New Berlin machine shop seeks buyers after filing for receivership

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A New Berlin machine shop is in talks with potential buyers after filing for receivership under state law.

Stanek Tool, located at 2500 S. Calhoun Rd., on Tuesday filed a petition under Wisconsin Chapter 128 in Waukesha County Circuit Court.

The court appointed Michael Polsky, a Milwaukee attorney and director at Beck, Chaet, Bamberger & Polsky S.C., as the receiver. The filing is expected to not affect day-to-day operations at the company plant, a release from the lawyer’s office said. The company started in 1924 and has 26 employees.

“It’s business as usual,” Polsky said in a statement. “All jobs will remain in place and customer orders will continue to be filed throughout the court-supervised process,” he added.

The petition was a “strategic business move to position the 100-year-old Wisconsin company for new growth,” Polsky’s firm noted.

The company and Polsky’s financial adviser will oversee the sale process and were in discussions with potential buyers for the machine shop. Any sale is subject to court approval and higher or better bids, Polsky added.

Polsky is currently overseeing the receivership of Milwaukee Forge.