Bob Owens Files for Chapter 7 Bankruptcy
Tap to Call - (877) 250-8242

Home improvement entrepreneur files bankruptcy

By:

December 27, 2010

Share this article

SHARE

Home improvement entrepreneur files bankruptcy

After a year of failing to obtain adequate credit for his ailing home improvement company, owner Bob Owens shut down his two plants and recently declared Chapter 7 bankruptcy.

Owens listed $11.7 million in debts and just $1.7 million in assets, with many of his personal debts being linked to his business, the Duluth News Tribune reports. He had personally backed many loans on his business in an attempt to keep the firm afloat after the collapse of the housing bubble, and even took out a second mortgage on his home.

Owens's creditors include banks, an economic development agency, the city of Shawano and Shawano County, according to the news source.

"We had a great relationship with Bob and I think everyone here has a lot of respect for him. He created a lot of employment here for many years. But when the economy went down, it took a lot of the wood-products companies down that were selling to the home [construction and remodeling] business. They were really hit hard," said Jim Stadler, Shawano city administrator.

According to the news provider, Owens was well-known in the lumber industry for his efforts in promoting sustainable forestry.


Back to Newspaper Home


Tap to Call - (877) 250-8242

Copyright © 2017 MH Sub I, LLC. All rights reserved. ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.Your use of this website constitutes acceptance of the "Terms & Conditions", "Supplemental Terms", "Privacy Policy" and "Cookie Policy."