LOCKPORT, N.Y. (WKBW) — The group that purchased Candlelight Cabinetry in Lockport announced that they plan to reopen as ‘Candlelight Curated’ in the coming weeks.
One of the three local investors in the newly named Candlelight Curated Inc., Peter Demakos, was announced as the new CEO.
“We’re delighted that we’re able to rescue this company from disaster,” Demakos said. “We’re not a hedge fund. We’re not a company that’s going to flip this. We’re here for the long term.”
Demakos, other investors Jon Ebel and Aaron Santarosa, and Canadian manufacturer Cuisine Idéale purchased Candlelight Cabinetry for a price that will raise $11 million.
Governor Kathy Hochul’s office announced the details of that sale and investment into the company on Thursday.
WATCH: Local investors to reopen Candlelight Cabinetry in Lockport, will restore jobs and invest $11M
Following a nearly, four-month-long furlough, which left the business inoperable and employees searching for missing payments and 401(k) contributions, Candlelight Curated will take over Candlelight Cabinetry’s assets.
The company will return 100 of the former 170 jobs to Lockport, a number I’m told was recommended by Cuisine Idéale to start with and potentially expand beyond.
As for former employees still missing payments and 401(k) contributions they earned in January, Demakos and Santarosa say those are both already on the way.
“That was part of the deal. We will satisfy all those dollars,” Santarosa said. “It's already in process with the government. That wire has been sent. That wire is gone.”
“Our responsibility now is to rebuild trust and write the next chapter of this company the right way,” Demakos said.
Demakos and Santarosa say that they’re onto next steps, satisfying previous customers and rehiring staff.
“We’ve already had discussions with some of the old customers, and so they know that we’re coming back,” Santarosa said. “We just have to restart that process. It’s like pushing a boulder. Once it gets going, it’ll start moving.”
“We’re hiring all new employees, some will be former employees, and we’re looking to restart this business,” Demakos said.
I’m told that work begins immediately, with the hopes of reopening manufacturing in the next couple of weeks.
WATCH: ’Looking to restart’: Candlelight Cabinetry to reopen under new ownership in coming weeks
