the 2015 BrandZ Top 100 Most Valuable Global Brands report released last week, Apple has secured itself with the title of the most valuable brand, as reported on PYMNTS.com.
According to the report, Apple increased its brand value to $247 billion, which is a 67 percent increase, year over year. That tops Google, which came in at No. 2 with a 9 percent value increase to $173.7 billion. Microsoft came in at No. 3, with a value growth of 28 percent to $115.5 billion.
Another notable ranking in the report also showed that Alibaba has overtaken Amazon in ranking. The Chinese eCommerce giant saw a 24 percent increase to $66.4 billion.
Fruit of the Loom: T-shirt Will Stay Tucked
Fruit of the Loom announced the release of its latest product update – the men's classic crew and V-neck T-shirt, featuring a new length so the shirt stays tucked all day long. The redesign also includes a reshaping of the sleeves to better contour to the body and a re-engineered collar to provide added durability and a lay flat appearance.
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