The owners of Bartolotta Fireworks have filed for personal bankruptcy protection. It has also been announced that the company will become part of Wolverine Fireworks. The company is based in Delafield and not associated with the Milwaukee restaurant group bearing the Bartolotta name.
The fireworks company said that it is still in business and is even booking shows for this year, including the Milwaukee Summerfest. The company holds hundreds of events each year in Wisconsin and the rest of the Upper Midwest. It is a third-generation, family-owned company.
Shows have also included Polish Fest, Festa Italiana and Watertown Riverfest. The company has also done shows for weddings, ski hills and winter carnivals.
The Chapter 7 filing was done in U.S. Bankruptcy court in Madison by a couple bearing the Bartolotta name. The couple claims that they have $3,697,010 in debt and just $506,377 in assets. The couple owns one-third of the company and the husband is the president.
Bartolotta Fireworks, LLC, of Delafield, is listed as one of the debtors of the couple who filed for Chapter 7 Bankruptcy this week. According to the filing, the company “is insolvent. Principal secured lender has accelerated the debt and will be starting a collection action soon.”
There was a judgment of $154,089 filed against Bartolotta Fireworks in Kawkawlin, Michigan, by Wolverine Fireworks Display.
A statement was issued by the husband of the company who filed for bankruptcy this week that said: “It comes with great sadness that I have to inform you Bartolotta Fireworks (as it stands) is closing. I am, however, very excited to announce that Bartolotta Fireworks is becoming Wolverine Fireworks. As the largest distributor of firework products, Wolverine Fireworks has long been a valued friend and colleague of the industry.”
Chapter 7 Bankruptcy is intended for individuals who wish to have their debts expunged by using property and assets to pay down those debts with creditors. An experienced bankruptcy attorney can answer all of your Chapter 7 filing questions in Milwaukee, Wisconsin.
Source: Milwaukee Wisconsin Journal Sentinel, “Owners of Bartolotta Fireworks file for bankruptcy, but business will continue,” Rick Barrett, March 14, 2017