Tuesday, April 17, 2012
The nearly 75-year-old Tualatin-based Lumber Products Inc. filed for Chapter 11 bankruptcy.
Lumber Products indicated in the filing that it expects to have enough funds to pay its unsecured creditors, who include Timber Products Sales in Springfield, which is owed about $404,000, according to bankruptcy court filings. Lumber Products was founded in Portland 1938 by Ernest E. Hall and his son, Ernest L. Hall, after they realized that the millwork business they were in needed wholesale distributors to get products to the end users, according to the company history.
The seven-decades-old company felt the impact of the recent recession, though, and the accompanying slump in the demand for wood products, sliding from number 22 to 32 in the space of three years on Oregon Business magazine’s annual list of the state’s largest private companies. The magazine ranked the company as having revenues between $250 million to $1 billion in 2007, falling to $150 million to $250 million in 2010.
Read more at The Register-Guard.
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