Revenues for the shuttered GRC Golf Products business in Elkhart spiked before the company collapsed earlier this year.
That’s according to court documents and research conducted by The Elkhart Truth.
Revenues leaped to $11 million between Jan. 1 and the end of May, when the company folded. That’s compared to $250,000 in revenues for all of 2015, and under half of that in 2014.
Records show sales made in April and May totaled almost $7 million. This was right before managing partner Chad Leiby was sued by his silent partners Richard and Gary Niblock that accuses Leiby of “gross mismanagement” of the company. The three held equal, one-third shares in GRC. Leiby has since countersued for slander, defamation of character and wrongful termination.
Dozens of companies around the country claim GRC took money for products that weren’t delivered. A Minnesota company claims GRC owes them over $720,000 of product while an Ohio company says GRC owes over $900,000.
On top of all that, First State Bank of Middlebury is reportedly owed over $2.7 million from GRC. Some of the companies assets are being sold to recoup those costs.
Read more about GRC’s troubles on The Elkhart Truth.