Yellow ceramic tile distributor has ‘no plans’ to sell more than 50% of its products
A ceramic tile supplier has filed for bankruptcy protection, saying it will close its doors after selling only half of its business.
Wayfair ceramic tiles was one of the biggest suppliers of ceramic tile in the US, supplying tile floors and ceilings in more than 90 cities and towns.
The company, based in Columbus, Ohio, had been struggling to turn a profit for a few years.
But last year, it sold all of its tile business to a new company, and Wayfair has since been forced to liquidate its remaining assets, including a number of buildings.
Wayfares board of directors said in a filing on Friday that the company was in a “material and irreversible” state, and that the board of trustees was asking for an emergency loan to be used as collateral.
The filing was filed late on Friday in the Delaware Court of Chancery.
Way Fair is also seeking to buy out its former tile business, which was sold to a private equity firm.
The bankruptcy filing said Wayfair’s business is now a “limited liability company”, which means the company can’t continue to sell its products, such as floor tiles and tile floors.
It said it plans to liquidating its remaining properties, including the building it’s based in, and will take “all necessary measures to consolidate and consolidate the assets and operations of Wayfair”.
Wayfair is one of several tile suppliers that are struggling to survive.
The tiles industry is facing a resurgence of supply issues, as demand has picked up in recent years.