One of Fastest-Growing Private Companies Files for Bankruptcy
Fuhu, one of Los Angeles’ fastest-growing private companies, has filed for bankruptcy, according to a bizjournal.com article.
Mattel will buy the company that manufactures children’s electronic Nabi tablets unless a higher bidder comes forward. The company was founded in 2008.
Fuhu posted revenue of $195.6 million in 2013, however, the company experienced problems when its Taiwanese manufacturer Foxconn couldn’t deliver its devices on time for the holiday season at this time last year.
According to court papers, Fuhu owes more than $46 million to Foxconn.
Mattel lent Fuhu $300,000 to fund bankruptcy proceedings and has offered to buy the company for $9.5 million.
Fuhu topped the Inc. 500 list in both 2014 and 2013.