Wheeler’s Building Materials files for bankruptcy

Industrial Distribution staff -- Industrial Distribution, 2/15/2008 6:57:00 AM

The slumping residential construction market prompted Wheeler’s Building Materials to file for Chapter 11 bankruptcy protection, the Rome News-Tribune of Georgia reported.

The move follows plant closures and 264 layoffs the Rome, Ga.-based construction supplies manufacturer/distributor made last month.

CEO Mark Manis told the newspaper that the bankruptcy filing is an unfortunate necessity.

“Filing bankruptcy gives us time to get caught up with our creditors and for some clients to get caught up with us,” Manis said. “It’s a last option for any business, but that’s what it’s there for.”

Despite having to lay off workers and shutter some plants, Manis said some operations are still up and running.

“We plan to keep going, and no further layoffs are planned,” he told the News-Tribune. “The whole [housing] industry is in bad shape. … The market just went from red-hot to ice-cold pretty quickly. Homebuilders and suppliers are just trying to buy time until we can get to the other side.”

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