Wick Buildings to emerge from bankruptcy
The company announced today that its Wick Buildings division of Wick Building Systems, Inc. plans to emerge from bankruptcy under the new ownership of its original founder, John F. Wick….
The company announced today that its Wick Buildings division of Wick Building Systems, Inc. plans to emerge from bankruptcy under the new ownership of its original founder, John F. Wick.
Wick Building Systems was comprised of three operating units – two home building divisions and Wick Buildings. In late November, Wick Building Systems had to file for Chapter 11 Bankruptcy after four years of declining market conditions and performance in its housing units.
“John F. Wick founded Wick Buildings in 1954 and then grew the company into a family business,” states Tom Wick, General Manager for Wick Buildings for the past 13 years. “While John has always had a strong interest in our operations, using his own personal savings to make sure operations will continue is a testament to his dedication and enthusiasm for the opportunity we have at Wick Buildings to grow and succeed.”
John F. Wick has made an offer, in cash, to purchase the assets and intellectual property of Wick Buildings from Wick Building Systems, including the Mazomanie, Wisconsin, operations and production campus. The stated intention in the offer is to continue operations of Wick Buildings into the future.
“I want to be sure that Wick Buildings continues to provide income and value to its customers, local independent builders, employees and the communities in which it operates,” said John F. Wick. “There are over 200 direct employees and their families that count on Wick Buildings, and I believe strongly in them and their efforts.”
The purchase offer will undergo a review and public notification process that is dictated by the Bankruptcy Court. Pending review and approval by the court, the asset purchase and launch of the new Wick Buildings will likely occur sometime in early to mid-March.
In continuous operations since 1954 and with more than 66,000 buildings completed, Wick Buildings provides post-frame structures for agricultural, dairy, equine, residential storage, municipal, commercial and light industrial markets.
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