A remodeling company known for a catchy television jingle with its phone number has filed for bankruptcy after it went into millions of dollars in debt.
Unique Home Solutions Inc., headquartered on the west side of Indianapolis with offices in Cleveland, filed separate filings for each state in the US bankruptcy court for the southern district of Indiana on November 2nd.
The Chapter 11 bankruptcy filings show that the company has less than $ 2.8 million in assets and nearly $ 6.6 million in liabilities. It also indicates that it has between 200 and 999 creditors.
Unique Home Solutions, 5550 Progress Road, was founded in 1983 and specializes in remodeling work including installing windows, doors, bathrooms and security products. It advertises that the products it uses are made in the USA. The company has produced dozens of commercials over the years, which often air on local television channels.
The company filed a three-year plan to repay its creditors in court, but did not specify the long-term future of the business itself.
Bob Dillon, president of Unique Home Solutions, said there was no intention of closing the deal.
“It’s just restructuring,” he told IBJ. “We already have preliminary permission from the court to continue business as usual. We have no plans to change our customer experience and we aim to continue the high level of service we have had over the past few decades. “
The plan is that Unique Home Solutions has worked closely with its secured applicants to repay funds over a period of several years and that it will find ways to repay its unsecured creditors as possible. Efforts to complete the plan could take anywhere from three to six months.
In the filing, the company said it had financial problems for the first time in 2018 when its main window supplier started offering below-average products. The company tried to boost business by opening another office that has since closed – after Unique Home Solutions spent $ 500,000 on the new location.
According to the filing, the company had sales of $ 22.4 million in 2018 and sales of $ 13.3 million in 2019. Revenue for the first 10 months of this year was $ 8.7 million.
In 2019, the company had a net loss of around $ 3 million. As of September, the company’s Indianapolis division had profits of roughly $ 243,600, and the Ohio office was roughly $ 420,000 in the black.
However, the profits were not enough to keep the company in good shape with its creditors.
Unique Home Solutions’ debts of around USD 3.3 million are secured by real estate. Its inventory includes a fleet of approximately 40 vehicles and trailers used for various projects, valued at approximately $ 539,900.
Indianapolis’ 20 largest unsecured creditors, which include a number of contractors on various projects, account for approximately $ 1.9 million of the company’s remaining debt.
The largest unsecured creditors are JSD Design Inc. of Hinckley, Ohio, with a claim of $ 678,478 and Lansing Building Products of Richmond, Virginia, with a claim of $ 352,740.
Lansing has filed a lawsuit against Unique Home Solutions in the Marion County Supreme Court, as has Grabill, Indiana-based Home Guard, the fifth largest creditor, with a claim of $ 194,280.
“We had some disputes with some vendors and had problems with job costs,” said Dillon. “We’re trying to clean everything up.”
The largest secured creditor is Ally Financial of Louisville with a claim of $ 168,994.