Looks like we have another housing crash victim. Here is the Northern Neck News with the details:
After announcing its temporary closing two weeks ago, Potomac Supply has now filed for Chapter 11 bankruptcy protection.Irritatingly, I had to do a Google search on the company to find out a little bit more about it (and get the above photo):
Under Chapter 11, Potomac Supply will attempt to reorganize its business structure to pay off creditors and reopen the business. The company filed for bankruptcy last Friday.
“All options are on the table that are afforded by this petition,” said Bill Carden, CEO of Potomac Supply. “Our goals remain to find solutions that will benefit our employees, creditors, community, shareholders and our bank.”
The petition will have to be heard in a bankruptcy court. Any creditors that Potomac Supply may have will be allowed to make a statement in the court and a judge has the final say in approving any reorganizational plan Potomac Supply develops in the Chapter 11 proceedings.
County officials have also been working with Potomac Supply since August in an effort to help the county’s largest employer keep its doors open.
“We are limited in what we can do since it is a private business,” said County Administrator Norm Risavi. “We’ve put them in contact with other organizations that may be able to help.”
Some of those organizations, Risavi said, are the U.S. Department of Agriculture’s Rural Development and other small business groups.
Risavi said that even though the county cannot provide financial assistance, it does have a stake in the future of Potomac Supply.
“They are a big taxpayer in the county,” Risavi said. “That would have an impact on the county’s resources.”
Potomac Supply Corporation in Kinsale, VA is a private company categorized under Lumber-Treating. Our records show it was established in 1946 and incorporated in Virginia. Current estimates show this company has an annual revenue of $23,500,000 and employs a staff of approximately 200.Hmmm...66-year old company that is the largest taxpayer (and probably employer) in its home county. Yet another sad tale of the collapse of small town America.