OK Lumber, a Fairbanks, Alaska-based Ace Hardware-affiliated lumber dealer, has declared bankruptcy, according to the Fairbanks Daily News-Miner.
An attorney told the newspaper that competition from big-box retailers and high utility costs led to the filing. Also, the company incurred higher costs from a leased six-acre portion of land that was used for its lumber yard.
The company has been in business since 1967.
Owner Richard Kruckenberg, who bought the business from his parents in 1996, told the newspaper in June that the business planned to downsize or move to another location to reduce costs.