Columbus, Ga.-based W.T. Harvey Lumber Company filed for Chapter 11 bankruptcy protection Dec. 4, the Columbus (Ga.) Ledger-Enquirer reports, after an influx of competition and a struggling local housing market forced the 150-year-old dealer to significantly cut expenses and shrink its staff. Harvey Lumber president and CEO, Bailey Gross, told the Ledger-Enquirer in an email earlier this week that the company pared back its employee count from 165 employees in 2007 to 57 in the days before the filing while 17 employees were furloughed with one week's severance.
"The collapse of the building and housing economy since 2008 caused a decline in the demand of building material and also a number of defaults by Harvey's customers, many of whom themselves filed bankruptcy or have gone out of business," the company said in a local news release. Read the full story.