Cascio Interstate Music seeks buyer, may close
New Berlin-based Cascio Interstate Music, founded in 1946, has filed a petition in Waukesha Circuit Court to position the company for new ownership as it seeks relief from creditors.
Otherwise the business may close in April, according to a letter sent to employees last week and a warning notice filed Monday afternoon with the state Department of Workforce Development.
Cascio has 71 employees, the letter to the state said. Its operations include a retail store and corporate offices in New Berlin and warehouses in Waukesha.
The company and its affiliate, Dynamic Music, have sought debt relief under Wisconsin Chapter 128, a debt consolidation process similar to Chapter 11 bankruptcy.
“Continuing issues with financial performance and future investments which are needed to expand its online presence has led the shareholders to the conclusion that the company must be sold,” Milwaukee attorney Seth Dizard, the receiver in the case said Monday in a news release.
Any proposed sale would be subject to court approval and higher or better bids, according to Dizard.
“We are planning to continue business as usual and plan to keep employees in place throughout the court process,” he said.
But if the bidding for the company does not result in a sale, the business will close on April 20, according to the letter sent to the state.
Cascio would “be forced to close its business and permanently cease operations,” the letter said.