AddThis

Big-box construction firm files Chapter 11

March Associates, a commercial construction firm that built several Home Depot and Lowe’s stores in northern New Jersey, has filed a voluntary petition for Chapter 11 reorganization. The Wayne, N.J., firm listed assets of $5.9 million and liabilities of $4.8 million in its court filing.

Sloan & Co. of West Caldwell, N.J., an interior finishing company, holds the largest unsecured claim of $1.17 million. Also listed among the unsecured creditors is the Lakewood, N.J., branch of Ferguson, a division of Wolseley, with $190,943 in unpaid debt.

An attorney for March Associates told the Herald News that a dispute over a luxury condo project held up a $6 million payment to March Associates. After subcontractors began obtaining judgments against the construction firm for non-payment, the company was forced to file for bankruptcy protection to keep its creditors at bay, the lawyer said.

In addition to building big-box stores, March Associates was also known for erecting large shopping centers and public works projects such as the 42,000-square-foot municipal recreation center in Fair Lawn, N.J.


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.