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Galaxie Lumber & Construction Co., the “official” home remodeled of the Chicago Blackhawks hockey team, has recently filed Chapter 7 bankruptcy in U.S. Bankruptcy Court in Chicago. The company lists between $1 million and $10 million of liabilities and f $50,000 or less in assets.Galaxie advertised heavily on radio and television, especially during Blackhawks games, ending each spot with its iconic “ Call Galaxie” catch phrase. Now disconnected, due to the company’s inability to pay its bills. The Chapter 7 filing shows the company owes over $600,000 to local broadcast media and a total close to $400,000 to the Hawks, White Sox and other local sports franchises. Galaxie also owes a secured $500,000.00 claim to Allied Building Products Corp., its main supplier.
Some 15 Galaxie employees will lose their jobs and 172 customers reportedly have unfinished projects, while a court-appointed bankruptcy trustee liquidates company assets; it is unclear at this time if those customers will get a refund through the remodeler’s bankruptcy, says Bruce Pinsler, company president.
Mr. Pinsler said he is personally liable for all of Galaxie’s debt, having invested over $1 million of his own money into the business. Galaxie owes him almost $800,000.00, according to bankruptcy filings.
Reg Marzec, co-founder and owner of Hinsdale-based Normandy Remodeling, said that although homeowners are spending more to fix-up their homes than they did before the real estate crash, business is not as good as it was ten or more years ago. He added, “Prospective clients still want to invest in their homes but don’t have the home equity or lender leeway to do it.”
Source: Public Court Records. & Jacoby Meyers blog