March Associates, a commercial construction firm that built several Home Depot and Lowe’s stores in northern New Jersey, has filed a voluntary petition for Chapter 11 reorganization. The Wayne, N.J., firm listed assets of $5.9 million and liabilities of $4.8 million in its court filing.
Sloan & Co. of West Caldwell, N.J., an interior finishing company, holds the largest unsecured claim of $1.17 million. Also listed among the unsecured creditors is the Lakewood, N.J., branch of Ferguson, a division of Wolseley, with $190,943 in unpaid debt.
An attorney for March Associates told the Herald News that a dispute over a luxury condo project held up a $6 million payment to March Associates. After subcontractors began obtaining judgments against the construction firm for non-payment, the company was forced to file for bankruptcy protection to keep its creditors at bay, the lawyer said.
In addition to building big-box stores, March Associates was also known for erecting large shopping centers and public works projects such as the 42,000-square-foot municipal recreation center in Fair Lawn, N.J.