Warren Kaplan, principal restructuring officer of Action Products International, Inc. has announced that the company is going to liquidate its failing toy business and “seek a new venture.” In a press release Kaplan explained that the company has experienced enormous financial problems that included falling sales, sales representatives that were not paid commission, phone bills that were not paid, as well as the sudden resignations of the CFO/COO and CEO/chairman. The company has a tax loss in excess of $11.5 million. Kaplan says in order to salvage the company’s value for shareholders, management will seek a new venture.
