"My goal in the transaction was to preserve as many jobs as possible for my employees, who have been very loyal and dedicated through the years and stuck with me during these hard times," Catawissa Lumber CEO William Gittler Jr. said.
is employing approximately 75 people.
said there were 104 employees at Catawissa Lumber
when the company was sold Jan. 29.
Gittler said the new owner has kept the pay, benefits and work the same for the remaining employees.
regretfully had to give up the business because he
was facing foreclosure and bankruptcy.
The agreement left Gittler
in charge of the remaining debt and other Catawissa Lumber
properties, and did not require Catawissa Wood
and Components to retain the same employees.
added, "It's important to point out that this was not a sale of the company, but a sale of the operational assets."
, who thanked his
employees, stated, "We tried everything we could to survive in an hellacious environment for the past 2 1/2 years."
said a changing market and bad economy hurt the company's revenues, and he
was eventually instructed by the bank that held the deed to find a buyer.
By 2008, Catawissa Lumber
no longer had a line of credit, operating instead on a cash basis.
During that time, the company was paying penalty fees in the tens of thousands of dollars to its bank, he
Between 2008 and 2009, the company's revenue decreased from $18 million to $9 million.
, who did not say how much Maski Hardwood paid to purchase the facility, will not realize any money from the transaction since it will all go to the bank to pay off outstanding debt.
said sale proceeds won't cover what the company owes on three loans.
plans to liquidate remaining assets, including the old Catawissa facility and a 35,000-square-foot warehouse.