Wheeler’s Back in Business Following Assets Auction
August 27, 2008
Six months after filing for Chapter 11 bankruptcy protection, Wheeler’s Building Materials has emerged as a new company, according to media reports, although all senior staff, logos and the company name remain unchanged. An article in The Newnan Times-Herald reports that the Rome, Ga.-based company has hung a “We’re back!” banner outside of its supply facility after owners Jim and Mark Manis purchased the company’s assets at auction following the bankruptcy filing. The company filed for Chapter 11 bankruptcy protection in February, citing a severe downturn in demand with the woes of the housing market. The article reports that a number of the 246 employees who were downsized in January were brought back, although the company has not announced specifics. The Manis brothers did not immediately return calls for comment. The company reopened its location in Newnan, Ga.; as well as state locations in Rome, Cartersville and Jasper. The 59-year-old company will still maintain manufacturing operations, although they are scaled back significantly. The article reports that the window plant that formerly employed 150 is down to about 10 employees. Wheeler’s also continues operation of a truss plant and a door plant.