 American went into receivership in 1929, and Knabe's liabilities were listed as $286,000 and assets $415,000.In 1930 American's assets were purchased by the American Piano Corporation, newly incorporated under the laws of Delaware, whose officers included former executives from American as well as executives from the Aeolian Corporation.The Knabe factory was closed, as well as the Chickering factory in Boston, and their production ultimately transferred to East Rochester, New York, where they were established as separate divisions.