McDiarmid Lumber to close some stores amid restructuring
A longtime business based in Manitoba will be closing some of its stores as it gets its financial house in order, CBC News has learned.
With its headquarters in Winnipeg, McDiarmid Lumber Ltd. has been touted as a leading builder and home improvement retail company in the Prairies.
An official who has been brought in to oversee the company's restructuring told CBC News that more rural outlets will close.
However, the official could not say which stores would be closing.
Established in 1927, McDiarmid Lumber has seven stores in Manitoba, including a design centre in Winnipeg, and employs about 450 people in the province. It also has stores in Saskatchewan and northwestern Ontario.
Its store in Brandon, Man., was closed down late last year.
McDiarmid Lumber is part of the McDiarmid Family of Companies, which includes McDiarmid Homes. It has recently been the subject of complaints by those who bought its Ready-to-Move houses in Manitoba, Saskatchewan and Alberta.
According to court documents, McDiarmid has been struggling for the past few years, in part due to slipping sales.
As well, the company owes CIBC more than $20 million, according to the court documents.
There is also a bitter family feud, involving former president Vince Ryz and others who have been involved with the company, that is currently before the courts.