Thermal Windows and Doors Succumbs to Financial Effects of CoronavirusApril 1st, 2020 by Drew Vass, Executive Editor
[DWM] received notice this morning and confirmed with company officials that, effective March 27, Thermal Windows and Doors in Murrysville, Pa., is permanently closed. With the promise of a $2 trillion economic stimulus package close at hand, but no end in sight for the effects of a pandemic, the company was forced to cease, says CEO and president Gary Acinapura.
When Pennsylvania Governor Tom Wolf placed businesses on lockdown March 20, his company followed orders, Acinapura says, while adding a message to its phone system explaining that the move was temporary. The message, which played as late as Wednesday morning, said that the company was still taking orders in hopes of springing back to action quickly. It’s since been replaced with a declaration that the temporary shutdown is now permanent, effective March 27.
Prior to the shutdown, the company was “poised to have a really good year,” Acinapura says. The business, which according to the Better Business Bureau was started in 1960, was then acquired from Atrium Corp. in October 2015, as what Acinapura describes as a “turnaround business.” But amid a pandemic that’s made forecasting all but impossible, “We had no picture of when this [coronavirus] was going to end,” he explains. “Our primary lender looked at our situation and thought this could be a very long and deep recession. The bank was concerned about our customers’ ability to pay as they try to conserve cash. All that uncertainty created an environment that was too risky.”
On the inside the company was asymptomatic, Acinapura says, as, “Operationally everything was clicking here,” he explains. “It’s factors outside of the building that created the issue.”
The company notified its 114 employees of the permanent closure on March 26, then began reaching out to dealers. While its website remains functional, “We are closed and trying to sell the business,” Acinapura says. “And if we can’t do that, we are trying to sell the assets.”
Regarding the grants and loans expected from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, officials for door and window companies say they fear that the related assistance won’t arrive soon enough for some.