An old and prominent Coquitlam business is now out of business.
On Wednesday, staff with Williams Moving and Storage - a company that has been in the city for more than 30 years - were told at an afternoon meeting and conference call it would be filing for bankruptcy and ceasing operations after 86 years.
The firm had been "trading unprofitably" for some time and wasn't able to restructure "in the current economic and competitive environment," according to a company notice.
The news does not affect Williams branches in Cranbrook and Lethbridge, Alta.
No one from Williams was available for comment on Thursday. Its website had also been shut down.
An email to president and CEO Jim Williams was returned with the following message: "Please be advised that Williams Moving & Storage (B.C.) Ltd. ("Williams") intends on filing a Notice of Intention to Make a Proposal ("NOI") under subsection 50.4(1) of the Bankruptcy and Insolvency Act. Williams intends on filing a NOI as soon as possible and Deloitte Restructuring Inc. will be named as Trustee under the NOI. All trade and operations of Williams will cease, effective immediately."
Unifor Local 114 said its representatives were due to meet with Williams officials on Thursday. Both union and non-union workers with Williams likely won't get their last paycheques and all accumulated banked hours won't be paid out, the union said in a release.
"This is a very stressful and sickening time for our members and their families, who have just found out that their jobs and benefits are gone," Local 411 stated. Approximately 125 workers are affected, the union states.
David Munro, the city of Coquitlam's manager of economic development, said he was shocked to learn of the closure. Last week, Target announced it would leave Canada, cutting more than 100 jobs from its store at Coquitlam Centre mall.
"The city has been working hard to develop a business environment where businesses in our community thrive, however, we understand that today's economic climate can be very challenging," Munro said.
A city spokesperson said Williams has two properties in the municipality with a tax value of around $210,00 a year.
@jwarrenTC
