Weather-Tek Design Center Inc. has filed for receivership and ceased operations following the unexpected death of the company’s sole shareholder, Jim Miller.
The company’s voicemail says it is “officially closed for business.” Court appointed receiver Seth Dizard said in an email that Miller handled all of the company’s major financial decisions and maintained tight control over related information.
According to the petition for receivership, Weather-Tek had around $2.6 million in assets and nearly $9 million in liabilities.
“The company lasted as long as it could without him, and from what I gather, no one but Jim was aware how precarious the company’s finances were, but by the middle of last week, when receivership was filed, the company could not fund payroll, nor maintain its insurance, so there was no choice but to cease operations immediately,” Dizard wrote.
Weather-Tek sold windows, doors and other related materials. The company consolidated operations in 2017 from Brookfield and Butler to a 34,000-square-foot showroom and warehouse at N22 W22922 Nancys Court in the City of Pewaukee. At the time, Weather-Tek had a staff of 45.
Dizard said he is working with home builders, home owners and material suppliers to help minimize losses.
“It’s a very difficult process, but all the stakeholders, particularly the former employees and home owners who have been directly affected, have been working diligently with us in good faith to make the best of a very challenging situation,” he wrote.