In another sign of the troubled industry, Smitty's Building Supply Inc. filed Jan. 5 for protection under Chapter 11 of the U.S. Bankruptcy Code. The housing industry's slump forced the action, Smitty's CEO Rick Smith said in a company announcement.
Smith said in a letter to employees that business "will continue as normal." He noted that Bank of America has provided the company with a $10.5 million line of credit, including $3.75 million in post-filing debtor-in-possession financing.
Smitty's is based outside Washington in Alexandria, Va., with a branch in Manassas, Va., and window showrooms in Chantilly, McLean, and Falls Church, Va., as well as Rockville, Md. It ranked No. 57 on the 2008 ProSales 100, with $91.5 million in sales in 2007, virtually all of them to professional builders and remodelers.