Roswell, N.M.-based specialty dealer Elco Building Supply will cease all operations at the end of 2019. The company, which provides industrial and concrete construction supplies, has reached a point that makes liquidating its assets in order to eliminate debt “the best decision for ourselves, and our creditors,” according to a letter shared on LinkedIn by CEO and co-founder Justin Ellis.
“Fortunately, we will not be entering bankruptcy or other creditor protection, and believe that the proceeds from the liquidation of our existing assets will cover our outstanding debts,” Ellis wrote in the public letter. “We are disappointed that the situation has reached this point, but we are so thankful that we are able to wind the business down in an orderly manner.
Ellis spent 17 years in the family business, Builders Do it Center, helping grow the company into a leading provider of building materials in southeast New Mexico prior to founding Elco. COO Aaron Coats spent time with The Home Depot prior to joining Ellis at Builders Do it Center and leading the Builders team in Artesia, N.M.
Elco Building Supply held its grand opening on August 1, 2018. The store focused primarily on low-slope and specialty roofing, concrete accessories, and commercial construction. Much of the team employed at Elco Building Supply was at the Builders Do it Center in Roswell, N.M., before the store was sold to Foxworth-Galbraith in March 2018.
