Republic Window & Door Shuts Down
Republic Windows & Doors shut down on Dec. 5, due to an inability to secure financing, officials report. Bank of America withdrew a credit line because of declining sales at the Chicago-based vinyl window manufacturer, which closed the doors of the company and eliminated over 200 jobs, Republic executives confirm.
Republic employees’ union leaders immediately descended upon the bank to protest the decision, claiming that the move was barring the company from paying workers for the 60-day period required by Illinois or for accrued vacation time, according to a report in Crain's Chicago Business.
Founded in 1965, Republic operated a 375,000-square-foot manufacturing plant and employed as many as 750 people at one point. It was acquired in December 2005 by a management group that included Rich Gillman, chairman, president and CEO, and Barry Dubin, COO. Chase Capital Corp., a division of JPMorgan Chase & Co., acquired a minority interest in Republic in February 2007.