Thriftway, a one-unit lumberyard based in Owensboro, Ky., has filed for Chapter 11 bankruptcy protection, according to an article in the Messenger Inquirer. The owner of the 45-year-old business blamed the homebuilding slump for recent financial troubles.
"Building materials dealers are not in favor with lenders at this time," said Ken Lawson, Thriftway’s president. "Our business is good, and the Owensboro economy is good, too -- much better than the national economy."
"We've provided service for 45 years and will continue to provide service," Lawson continued. "Our people and inventories are still here, and our customers will see no interruption of service. It's just paperwork.”
According to its web site, Thriftway also operates an affiliate, Wholesale Doors & Trim and Installation, and HardwareOvernight.com, an Internet business.