Gorell Windows Moved into Receivership

February 15, 2012 | from AdminBerenson No Comments

Gorell Windows and Doors, based in North Carolina, was moved into formal receivership last week under court order per an agreement with the company’s secured creditors. The receiver, Pittsburgh-based Meridian Group, has begun contacting Gorell dealers in what appears to be an effort to solidify pipeline jobs and increase the cash flow into the company. The company’s manufacturing facility in Indiana remains open at this time, although both Wayne Gorell, the company’s CEO, and Mike Rempel, the company’s vice president, have resigned. Meridian Group is now actively seeking a buyer for the company, whose roughly 285 employees are unionized. This is a disappointing development for a company that in 2010 received the Energy Star Partner of the Year award from the U.S. Department of Energy and the U.S. Environmental Protection Agency in recognition for products that help consumers save money while increasing energy efficiency and reducing carbon emissions.