The Carousel Works, Inc., 1285 Pollock Parkway in Mansfield, filed a Chapter 7 bankruptcy action on January 9, according to the website BusinessBankruptcies.com.
The action was filed in the Southern District of Ohio Bankruptcy Court in Columbus.
According to the filings, there are 39 creditors in the case.
Carousel Works was established with a goal of building new wooden carousels, which it has done worldwide. Those include the carousel at Richland Carrousel Park in downtown Mansfield. Recent carousels built or repaired by the firm include ones at Prairie Village in South Dakota and Greensboro, North Carolina.
A Chapter 7 corporate bankruptcy is not a reorganization. While there can be many rationales why it is chosen, in this type of bankruptcy the trustee typically collects all assets of the company and distributes them to creditors. It is commonly referred to as a liquidation.
No more information is known at this time, but we will post additional details once they are obtained.