Summitville tiles rebounds from bankruptcy
February 3, 2005
Two years after filing for bankruptcy, 92-year old family run Summitville Tiles, says it is back on its feet. The Ohio-based company sought Chapter 11 protection in December 2003 after claiming debts of $24 million against assets of $15 million. In a letter to employees, suppliers and customers, the company said it has emerged from bankruptcy after having worked to "re-invent itself and recover from the ravages of global competition." The company, which three years ago had a workforce of 650, now has about 250 workers at plants in the Ohio cities of Summitville, Minerva and Peking. It also scaled back its product line from about 10,000 to 3,000 skus, according to executive vice president Bruce Johnson. "We are focusing on the core products that differentiate us," said Johnson, whose family has owned the company since 1920. "We have had to make a lot of changes in a short among of time. It wasn't pleasant but we feel there is a bright future for Summitville Tiles."