A Charlottetown woodworking company that once employed more than 100 people is closing.
Cabinetmaster Architectural Woodwork Ltd. did most of its business in the United States — much of it with the Marriott International hotel chain.
Gordie Kirkpatrick, president and CEO of Cabinetmaster, said even though his company enjoyed growth between 2002 and 2006, the recession and high Canadian dollar has put the company out of business.
"When we first started exporting to the States, when we brought $1 home we'd get $1.61," he said.
"At some point in the last couple of years, it went down as low as 95 cents, so 68 cents difference makes a huge impact on your ability to be able to produce effectively and be profitable."
Kirkpatrick said the company tried to negotiate with creditors but those discussions fell through.
Cabinetmaster was founded in 1980 as a division of Prebilt Structures Ltd., specializing in kitchen cabinets. Kirkpatrick acquired the company in February 2002 and moved it to the former Coca-Cola bottling plant building on Kensington Road the following year, according to the company website.
Kirkpatrick said after several expansions, he employed approximately 105 people in 2006.
The 29-year-old company will close Tuesday. It currently employs about 50 people.
