Waterville Window Company files for bankruptcy
Waterville Window Company Inc., a Winslow-based company founded in 1953, has filed for Chapter 7 bankruptcy, just seven months after the owner predicted a business expansion.
In a July 14 filing with U.S. Bankruptcy Court in Bangor, the company listed $54,539.37 in personal property assets and $813,869.93 in debt owed to over 30 creditors, including Bangor Savings Bank, Kennebec Valley Counsel of Governments, TD Bank and numerous vendors. A court date for the bankruptcy filing was not listed.
Chapter 7 bankruptcy involves the sale and liquidation of the company’s assets to pay off debt.
The largest creditor listed is TD Bank, which is owed $279,656 for miscellaneous equipment. In addition, the company owes $424,700 to 29 vendors, including Westbrook-based Sigco Inc. and Waterville-based Maine Innovations, which was founded by the company’s co-owners this year.
Personal property listed includes $492 in a checking account, two vehicles valued at a total of $23,000 and miscellaneous equipment valued at a total of $30,547. No real property was listed.
The company’s president, Donald Shirley, was not available for comment through a phone number listed for Maine Innovations, where he is also listed as president. The phone number listed for Waterville Window was disconnected.
According to a December 2013 story in the Morning Sentinel, Waterville Window laid off eight of its 21 employees at the time because of declining window sales. The company said it lost more than $1.5 million in window sales over the last three-year period.
Shirley told the newspaper at the time he was planning to expand the company’s services and potentially add as many as 14 jobs by spring of this year. “I plan on expanding the business to be three times bigger than what it was. It’s a positive thing,” he said.
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