February 28, 2023
Andy Sreden, Founder of PQL, Inc., emailed the following press release to inside.lighting today:
PQL’s Customers & Representatives will not be impacted by Deco’s Bankruptcy
In 2020, lighting industry leader Premium Quality Lighting (PQL) became a shareholder in Deco Lighting. The investment allowed Deco to retain its workforce, ship products to customers, and pay representatives as the struggling company attempted to regain its financial footing.
As a result of professional leadership from PQL, Sam Sinai, co-founder of Deco Lighting, changed many business practices. Deco also sought considerable input from its customers to reinforce areas of deficiency. As a result, the company changed how it communicated with customers, revised, and overhauled its relationships with representatives and distributors while adding tools to provide better pricing and availability of high- demand products.
Despite continued efforts, the investment by PQL and the operational changes Deco implemented have not yet allowed Deco to exit bankruptcy. The bankruptcy will enable Deco to continue operations while attempting to repay creditors and reorganize so Deco can be profitable again. PQL’s involvement with Deco occurred after they filed Chapter 11. PQL lent funds to Deco and is a preferred shareholder with a minority interest; PQL remains an unsecured creditor who assisted Deco in funding daily operations.
“While PQL is shipping, billing, and collecting for Deco branded products that PQL purchased and owns, PQL has not taken over Deco’s financial responsibilities and has not agreed to purchase the company, make additional investments, or become the defender and protector for Deco. The positive news for customers and representatives is that PQL is covering all warranties and all commissions on Deco branded products that PQL purchased and shipped,” said Andy Sreden, PQL Founder.
PQL is fully transparent concerning our business relationship with Deco and confident that the detailed information will provide clarity.
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