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

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

 user 2009-09-11 at 12:46:31 pm Views: 81
  • #22733
    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.