PITTSBURGH Runions Recycling Inc. has closed its operations in Roseboro, N.C., and filed for Chapter 7 bankruptcy liquidation in U.S. Bankruptcy Court.
The recycler shut its doors at the end of July, giving workers 48 hours notice, according to an employee.
Runions, which listed liabilities of $766,231 and assets of $1,488,600, reported $3 million in income through Aug. 14 compared with $7.4 million in gross income in 2011, according to court documents. It listed unknown income for 2012 because the operation was sold, but Douglas Runion took the company back when he did not receive payment for the acquisition.
The only metals company included in the creditors list is Raleigh, N.C.-based Raleigh Metal Recycling, which is owed $40,043 for a loan, according to the court documents.
It is unclear whether the equipment will be headed to auction as neither Runion nor his attorney could be reached for comment.
A creditors meeting is scheduled for Sept. 23.