Cabinetry icon Wood-Mode – based in Kreaner, Pa., has announced that it is going out of business over a series of recent unfortunate events. The following is a press release/statement from company officials:
Over the past few months and intensifying over the last few weeks, Wood-Mode Inc. has been seeking financing and other alternatives, including new capital and a possible transaction, that would have enabled it to continue operations. Despite Wood-Mode’s best efforts, the company learned last Tuesday afternoon that a party with which the company had entered into a letter of intent (to acquire the business) had decided abruptly to not proceed with the transaction.
On Friday, we learned that our prime lender is unwilling to provide normal funding that would have enabled the company to continue its operations to further explore other potential buyers that had previously shown interest, including a party that submitted a letter of intent last Thursday night. As a result, Wood-Mode has been left with no choice but to make the difficult decision to “wind down” its operations. We have notified our employees, all of whom will be paid their accrued wages.
After 77 years of business, the company and ownership truly regret the impact of this action to our employees, the community and our loyal customers and suppliers. We are extremely appreciative of everyone’s commitment and service to Wood-Mode throughout the years.
