A mom and pop customized gift shop in Airmont that sees itself as a vital part of its community has filed for bankruptcy protection.
Sterlion Creations Inc. declared less than $50,000 in assets and more than $1.2 million in liabilities in a Chapter 11 case filed on June 23 in U.S. Bankruptcy Court, White Plains.
“For over a decade, Sterlion has proudly served diverse communities, religious institutions and charitable organizations by providing unique, high-quality commemorative items,” CEO Joel Stern, who runs the business with his wife, Frieda, stated in an affidavit. But now “we are struggling to stay afloat and support our family of seven, including our five children.”
Sterlion, based at Tall Pines Industrial Park in Airmont, made trophies and plaques; engraved pens and desk nameplates; gifts for weddings, bar/bat mitzvahs, fundraisers, memorials and sporting events; and engravings on glass, wood, acrylic, metal, stone and textiles.
Its website primarily displays Judaica, but Stern stated in his affidavit that “our clients span all faiths, ethnicities and nonprofit sectors, making us a community-integrated business that supports causes of all kinds.”
He cited a “domino effect” of setbacks: high interest rates and fees on loans and merchant cash advances, court judgments, seized bank accounts, a post-Covid economic slowdown, the loss of a highly trained staff, and his declining health “due to the stress of managing a struggling family business.”
The company owes nearly $1 million to nine financial businesses.
Sterlion booked $607,463 in gross sales and $472,424 in net revenue in 2023, according to a tax return filed in the case. As of May 31, it had made about $84,000 in gross revenue for the year.
Stern said losing the business would be devastating.
“We ask the court to permit this reorganization,” he stated in the affidavit, “in order to continue serving the public, fulfill obligations and recover in a structured and fair way.”
