Qikiqtaaluk Corporation president Harry Flaherty says QC and Nunasi hoped to recover some of their losses at Frobuild by selling the assets. (CBC)

It was a surprise to many when Frobuild, the Iqaluit hardware and building supply store, closed its doors in September.

Qikiqtaaluk Corp. and Nunavut Corp. bought the store in 2006 from local businessman Jacques Belleau.

QC president Harry Flaherty says they lost close to $5 million trying to restructure the business.

Flaherty blames the poor performance on the economy, and on builders bringing more materials up by sealift.

The land claim birthright corporation was hoping to recover three quarters of that loss through the liquidation process.