Elco Building Supply ceasing operations
Liquidation underway as industrial and concrete materials supplier looks to pay debt.
Elco Building Supply, the Roswell, N.M.-based supplier of industrial and concrete construction supplies, announced that it will cease all operations at the end of 2019.
I a letter shared via Linkedin.com, CEO and co-founder Justin Ellis said the company has reached a point “that makes liquidating its assets in order to eliminate our debt the best decision for ourselves, and our creditors.”
“Fortunately we will not be entering bankruptcy or creditor protection,” Ellis continued, noting that the company believe that proceeds from the liquidation will cover Elco’s outstanding debts.
Ellis spent 17 years in his family’s business, Builders Do it Center, and helped grow the company into a leading provider of building materials in Southeast New Mexico before co-founding Elco. Chief operating officer Aaron Coats, spent time with The Home Depot prior to joining Ellis at Builders and leading the Builders Team in Artesia, N.M. lumberyards, and specialty construction suppliers.
“We are disappointed that the situation has reached this point, but we are so thankful that we are able to wind the business down in an orderly manner,” Ellis said.
No comments found