Handy Hardware Wholesale Inc., a dealer-owned wholesale group with more than 1,000 members in 14 states, filed for bankruptcy protection from its creditors.
The company listed both assets and debt of $50 million to $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 11 is the section of the U.S. Bankruptcy Code used by companies to reorganize.
The company, based in Houston, was founded in 1961 by 13 independent hardware retailers in Houston, according to its website.
American Water Heater Co., owed $1.4 million, is listed as the largest creditor without collateral backing its claim.
The case is In re Handy Hardware Wholesale Inc., 13-10060, U.S. Bankruptcy Court, District of Delaware (Wilmington).