NU-KOTE BLAMES OFFICE DEPOT FOR BANKRUPTCY IN $217M. LAWSUIT

  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • facebook-tonernews-12-08-2016
  • 161213_banner_futorag_902x177px
  • 536716a_green_sweep_web_banner_902x17712
  • futor_902x177v7-tonernew
  • big-banner-ad_2-sean
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 2toner1-2
  • toner-news-big-banner-nov-8
  • Print
  • 4toner4
Share

NU-KOTE BLAMES OFFICE DEPOT FOR BANKRUPTCY IN $217M. LAWSUIT

 user 2009-09-11 at 12:45:42 pm Views: 74
  • #22730

    http://www.democratandchronicle.com/article/20090911/BUSINESS/909110318/1001/Nukote+blames+Office+Depot+for+bankruptcy+in++217+million+lawsuit
    NU-KOTE BLAMES OFFICE DEPOT FOR BANKRUPTCY IN $217M. LAWSUIT
    Nukote International Inc., a Texas-based manufacturer and distributor of ink-jet and laser-toner cartridges with administrative offices on Rochester’s northwest side, is blaming its Chapter 11 bankruptcy on office supplies retail chain Office Depot Inc.
    Nukote, which filed for bankruptcy in June, filed a complaint this week as part of the Chapter 11 proceedings asking for $217 million in damages after Office Depot allegedly breached a number of business agreements with the former supplier.

    According to the complaint filed with a U.S. Bankruptcy Court in Tennessee, Florida-based Office Depot began withholding payments even as Nukote continued to receive assurances it would get paid and to ship product. The filing also states that in May, Office Depot breached a contract with Nukote and chose Illinois-based Clover Technologies Group as its new supplier for printer cartridges. Office Depot accounted for 40 percent of Nukote’s sales, according to the court filing.The damages Nukote seeks include $15 million for lost profits, $12 million in actual damages and $190 million in punitive damages.

    Office Depot did not immediately respond to a message seeking comment.
    International private equity firm BC Partners in June invested $350 million in Office Depot, which has been struggling with collapsing sales and rising losses.