Framed Picture, Inc.

Published 12:00 am Tuesday, July 14, 2009

Framed Picture, Inc. says will reorganize 

By John Howell Sr.

A substitute trustee’s notice of sale involving Framed Pictured Enterprises that begins publication in this issue reflects completion of the company’s internal recapitalization efforts, company president Ed Brucker said.

“In an effort to make certain the operations and employees of Framed Picture Enterprises, Inc. have every prospect to prosper, we are pleased to announce completion of a required recapitalization,” said attorney Reid D. Evensky, who represents the Brucker family in the transaction.

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The recapitalization efforts began during 2008 as Framed Picture Enterprises attempted to streamline and expand its production, consolidating a poster-framing operation formerly located in Memphis to its Batesville facilities on Highway 6 West and at Van Voris and Pearson Streets. Expansion plans ran into 2008’s deepening banking crisis, threatening to leave the company without means to realize its plans, Brucker said.

The City of Batesville assisted in the recapitalization with a loan, secured by Brucker family assets, through its Revolving Economic Development Fund. That loan is not affected by the trustee’s notice, Brucker said.

“FPE Acquisition Company as a result of actions taken (and to be taken) as the primary lender fully expects that the operations will continue and as a consequence remain one of the most important employers in the greater North and Central Mississippi Community,” Evensky said.