17 Sep2014
North Carolina Business Files Chapter 7 Bankruptcy
Written by CFB Blogger. Posted in Blog
Forbes Custom Cabinets of Apex, North Carolina, has recently filed for Chapter 7 bankruptcy.
In its bankruptcy filing, the 29-year-old company listed $666,325 in assets and $2.1 million in debt. The largest debt, about $1.3 million, is owed to
Bank of North Carolina, reports Dawn Kurry for the
Triangle Business Journal.
Forbes Custom Cabinet was founded by Tom Forbes and purchased by Ed Hallberg and Flint Davis in 2009 from the company’s third owner, Jim Bendel. Bendel grew the company from $800,000 in 2002 to $4 million in 2008, with 37 employees.
Hallberg and Davis focused on installing cabinetry for health care offices, education arenas and government offices. They worked with such large contracting companies as
Duke Construction, Skanska, Brasfield & Gorrie and
Bobbitt Design Build.
In 2012, Davis sold his partnership interest to Hallberg, reportedly to pursue other business interests.
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