Toys have played a significant role in just about every child's life. However, making toys is a business just like any other industry in Texas and elsewhere. This means that a toy company can find itself facing financial hardship that could force it to go out of business. Toymaker Summit Products LLC found this out the hard way and has recently filed for Chapter 7 bankruptcy.
The toy company reported over $6.8 million worth of liabilities on its bankruptcy petition submitted to the court. Summit Products also listed $1.6 million worth of assets. Everlasting Toys Co. Ltd. reportedly holds $834,946 in unsecured and non-priority claims. The bankruptcy filing also reported $796,581 owed to Eastern Progress.