One of Hickory's oldest companies has closed and plans to file a Chapter 7 bankruptcy proceeding.
Ingold Co. Inc. is a mechanical and roofing contractor that has been operating in Hickory since 1895.
Alice S. Herman, Ingold Co. president, said in a letter sent to customers and vendors this week that the company has struggled in a declining building market for several years, "but recent losses associated with a large, out-of-state project make continued operations impossible.
"We realize that this may create legal and financial problems for some of our customers, vendors and friends, but we have no option," Herman said in the letter.
Attempts to contact Herman and other company officials were unsuccessful on Friday. The offices on Seventeenth Street, NW, were closed.
Herman's letter advised customers that they should receive notification of the bankruptcy proceeding from the U.S. Bankruptcy Court within the next several weeks.
As of Friday afternoon, the company had not filed such a proceeding with the U.S. Bankruptcy Court's Western North Carolina Division.
A Chapter 7 bankruptcy provides for the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
In her letter, Herman said Bank of Granite has a lien on Ingold Co.'s real estate and other assets.
"The company believes that there is equity in its assets, which will result in a small distribution to general, unsecured creditors in a bankruptcy proceeding," she said.
"Every closing affects many people.We will always cherish the friendships and relationships established over three generations, and we hope that there are better times ahead for all of us."
Ingold operated as a hardware business from 1895 until 1915, when a sheet metal shop was started.
Roofing, plumbing and heating systems were added in 1930. Services were expanded during the 1960s to include industrial air and boiler/steam systems.
It is not known how many people worked for the company when it closed.
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