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From Times Staff and Wire Reports
Mail Order Firm Files Chapter 11: DAK Industries Inc., one of the nation’s largest mail-order consumer electronics companies with $200 million in annual sales, filed a Chapter 11 petition in federal court in Los Angeles. The Canoga Park firm also laid off more than 100 of its 400 employees. Court documents show $58 million in assets against $48 million in debt. The company blamed the filing on a lack of financing and the sluggish economy. It said it is continuing negotiations with its major creditor, Tokai Bank of Japan.
