The Globe and Mail is reporting that Harvey Building Materials, Inc., the company that manufactured building materials for the iconic building of the 1930s and 1940s, is now in a class of its own, a company that manufactures materials that are now found in homes, cars and other building products.
The company, known as the Harvey Group, said it is currently “filing for Chapter 11 bankruptcy protection.”
According to the company, it has lost over $3 billion since it started in 2014, with revenues down 80% since the start of the year.
The Harvey Group has also said that it plans to restructure its business, with the aim of selling some of its holdings, and it is expected to announce its plans for the sale of some of the company’s assets soon.
The Globe and the CBC are reporting that it was founded by a group of businessmen, including Harvey Building materials Inc. president and CEO, David Harvey, and the company CEO, Harvey Kelleher.
The companies main assets are Harvey Building material, a construction and materials company, and Harvey Building, Inc. which is the owner of the iconic Harvey Building in New York City.
Harvey Building Materials is a subsidiary of the Harvey Building Company, which is based in New Jersey, and is a division of the same company.
Harley Building Materials said that the bankruptcy filing will close the business’s assets, and that it is expecting to restructurate.
Harper’s website says that the Harvey group “is committed to the continued success of the business,” and said that “no changes to the Harvey family’s business plan will be made, and no assets will be sold.”
The company said that Harvey Group will continue to operate the company in the U.S., Canada, Mexico and Europe.
Harvard University has called Harvey Building a “global leader in construction materials.”