Wood Structures closes, 150+ out of work
Two weeks after filing for bankruptcy, Biddeford-based Wood Structures Inc. closed its doors Monday, putting as many as 185 employees out of work.
The company, which manufactures wood trusses and sells engineered wood products for home building, shut down its Biddeford headquarters and manufacturing facility in Saco, according to reports from Portland news channels WGME 13 and WCSH 6 and a joint statement from Sens. Olympia Snowe and Susan Collins. The reports cited the decline of new home construction as the primary reason for the closure. The number of affected employees reported has varied from 150 full-time workers to 185 full-time and seasonal workers, but a specific number could not be verified.
Wood Structures Inc., which has been in business since 1996, along with another corporate entity, Wood Assonet Corp., filed for Chapter 11 bankruptcy on March 3, according to its bankruptcy filings. But the company was unable to work out a restructuring plan with its creditors, according to WCSH 6. Among Wood Structures' largest creditors are Portland accounting firm Berry Dunn McNeil & Parker, Ethos Marketing and Design in Westbrook, Kris Way Truck Leasing Inc. in South Portland and the City of Saco, according to court filings.
The company was founded in 1996 as a franchise of Weyerhaeuser Co., and was first owned in part by Deering Lumber Inc., according to the Journal Tribune. In 2005, the company was acquired by Roark Capital Group, an Atlanta, Ga.-based private equity firm, according to a press release from the firm.
Mainebiz web partners
Most Recent
Most Recent
Comments