FAQs for Customers
Is the Company staying in business?
Yes. We have a commitment from an investor group, led by Wynnchurch Capital, Ltd. and Great Lakes Equity Partners, to purchase the Company’s assets as a going concern. The Company has financing from its existing lender group, led by Bank of America, that will enable us to continue to conduct normal business operations.
Will the Company be sold?
Yes, the Company has received a financial commitment from an investor group, led by Wynnchurch Capital, Ltd. and Great Lakes Equity Partners, two leading middle market private equity investment firms, to buy all of the Company’s assets as a going concern. Chicago-based Wynnchurch has extensive experience in manufacturing, logistics and value-added distribution. Great Lakes has in-depth knowledge of the building materials and power tool segments of the construction industry. The sale, which should be final within approximately 60 days, will be subject to overbid by other interested purchasers, and the ultimate winning bid is subject to bankruptcy court approval.
Did the Company file for bankruptcy?
Yes, the Company has filed for relief under Chapter 11 of the United States Bankruptcy Code, but as described above, the Company’s operations will continue in Chapter 11. Many of you are aware of other well-known companies that have made similar filings and continued to conduct business.
Why did this happen?
Current economic conditions and those of the past 18 months, particularly within the construction industry, have been extremely challenging. After extensive discussions with our lenders and exhaustive consideration of all available options, we determined that, in order to maintain business operations and customer service without interruption while we address our liabilities, a court-supervised restructuring is appropriate.
Will you still be able to supply me with product?
Yes, our intention is to continue to conduct normal business operations, which includes maintaining strong relationships with customers. Our non-U.S. operations and affiliates are not a part of the Chapter 11 filing. Our Cincinnati manufacturing facility remains operational, as do the facilities in which our tools are made and assembled. We anticipate little to no disruption to our normal supply of product, regardless of where in the world our customers may operate.
Should I pay you the money I owe you for product purchased the last several weeks?
Yes, the terms your company has with us remain unchanged by the restructuring process.
Will the current management team remain in place?
The current management team will remain in place.