The Judkins Co., a window covering products fabricator and distributing company started in 1930 by the Reed Judkins family, has filed a petition for Chapter 7 bankruptcy in U.S. District Court.
Ralph Bowles, chief executive officer, said, "We sincerely regret having to take this action, but the situation had dictated it. The company is not operating profitably, and there are no realistic projections for profitability in the future."The petition filing means the dismissal of 187 employees at the company's factory at 2550 S. West Temple and sales offices in Colorado Springs; Seattle; San Francisco; and Tustin, Calif. Bowles said a small team of employees will be retained to complete unfinished business and collect accounts receivable.
The employees have worked about 12 days and haven't been paid for that work, but a company spokesman said meeting the payroll will be the first priority when the company is liquidated.
Bowles said filing the bankruptcy petition was done only after other alternatives were considered including searching for new investors.
The company was locally owned and operated through much of its history, but in 1986 Blydenstein-Willink, a Netherlands-based company, became partners with certain members of the Judkins family in the ownership of the company. Bowles said neither Blydenstein-Willink nor members of the Judkins family could justify putting more money into the company, Bowles said.