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Accu-Weld/Ultra Hardware Parent Files for Chapter 11
Shapes/Arch Holdings LLC has filed for Chapter 11 bankruptcy protection, although the company asserts that the move is merely a reorganization that will leave it with a stronger financial footing. CEO Steven Grabell told Window & Door on March 20 that it has been “truly business as usual” despite the filing.
“We have the financing in place, and we’ve filed a plan with hopes to exit [bankruptcy] by the second quarter,” Grabell said. “This process works, and will allow us to reorganize. In the meantime, orders are still shipping; we’re still doing business with the same creditors.”
Based in Pennsauken, N.J., Shapes/Arch operates four manufacturing subsidiaries: Accu-Weld LLC, the vinyl window and door manufacturer based in Bensalem, Pa.; Shapes LLC, an aluminum extruder; Ultra Hardware Products, the window and door hardware supplier, and Delair LLC.
The company pointed to the lagging economy for its financial troubles in an article in the Philadelphia Inquirer. The report noted that Accu-Weld had been hit by weakness in the housing market, while profits at Ultra Hardware, which imports products from China, are down as a result of higher prices abroad.
Grabell acknowledged that customers and vendors were initially wary upon hearing news of the Chapter 11 filing. “The only thing we have to do now is manage vendor and customer relations. Lots of folks are concerned, but they’re seeing that we’re going to emerge much healthier, with more balanced finances.
“We did everything we could leading up to the filing,” Grabell added. “We are very well positioned; this is about as productive as the process can be.”
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