Iqaluit hardware store Frobuild will close its doors this fall after its owners say they lost close to $5 million trying to restructure the business since 2007.

The store was bought by Qikiqtaaluk Corporation and Nunasi Corporation in 2006.

mi-harry-flaherty-iqaluit-ice

Qikiqtaaluk Corporation president Harry Flaherty says QC and Nunasi will use the assets from Frobuild to recover some of their losses. (CBC)

Qikiqtaaluk Corporation president Harry Flaherty said QC and Nunasi will use the assets from Frobuild to recover some of their losses.

He says their goal is to recover three quarters of their losses through the liquidation process.

Flaherty blames the economy and companies bringing in their own materials on sealift for the losses.  

"It wasn't the case years ago. Years ago, Frobuild was a popular place for people to get most of the material they need to even build their houses," he said.

"The economy changes so we need to refocus ourselves so the company's profitable."

Frobuild's doors will close in September.