Two more units of Lyman Lumber, the No. 21 company on this year's ProSales 100, are in the process of shutting down as a consequence of Lyman's Chapter 11 bankruptcy, ProSales has learned.
Tri-County Truss (TCT) had a notice on its website today announcing the facility in Burlington, Wash., had closed. Meanwhile, an employee of Woodinville (Wash.) Lumber confirmed to a ProSales reporter that that operation would close within a few days.
TCT and Woodinville both are units of the same operation that owns Excelsior, Minn.-based Lyman. On Aug. 5, Lyman announced it had begun Chapter 11 bankruptcy proceedings and that it entered into a letter of intent to sell its Midwest operations to SP Asset Management LLC., an affiliate of of Steel Partners Holdings L.P., a New York City-based global diversified holding company.
Those announcements didn't tell what Lyman was doing with its Washington state businesses, both of which had had their share of challenges in the housing bust. TCT closed a truss plant in Longview, Wash., in 2008, and Woodinville Lumber shut its truss affiliate last year.
In an Aug. 18 filing in federal bankruptcy court in Minnesota, Woodinville Lumber reported it had $9.5 million in assets and $36.4 million in liabilities. It also reported revenues in 2011 totaling $9.4 million. In contrast, it took in $25.9 million in all last year and $22.9 million in 2009.
Overall, Lyman reported revenue of $152.3 million in 2010, 96% of it to pros.