Thursday, April 03, 2008

MADILL EQUIPMENT CLOSES

Madill Equipment is in Bankruptcy
Making quality logging equipment since 1911, this long time Nanaimo employer is another casualty of the forestry industry slowdown and the rising dollar.

Madill Equipment was officially signed into bankruptcy in Supreme Court on Tuesday afternoon. With the exception of some office staff, all other employees have been let go in a move which took everyone completely by surprise.


The financial troubles had been kept from staff and the closure has come as a real shock to most.


RSM Richter Inc. has been appointed receiver for the company and will oversee the final sale of company assets etc.


It is far too early to speculate if the company can be re-opened and run competitively as there is presently a glut of used equipment on the market, and the rising Canadian dollar did nothing to improve Madill's ability to compete.


A total of 190 employees (100 union and 90 office staff) have been affected by the closure.


allvoices

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