W.T. Harvey Lumber Company, founded during the Civil War nearly 150 years ago, has filed for chapter 11 bankruptcy protection, having never recovered from the 2008 housing market collapse, the Columbus (Ga.) Ledger-Enquirer reported today. The Columbus, Ga., company submitted its filing Tuesday afternoon to the U.S. Bankruptcy Court for the Middle District of Georgia. Bailey Gross, Harvey Lumber's President and Chief Executive Officer, said yesterday that his company has been cutting expenses for some time. "The remaining employees, from top management down, have agreed to significant reductions in compensation to aid in the process," Gross said. "Harvey's hope is that the furloughed employees can be returned to regular employment, sooner rather than later." The family-owned business said it hopes its current move will allow it to either restructure and turn things around or find a buyer that will keep the operation going locally. The company's chapter 11 filing lists total assets of $2 million as of Dec. 1, with total debts of just under $5.2 million.
