A "clearance sale" sign is up on the Carson City Supply One and its doors will be closed for good in another 8-10 weeks.
The nine Supply One stores in Nevada, Oregon and California will liquidate their stock during that period, then close for good. Reno-based Supply One filed in August for Chapter 11 bankruptcy protection.
Other Supply Ones are located in Reno and Sparks; in Meyers, Calif., just south of Lake Tahoe; and in Klamath Falls, Gresham and Grants Pass, Ore.
A liquidation crew is making the rounds of the stores, Chief Operating Officer Nick Parino said.
Employees were notified in mid-September of the impending closures. Parino said some stores, including the Meyers location, were operating with skeleton crews. Supply One employs 300 workers in three states - California, Nevada and Oregon.
"We're disappointed. The company has been around for 16 years. We have a loyal following (of customers) and loyal employees," Parino said. "My heart goes out to the employees."
Supply One's fiscal problems began in 1999 with a computer problem, Parino said.
"In addition, there's been a tremendous amount of competition," he said. He listed Kmart and Wal-Mart as stores that also sell paint and tools.
When Supply One was losing too much money to maintain operations and make expenses, the builder's center and its financial institutions failed to come to an agreement, he said.
Parino declined to divulge the amount of losses the privately held company has had.
According to the bankruptcy filing, Supply One owed more than $20 million in debts, including $19.8 million in three secured loans held by Union Bank of California.
