Gorell Windows and Doors Placed into ReceivershipFebruary 10th, 2012 by DWM Magazine
Gorell Windows and Doors, with a plant in Indiana, Pa., and headquarters in North Carolina, has been placed into receivership. Margaret Good, the court-appointed receiver, with the Pittsburgh-based Meridian Group, confirmed the news to DWM magazine today.
There was an agreement between the secured creditors and the company, that as Gorell “has incurred significant losses,” the choice was to put the company into receivership, according to Good.
Despite industry rumors, Good says, “no employees have been terminated, all employees are working, the company is still producing and shipping windows and the company is not closing its doors.”
However, some personnel changes have occurred in the company’s leadership. Wayne Gorell, CEO, has submitted a letter of resignation as did Mike Rempel, vice president and shareholder, according to Good. While president and chief operating officer Brian Zimmerman has not submitted a letter, Good says she is awaiting it. (When DWM called Gorell earlier today we were told Zimmerman is no longer with the company).
“We are currently talking to buyers and some say they will send offers this weekend,” she says. “We are aiming to put together a transaction quickly to save jobs.”
She adds that Meridian is talking to key vendors “who are being supportive and we are in the process of talking to customers.” Good reports there will be a union meeting this afternoon and the union employees have been understanding as well.
“The owners have bent over backwards to make sure this didn’t happen but they weren’t able to overcome the odds,” says Good.