Hoboken Floors, a 77-year old distributor based in Wayne, N.J., is closing its doors, according to New Jersey newspaperThe Record. In a letter to employees, CFO Lawrence Grossman noted that the company’s decision to shutter its business was based on an “inability to acquire additional funding which we believe would have avoided the need for a facility closing,” the paper reported.

The move follows the recent change of top executives at the distributor. Longtime president Ira Lefkowitz resigned from his post in June. His brother Joel bowed out as CEO last month. Mark D. Steele, an executive with more than 20 years of operations and manufacturing experience outside the flooring industry, was tapped to head the company.

Hoboken Floors distributes a wide range of hard-surface flooring including wood, laminate, resilient and ceramic tile from 26 locations around the U.S. The company also operates design centers in New York and Boston.

Calls seeking comment were not returned.