Wheeler's Building Materials Files for Ch. 11 Bankruptcy Protection

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February 15, 2008

Wheeler's Building Materials Files for Ch. 11 Bankruptcy Protection

Wheeler's Building Materials, Rome, GA, has filed for Ch. 11 bankruptcy protection. The distributor and manufacturer, which serves the struggling residential sector, has 15 distribution facilities throughout Atlanta, North Georgia, Birmingham, AL, and Charlotte, NC.

The company also has three manufacturing facilities and a sales support center, according to its Web site.

According to court documents: "The collapse of the residential real property building industry has resulted in the situation where sales have dropped precipitously and receivables have been rendered uncollectible." The company initiated a "controlled liquidation" in October 2007 including the consolidation of locations, reduction of payroll, reduction of operations, sale of assets and reduction of inventory purchases.

The company also ceased its door manufacturing production line at its Riverside, GA, location but continue to employ a "limited number of people" to provide security and manufacture doors on an as-needed basis. The company has also ceased its window manufacturing production line in Rome, GA, but will manufacture windows on an as-needed basis.

Wheeler's lists up to $50,000 in assets and $10 million to $50 million in debts on its petition for Ch. 11 bankruptcy protection.

The bankruptcy petition was filed in U.S. Bankruptcy Court in the Northern District of Georgia.

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