USA's Advanced Sports Ent. Files for Chapter 11

PHILADELPHIA, USA - Last week Advanced Sports Enterprises (ASE) CEO Pat J. Cunnane informed his customers in a letter that "The company has taken action to restructure and better position itself for future success by filing voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code". The move is intended "to facilitate the company's long-term, strategic goals of enhancing profitability and reaffirming its commitment to its employees, vendors and the communities it serves".

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