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VERNON HILLS, ILL. - Wickes, the struggling 52-unit pro dealer, filed a voluntary petition for reorganization under Chapter 11 on Jan. 20 in an effort to restructure its heavy debt load.
During Chapter 11 proceedings, Wickes said it will operate its normal course of business. On Jan. 29 the pro dealer received court approval to continue paying employees' salaries, incentive plans and benefits.
"Wickes has been operating with a highly leveraged balance sheet for many years," Wickes president and CEO Jim O'Grady said. "The decision to file for Chapter 11 was made reluctantly by our management team and our board of...