{{Short description, Furniture business in New York, USRome Company, Inc. was a furniture business in

Rome, New York Rome is a city in Oneida County, New York, United States, located in the Central New York, central part of the state. The population was 32,127 at the 2020 United States census, 2020 census. Rome is one of two principal cities in the Utica–Ro ...

which became bankrupt in September 1935, during the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. It had branches in many sections of the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. The corporation's fate illustrates the bleak economic climate in the United States during the 1930s. The retailer's failure is significant in the history of Rome. It was one of several of the town's establishments which closed in 1935, a consequence of the ongoing deflation. To avoid bankruptcy Rome Brewery, Inc., filed a petition of reorganization under Section 77B of the

Bankruptcy Act of 1898 The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, ) was the first United States Act of Congress involving bankruptcy to give companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had ...

, in May 1935.''Business Records'', New York Times, May 3, 1935, pg. 38.

Insolvency details

A court in Malone, New York rejected a plan for reorganization offered by Rome Company, Inc., under Section 77B of the Bankruptcy Act of 1898. The furniture dealer had net assets of $793,000 at this time. A court date was set for October 3, 1935 for the Rome Products Association to purchase assets for $725,000, not including cash, receivables, securities, and real estate.''Furniture Concern Fails'',

New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...

, Saturday, September 21, 1935, pg. 20. Sale of the assets of Rome Company Inc., to the Rome Products Association for $725,000, was completed on October 4, 1935. Rome and Boston Real Estate was not included in the purchase. Rome Company Inc., had book assets of $2,500,000 and liabilities of $1,991,705.''Business Records'', New York Times, October 5, 1935, pg. 28.

References

Defunct companies based in New York (state) Rome, New York Utica–Rome metropolitan area Companies based in New York (state) Retail companies disestablished in 1935