Medina Glass Block emerges from Chapter 11
Medina Glass Block Inc., which filed for Chapter 11 bankruptcy protection from creditors last November, has emerged with a reorganization plan that includes closing seven stores and the elimination of a division that sold and installed residential windows. Bud Kirkpatrick, the company’s chief operating officer, said Medina Glass Block will continue to sell the block windows wholesale to distributors, but will no longer sell them on its own. “The residential business was unprofitable with a declining economy,” he said. “We’re much stronger from a financial standpoint, from a focus standpoint.”
The changes create a “strong foundation” for growth going forward, according to Mr. Kirkpatrick, who said the company — which primarily will be known as MGB Inc. going forward — intends to expand beyond glass block. He would not be specific as to what areas of business it might enter.
The headquarters will remain in Medina, but Mr. Kirkpatrick said the company has about half as many employees as it did this fall. Then, the company said it had 100 workers.
Stores that were closed were on the East Coast, Pennsylvania, Kentucky and Indiana, Mr. Kirkpatrick said.
The company, which has been in business since 1985, remains the largest installer of commercial and industrial glass block. It filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Ohio in Akron.
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