Longtime family owned business Daly's Paint and Decorating closes doors, leaving debt and unfulfilled customer orders.
Longtime local home design store Daly’s Paint and Decorating has closed its doors in Seattle and Bellevue, leaving unpaid debts and nearly $87,800 in customer deposits for orders that have gone unfilled.
An attorney for the company laid blame for the company’s demise at the feet of the usual suspects: “Digital shopping and big box stores rule,” said Tom Olson of law firm Helsell Fetterman.
A court-appointed receiver, Elliott Bay Asset Solutions, is in the process of liquidating the assets of the family-owned business to pay its debts. The receivership process is similar to a bankruptcy, “but typically yields a quicker and better return for creditors,” Olson said, adding that it would ensure an orderly distribution of the remaining assets.
Anyone who believes they’re owed money by Daly’s must make a claim with King County Superior Court no later than April 3, according to documents in the receivership, which was filed Feb. 26.
It’s unlikely Daly’s assets will be sufficient to cover all outstanding debts, a preliminary balance sheet filed with the court indicates.
No one answered the phone at Daly’s Seattle store on Stone Way North – where founder Walter Daly set up shop in the late 1940s. A recording directed people to the company’s website, which reads:
“Dear Customers, Daly’s is closed. Thank you for 80 colorful years in Seattle and 57 in Bellevue. It was our pleasure to work with so many of you over the years.”
It also includes a link to the court order granting the company’s petition for receivership.
Daly’s is jointly owned by Robin Daly — granddaughter of the company founder — and her husband, Daren Hecker. The business offered high-end paints and blinds, custom-tinted wood finishes, and in-home design services.
Court filings show unpaid bills and debts owed to paint suppliers, landlords, utilities, insurers, banks, individual creditors and others. A preliminary balance sheet prepared in late February lists a little more than $378,000 in assets and just over $1 million in liabilities.
Olson, who said law firms he’s been associated with have represented Daly’s for more than 60 years, said it “enjoyed the reputation of a very knowledgeable staff selling a variety of high quality coatings and wood finishing products.” But, he continued, “a business cannot long exist selling a product that costs more to produce than the consumer is willing to pay. Daly’s is but a small speck on the continuum that most recently added Toys “R” Us to the list.”